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Fleysher Law Blog

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What is Chapter 7 Bankruptcy?

Our office receives many calls and inquiries from potential clients looking for information about Chapter 7 Bankruptcy. If you’re confused about the rules, options, benefits, and pitfalls in Ch. 7 Bankruptcy you are not alone. Before submitting your Ch. 7 case to the bankruptcy court, you should have a firm understanding of what to expect. You’ve got questions, and we’ve got answers. We’ve provided some important things you should consider

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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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Chapter 7 Bankruptcy

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

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Filing for Bankruptcy

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

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Loss Mitigation Programs

Loss Mitigation Programs Overview

In the wake of the housing crisis, lawsuits against lenders, and settlements between government entities and some of the world’s biggest banks, an alphabet soup of loss mitigation programs have emerged and re-emerged. To help make sense of all of the available loss mitigation programs and how they relate to your situation, I have prepared the below outline. It describes substantially all of the major programs offered on residential loans

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final judgment

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

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

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Bankruptcy Filings

South Florida Bankruptcy Filings Continue to Fall

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

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Lenders Prefer Short Sales to Foreclosures

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

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Voluntary Dismissals and Foreclosure Paperwork Irregularities Examined

The Florida Supreme Court got a request. It has to do with the prevention of lenders from escaping sanctions for using fraudulent documents by filing voluntary dismissals. The issue is whether courts have the authority to reject the voluntary dismissals of the cases. And, instead impose sanctions, including dismissing the foreclosures with prejudice. Attorneys asking for dismissal with prejudice argue. They state that the current system allows every party who

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TBE Pitfall in Florida Bankruptcy Law

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.

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