Its not what you think it is, but a bar date is a good thing for a debtor in bankruptcy. Everyone wants some amount of certainty in their life. The bar date gives debtors the certainty they need during the bankruptcy process. If you file a chapter 13, or a chapter 7 with assets, the court will set a bar date for claims from creditors. This means a creditor must file its proof of claim [...]
Avoidance can be a good thing or a bad thing in the bankruptcy alphabet. Lien avoidance is a good thing when we are talking about your second mortgage. In chapter 13, if your first mortgage amount is more than the value of the home, then you may be able to strip your junior mortgage. Everyone refers to it as a lien strip, or stripping a mortgage, but it is really called lien avoidance under the [...]
The answer for the right time to file bankruptcy is more often now, rather than later. Usually the more common question is should I file bankruptcy with "only" $xx,xxx in credit card debt. That is almost impossible to answer. $5,000 in debt could be a drop in the bucket for some people, but a crushing amount for others. The more important issue may be to time your bankruptcy properly. I have clients who come in [...]
You have mounting credit card and other unsecured debts, but you are on a fixed income of social security or pensions. Surprise! You might not need to file bankruptcy at all! It will take some discipline, some planning, and your willingness to not use traditional sources of credit for future purchases - but it can be done. I consult with potential clients who often have only exempt assets (creditors cannot touch these possessions) and their [...]
Yes, it is that time of year again - tax returns were due yesterday - unless you filed an extension. It is important to remember that you need to file the tax return, even if you can't pay a tax you might owe. The reason for filing the return will follow below. Did you know that a chapter 7 or chapter 13 bankruptcy may be able to wipe away certain tax debts? But be careful, [...]
Can you imagine life without a driver's license? Maybe yours has already been suspended? Well, bankruptcy may be able to help you keep your driver's license, or help you get your driver's license back if it has already been suspended. The most common situation is when someone does not have insurance and gets into an accident. When that person is not able to pay the judgment, the insurance company for the other driver will usually [...]
No, I am not talking about when a creditor is taking money out of your paycheck. That is definitely not a good thing. A wage deduction order is having your employer automatically take a portion of your paycheck to the trustee for your monthly chapter 13 plan payment. This means you don't have to worry about saving a portion of each paycheck. No more hassles running to the bank to get a cashiers check or [...]
The Florida foreclosure process has a very standard timeline that you need to understand if you're looking to keep your home. First, let's look at how filing for bankruptcy in Florida may affect the foreclosure process. If you are interested in saving your home from foreclosure, filing for bankruptcy may be a good way to do it. A Chapter 7 or Chapter 13 bankruptcy can be filed seconds before your foreclosure auction is scheduled to [...]
Florida bankruptcy cases often involve the question of tax refunds. Will the trustee take the money? Yes, the trustee will take your tax refund. It does not matter if it is a Chapter 7 or a Chapter 13 filed in Florida. If you file a Chapter 7 case in Florida then you need to plan your bankruptcy filing before the case goes to court. Florida consumers may be able to exempt the refund in some situations. [...]
Is Chapter 13 Bankruptcy Better Than Debt Consolidation For Florida Residents? Florida consumers have been watching the late-night television commercials and getting suckered into debt consolidation. With wild promises to repay all of your bills at one low monthly fee, people who live near me in Orlando, Daytona beach, Ormond Beach, Palm Coast, and Port Orange have been calling asking me why I think debt consolidation is bad for Florida residents. The answer is simple, but [...]
