When a Florida resident ponders filing a petition for debt relief in bankruptcy court, the most commonly asked question is, “Will I lose all of my property?” The happy answer is “No,” but an understanding of Florida laws protecting a person’s property from seizure or...
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...
The Biden Administration has made student loan debt a central policy concern. On one front, the government is proposing to forgive all or part of the balance of federal student loans for eligible borrowers. Eligible borrowers could see up to $20,000 of their student...
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...
Bankruptcy is not the only option for those dealing with staggering debt. Another popular option is to negotiate with your creditors to settle your debts. While debt settlement and consumer bankruptcy have the same goal -- eliminating or at least greatly reducing your...
When debt becomes unmanageable, bankruptcy offers a financial lifeline. Upon filing for bankruptcy, a person is ordinarily able to discharge — or eliminate — debts from credit cards, medical bills and other sources. One significant source of debt for some people is...
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...
