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Fleysher Law Blog

Chapter 7 and Chapter 13 Bankruptcies

Difference between Chapter 7 and Chapter 13 Bankruptcy

While most people are familiar with bankruptcy, many do not know the differences between the types. The experienced bankruptcy attorneys at The Law Offices of Emil Fleysher, P.A., are here to demonstrate the differences between Chapter 7 and Chapter 13 bankruptcies as well as the options you have when filing. What Are the Differences Between Chapter 7 And Chapter 13 Bankruptcies? You will find that as a small business owner,

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WHY WOULD I FILE CHAPTER 13 IF I QUALIFY FOR CHAPTER 7?

When both Chapters of bankruptcy are available in Florida, Chapter 13 bankruptcy may present some unique advantages over Chapter 7. What is Chapter 13 Bankruptcy? Bankruptcy is a legal process that helps those who are in debt while also assuring some degree of fairness to all parties involved. For the majority of people, bankruptcy is a choice between Chapter 7 and Chapter 13 (or possibly both). Chapter 7 is commonly

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Mortgage

How Will Filing Bankruptcy Affect My Chances of Getting a Mortgage or Refinance?

Many clients have been asking lately about how filing bankruptcy will affect their options with regard to obtaining a mortgage or refinance. The short answer is that “it depends.” What does it depend on? 3 things… (1) whether your case was filed as a Ch. 7 Bankruptcy or as a Ch. 13 Bankruptcy; (2) whether your case was “dismissed” or “discharged”; and (3) what type of mortgage loan you are

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student loans

Bipartisan Student Loan Bankruptcy Bill Introduced

The Fresh Start Through Bankruptcy Act would change the bankruptcy code to make it easier to discharge student loans under certain conditions. Senators Richard Durbin (D-IL) and John Cornyn (R-TX) are the bill’s sponsors (R-TX). Undue Hardship While it is not impossible to discharge student loan debt through bankruptcy under existing law, it can be extremely difficult. To do so, most borrowers must demonstrate “undue hardship,” which is a difficult

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Auto Refinance

Auto Refinance in Ch. 13

If you have recently been denied an auto refinance loan because (1) your credit score was too low; or (2) because your car is worth less than the current loan balance; or (3) because your car is too old, you may have another option… What is Ch. 13 Bankruptcy? Ch. 13 is a type of bankruptcy that provides for a personal reorganization of your finances. In addition to discharging your

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Chapter 7 Bankruptcy

Supreme Court Declares 2nd Liens Can’t be Stripped in Chapter 7 Bankruptcy

Banks win out after the Supreme Court ruled on Monday. They state that homeowners cannot rid themselves of a second mortgage by filing for bankruptcy protection. All nine Supreme Court justices unanimously agreed that filing for Chapter 7 bankruptcy will not void a junior mortgage lien. This is when the amount owed by the senior lien surpasses the current amount of the collateral; if the Chapter 7 bankruptcy code allows

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Personal Bankruptcy Petitions

Personal Bankruptcy Petitions Drop in March

Personal bankruptcy petitions have dropped 16 percent between February and March throughout South Florida. This is according to the Sun-Sentinel with data that the U.S. Bankruptcy Court released in March in Miami. In February, South Florida residents filed 2,389 new bankruptcy petitions; but only 2,008 files in March. Personal bankruptcies have lowered by 32 percent, dropping from the 2,969 filed in March 2010. This drop shows that consumers are handling

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Home-Equity

Reset of Loans Causes Increase in Home-Equity Payments

As interest-only periods expire on loans begun during the housing bubble era, 3.3 million homeowners will be facing higher payments during the next four years on home-equity lines of credit, according to RealtyTrac. The Heloc loans that totaled $158 billion are requiring principal paydowns beginning this 2015 through 2018. There is a rising threat over the number of new defaults. This is due to the new monthly bills increasing an

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David Cassidy

‘70s Pop Star Files Bankruptcy

The 64-year-old former teen idol pop star David Cassidy has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court in Fort Lauderdale where he owns a waterfront property. Furthermore, David Cassidy reported debts included credit cards bills of almost $40,000, a mortgage of nearly $300,000. And, a substantial amount in accountant and attorney fees. Judge Raymond Ray is in charge of the case. The estimation of Cassidy’s assets and

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Rental Properties

Landlords Gain As Demand For Rental Properties Increase

In a report provided by the U.S. Census Bureau in Washington, D.C. the number of rental properties that are inhabited by renters grew by 2 million last year. The number of available rental properties has fallen 7 percent in the fourth quarter; the lowest it has been since 1993. Since the job market has picked up more young people are about to leave their parent’s homes and start their lives.

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