Finances of Florida Charter Boat Captain, Sinking – Roberta


“Dear Steve,

My significant other has experienced 3 years of slow business and has accumulated credit card debt to pay bills in the amount of $260,000.00. He was hoping that business would improve, however the economy has caused him to go further in debt.

He lives in Florida so his home is protected, however if he files for bankruptcy they will take his only means to make a living and then he can’t keep up his mortgage payments. We don’t know what to do and the stress is beginning to consume him. I want to help, but don’t know what to do. If he files for bankruptcy is there a way to protect his charter boat, which is his only means of support?

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How do you protect a charter boat from being lost in bankruptcy if it is your only means of support?


Dear Roberta,

If he has not talked to a bankruptcy attorney in Florida, he should. Planning is going to be a critical step in his case.

So business has not improved and if he goes bankrupt is will wipe out the quarter million dollars of credit card debt he had taken on to keep his charter fishing business afloat. But I’m left wondering if his cards and debt are gone and business is still slow, how will he be able to make ends meet still?

That’s probably the most important issue to address first. If the business can’t survive on his current level of income and he can’t get by without credit to make ends meet, it may just be that business will no longer support him being a charter boat captain any more.

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