Can You Claim Your Kids as Dependents When Filing for Bankruptcy in Florida if You Don’t Have Primary Custody?
The section of the U.S. Bankruptcy Code that addresses claiming dependents on the means test is Section 707(b)(2). The means test is utilized in Chapter 7 bankruptcy cases to determine whether a debtor's income is sufficiently low to qualify for a Chapter 7 discharge or if they should file for Chapter 13 bankruptcy instead. Section 707(b)(2)(A)(iii) dealsRead More
Can Gambling Debt Be Discharged in Bankruptcy?
Yes, gamblers can file for bankruptcy under certain circumstances. Bankruptcy is a legal process that allows individuals or businesses to seek relief from their debts when they cannot repay them. While the specific laws and procedures vary depending on the jurisdiction, individuals with significant gambling-related debts may be eligible to file for bankruptcy. However, it'sRead More
Are Student Loans Currently Dischargeable in Bankruptcy?
Under the current state of the law, discharging student loans in bankruptcy is incredibly difficult but not impossible. In the United States, student loans are typically not eligible for discharge in bankruptcy unless the debtor can establish "undue hardship." In interpreting whether a debtor's student loans pose an undue hardship on the debtor, bankruptcy courtsRead More
Are IRS Tax Debts Dischargeable in Bankruptcy for Florida Residents?
In some cases, IRS tax debts may be dischargeable in bankruptcy for Florida residents. However, the rules for discharging tax debts in bankruptcy can be complex and depend on several factors. Some Important Things to Know About IRS Tax Debts and Bankruptcy in Florida: Types of Bankruptcy Individuals in Florida Can File for Chapter 7Read More
How Will My Bankruptcy Affect My Spouse’s Credit?
If you are married and file for bankruptcy in Florida, your non-filing spouse’s credit will generally be unaffected by your bankruptcy filing. You and your spouse are unique individuals with your own name, date of birth, social security, financial obligations, and credit profile. However, your bankruptcy filing can potentially impact your spouse's credit in certainRead More
How Long Does It Take for My Credit Score to Reach 700 After Filing for Bankruptcy?
Rebuilding your credit and enhancing your credit score can be a gradual process that takes time. Generally, it takes about a year after bankruptcy to reach a credit score of 700 or higher. However, this timeline can vary depending on a variety of factors, including: It's important to note that while bankruptcy will remain onRead More
How Long After Bankruptcy Can I Get a Mortgage Loan?
After filing for bankruptcy, you may wonder how long you'll have to wait before qualifying for a mortgage loan. The answer depends on the type of bankruptcy you filed and your interest in the loan program. Here are the typical waiting periods for mortgage loans after bankruptcy: It's important to note that these waiting periodsRead More
Florida Auto Negligence & Indemnification Lawsuits (From a Bankruptcy Attorney’s Perspective)
A recent report issued by PolicyGenius shows that Florida currently ranks 10th in the nation in the number of serious car accidents. The sobering figures show that in 2019, at least 3,000 Floridians died in motor vehicle accidents. Another recent study published by the Insurance Information Institute demonstrates that Florida ranks 6th in the nation for the greatest percentageRead More
What Are the Origins of Bankruptcy Law?
Bankruptcy law has ancient origins, dating back to the Code of Hammurabi, which was one of the earliest written legal codes in ancient Mesopotamia around 1750 BC. The Code of Hammurabi included provisions for debt forgiveness and protection of debtors from harsh penalties and enslavement. In ancient Greece, the concept of bankruptcy was also present,Read More
Can I Save My Car From Repossession With Bankruptcy in Florida?
Yes, filing for bankruptcy in Florida can help you save your car from repossession. Once you file for bankruptcy, an automatic stay is triggered, which halts all collection actions by creditors, including car repossession. However, whether you can keep your car in a bankruptcy filing depends on several factors, including the type of bankruptcy youRead More