Filing for bankruptcy can raise concerns about whether you will lose important financial support. If you rely on government benefits to meet everyday expenses, understanding which payments are protected can help you make informed decisions during the bankruptcy...
Car loan defaults have been soaring in recent years. Some recent reports note that it is the highest level of default in 32 years. When looking at borrowers who are over 60 days behind, this type of default rate has not been seen since the mid-1990s. It is also...
Challenging life events often lead to bankruptcy filings. People with a sudden influx in expenses or a reduction in income may need the financial relief provided by bankruptcy. A divorce creates new financial obligations while simultaneously reducing a person's...
Foreclosure proceedings can lead to involuntary removal from a residence. People lose their homes and any money they invested in the property. They also have the record of their foreclosure on their credit report for years, which can make securing a new mortgage or...
If you are considering Chapter 7 or Chapter 13 bankruptcy in Florida, one of the most important concepts to understand is the “lookback period” also called the “reach back period.” This is the window of time before you file when the bankruptcy trustee and, in some...
When people file for bankruptcy, overspending on credit cards is one potential reason they may cite. They have simply spent beyond their means, or perhaps the high interest rates have caused their debt to increase. Even though they are paying the monthly minimum on...
Bankruptcy helps individuals and businesses who can no longer pay their debts eliminate or repay them under the supervision of the court. Several factors, particularly unexpected life events, can lead to debt outweighing income. This can eventually result in someone...
Chapter 7 bankruptcy is the fastest path to a discharge of debt. Chapter 13 bankruptcy generally takes between three and five years to complete before the courts grant a discharge of any debts not resolved during the repayment plan. In Chapter 7 bankruptcy, there is...
A Chapter 13 repayment plan must show that you can make steady monthly payments for three to five years. South Florida residents often face unique financial pressures that affect plan success. The rising cost of living, variable income patterns and local court...
Some property is vulnerable to liquidation in bankruptcy. When people pursue a Chapter 7 filing, the trustee overseeing their case might require the liquidation of certain assets to repay creditors at least partially before proceeding with the discharge. Some property...
