Ch. 7 Bankruptcy Archives | Emil Fleysher, P.A.

What is Chapter 7 Bankruptcy?

Emil Fleysher August 27, 2014

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. However, there are some states that are more charitable than others. The process normally takes

No Shame in Filing for Bankruptcy

Emil Fleysher August 26, 2014

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 it is our patriotic duty to spend. And, you need look no further than former

What is a “Final Judgment” and why should I care?

Emil Fleysher July 11, 2012

A final judgment is the Judge’s final decision in a case as recorded in the files stored in the Office of the Clerk of Courts. The name for the party that sued you and obtained the judgment is “judgment creditor.” The judgment creditor can obtain the right to proceed against your property through a writ of execution, garnishment, or other judicial processes. A judgment becomes a lien when a certified

South Florida Bankruptcy Filings Continue to Fall

Emil Fleysher July 3, 2012

South Florida bankruptcy filings were down substantially in the 2nd quarter, compared to last year; according to data released by the U.S. Bankruptcy Court for the Southern District of Florida. Personal bankruptcy filings (Chapter 7 & Chapter 13) in Palm Beach, Broward, and Miami-Dade counties totaled 7,194. This is from April through June of 2012; down 23% from 2011. Bankruptcy filings can be linked in large part to the rate

Lenders Prefer Short Sales to Foreclosures

Emil Fleysher July 3, 2012

Short sales are exceeding the number of foreclosure sales in South Florida. Broward County had 1,831 short sales in the first three months of 2012, compared with 1,476 foreclosure deals. On a quarterly basis, this is the first time short sales have outnumbered foreclosures in Broward since early 2008. Short sales also exceeded foreclosures in Palm Beach County and across Florida from January through March. Banks are more motivated to

TBE Pitfall in Florida Bankruptcy Law

Emil Fleysher May 14, 2012

In Florida, there exists an exemption in bankruptcy called Tenancy by the Entirety (TBE). TBE is a collection of property that can only exist between a husband and wife where both spouses own and control the entire collection. This property is exempt from creditors who own an individual debt in one of the spouse’s name. However, this property is not exempt from creditors who hold joint debts of both spouses.

Lien Stripping on TBE Property in Chapter 13

Emil Fleysher May 14, 2012

When deciding whether to file a Chapter 13 Bankruptcy together with your spouse, there is a new interesting factor to consider. In a recent case, the next thing happened. Judge Cristol denied a Chapter 13 Debtor the ability to strip a lien off of his home. Lien stripping is a great benefit of Chapter 13. It allows an underwater property owner to knock off a second mortgage, provided it does

Stripping an Unsecured 2nd Mortgage in Chapter 7 Bankruptcy. Can it be?

Emil Fleysher May 14, 2012

Previously, lien stripping was something that could only be done in Chapter 13. However, a recent opinion from the 11th Circuit has changed that rule. Here, a Chapter 7 debtor in Georgia sought to strip off a second mortgage that was totally unsecured. The 11th Circuit reversed the Bankruptcy Court. And, they found that the lien could be stripped off pursuant to the plain language of the Bankruptcy Code. It

What does it mean to “surrender” your home in bankruptcy?

Emil Fleysher May 9, 2012

When you surrender your home, that is assets or belongings in Chapter 7 Bankruptcy, you’re doing nothing more than indicating a willingness to let it go. You’re not actually giving it away to anyone. By filing for Chapter 7 Bankruptcy, you are attempting to discharge your obligation to pay certain debts. In return, you agree to surrender your property/home that is not classified as “exempt” under the bankruptcy laws as

CoreScore goes into Effect

Emil Fleysher April 29, 2012

CoreLogic implemented its new CoreScore credit scoring model at the end of March. The CoreScore consists of 2 parts. The first is a report consisting of data that may not have appeared in conventional credit reports compiled by the top three credit bureaus (Experian, Equifax, and TransUnion). The second consists of a composite score based on the data in the CoreScore Credit Report combined with traditional credit bureau data and

Fleysher Law Blog

What is Chapter 7 Bankruptcy?

No Shame in Filing for Bankruptcy

What is a “Final Judgment” and why should I care?

South Florida Bankruptcy Filings Continue to Fall

Lenders Prefer Short Sales to Foreclosures

TBE Pitfall in Florida Bankruptcy Law

Lien Stripping on TBE Property in Chapter 13

Stripping an Unsecured 2nd Mortgage in Chapter 7 Bankruptcy. Can it be?

What does it mean to “surrender” your home in bankruptcy?

CoreScore goes into Effect

Return to Our Website

Categories

Search

Archives