Category: Bankruptcy

Southwest Florida Bankruptcy Filings have Lowered Tremendously

A couple of years after the recession, the rate of consumers and businesses filing for bankruptcy have dropped. They have dropped approximately 50 percent in Southwest Florida. Nearly 2,600 companies and residents in Charlotte, Manatee, and Sarasota counties solicited bankruptcy attorneys to defend them against creditors in the last year; this is about half of

Southwest Florida Bankruptcy Filings Down Substantially

A few years after the peak of the recession, the rate of consumers and businesses filing for bankruptcy have dropped. Bankruptcy filings have dropped approximately 50 percent in Southwest Florida. Nearly 2,600 companies and residents in Charlotte, Manatee, and Sarasota counties solicited bankruptcy attorneys to defend them against creditors in the last year; this is

Do's and Don'ts of Bankruptcy

Read everything you need to know about Do's and Don'ts of Bankruptcy. DO: Be honest about all of your assets. Even if you think there is a chance that you might lose it, there are probably other ways in which your attorney can prevent that. Or, you may need to come to terms with that

What is Chapter 7 Bankruptcy?

A Chapter 7 bankruptcy comes from the 7th chapter of the bankruptcy code. It is also known as the “liquidation” bankruptcy. This is because the Trustee has to liquidate, or sell, all non-exempt property in order to repay your creditors. The majority of individuals who file for Chapter 7 bankruptcy get the keep their property.

What is Chapter 13 Bankruptcy?

Read the explanation of Chapter 13 Bankruptcy. If your debts are getting out of your control but your income is still more than the median of the state and you have been living in the same state for the past two years, you can still file for bankruptcy. A Chapter 13 bankruptcy was put in

No Shame in Filing for Bankruptcy

There is no shame in filing for bankruptcy. From a young age, people are persuaded by means of seductive language and/or highly skilled advertising techniques to purchase products and services deemed essential for their lives; even if those products or services are out of their financial reach. Many of our leaders have told us that

Using the Bankruptcy Cram Down to Save Investment Property

Many clients come into my office seeking assistance with modifying their investment property mortgages. The first question I usually get is "will the bank reduce my principal down to what the property is worth?"The answer is that offering meaningful principal forgiveness is very rare in conventional "HAMP" or "Proprietary" modifications. Unfortunately, this results in investment

FHA Mortgage Applicants with Recent Foreclosures Offered a Pass

The Federal Housing Administration (FHA) has instituted a new program. Its name is "Back-To-Work-Extenuating Circumstances" to assist potential borrowers who faced financial hardship during the recession. This program, which began August 15th, 2013 provides a second chance for mortgage applicants. For those who have experienced financial hardship such as unemployment. Or, a severe reduction in

Inherited IRA Bankruptcy Exemption Question from a Visitor...

Q: I have an IRA account that belonged to my son that I'm a beneficiary of. Unfortunately, my son passed away. And, a financial adviser advised me to transfer this IRA to my IRA account that's already in existence. Unfortunately, I may be forced to file Chapter 7 in New York in the near future.

Bankruptcy Letter Question from a Visitor

Q: What does a "Notice of Chapter 7 Bankruptcy Case, Meeting of Creditors, & Deadlines" letter mean? The letter says I may be a creditor of the debtor and may need legal advice. Can someone explain this to me? Might be because the debtor owes me child support. Not sure what I need to do