Although referred to as either a “liquidation” or “straight” bankruptcy, fewer than one in 20 experience total loss. What is the reason? Federal and state exemptions to income are accessible by creditors. State law determines whether the debtor can choose between...
Bankruptcy under Chapter 13 requires a debtor to attend a meeting with creditors to answer questions regarding terms of the plan submitted. Within 45 days, a judge holds a confirmation hearing on the feasibility of the plan. The substantive laws and procedural rules...
If you have had a financially comfortable life up to now, you may not be at all familiar with bankruptcy. However, if things have gone downhill lately, you may need to consider some new options. Bankruptcy is a legal process that lets a person who owes more money than...
When people purchase homes in the Miami area, many will have mortgage payments that fit within their budgets. Mortgages are spread out over decades and during that time, unexpected situations may cause people to fall behind on their payments. If this happens, the...
Managing finances in today’s economy is no easy task. One financial emergency or unexpected repair bill can quickly lead to unmanageable debt. Unfortunately, there are unscrupulous organizations taking advantage of people seeking help after falling behind on their...
Borrowing money to purchase a car requires a signed contract that essentially provides the bank a security interest in the vehicle, which also serves as collateral that secures the loan. Not making payments over a certain amount of time can result in that collateral...
When you are overwhelmed with debt, a Chapter 7 bankruptcy can give you the relief you are looking for and allow you to start over financially. There are many requirements you must meet to qualify for a Chapter 7 bankruptcy in Florida. If you are unemployed with no...
Bankruptcy is not an attractive option, but there are times when it is the best available choice. There were 383,810 annual bankruptcy filings in this country in Sept. 2022 which is a drop from the 434,540 filings in 2021. When to file Filing for Chapter 13 bankruptcy...
Bankruptcy is a great option for Florida residents struggling with unmanageable debt. It provides you with a chance to start over financially with a clean slate and maintain financial stability. But what happens if an unexpected event occurs that leaves you with debt...
One of the first questions that a potential bankruptcy petitioner asks is “will I lose my property?” The answer to this question is generally “No.” While neither Chapter 7 nor Chapter 13 necessarily results in the loss of all—or even most—of the bankrupt property, the...
