Expert: Mark J. Markus- California Bankruptcy Attorney - 3/7/2009

Question
My dad is 80 years old in June, in Florida, and works full time at self-employment, (he owns a bingo parlor), from which he makes an income he needs to live on.

He makes about $3000 a month from it, and his bills are over $5000 a month, over half of which is from his $120,000 of credit card debt. And he has 2 mortgages on his home.  (Because of the high monthly credit card payments, that he doesn't make enough to keep up on, he doesn't even buy all the prescriptions he needs).

My question is:  if he files a chapter 7 bankruptcy to get rid of that huge payment,  can they seize his business, the bingo parlor, as that could be looked at as an asset worth money, or would they have to leave it alone as that is his livelyhood?

Thank you,
Lori

Answer
That depends on what the realizable value of the property (bingo parlor) is and what exemptions he has available under (probably) Florida law.  He needs to consult with a Florida bankruptcy attorney.

For more information on exemptions, please see http://www.bklaw.com/exemptions.html