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Bankruptcy

Florida Bankruptcy Law

Chapter 7 and Chapter 13 bankruptcy law.
By Jonathan Alper, Esq.

Post Frequency: 2.7/day

Last Entry: March 28, 2011 at 13:42:00

Chapter 7 Bankruptcy Trustee May Challenge Increased Unsecured Debt Within Six Months Prior To Filing

Posted on March 28, 2011
Bankruptcy trustees seem to be getting tougher on debtors who incur significant credit card debts and large secured debt obligations prior to filing Chapter 7 bankruptcy. I am seeing challenges asserted against significant credit card charges within six months prior...

How To Title Car Purchased For Use By Your Minor Child: Protecting Car In Bankruptcy

Posted on March 25, 2011
Here is an interesting bankruptcy case which demonstrates the pitfalls in titling a car in the name of anyone other than the principal driver. A grandfather wanted to buy a car for his grandchild. He purchased a car for all...

Reasonable Attorneys Fees For Chapter 7 Is Subject Of Bankruptcy Court Order

Posted on March 22, 2011
I have rarely discussed bankruptcy attorneys fees in this blog even though I know that fees are an important consideration for readers who are considering filing bankruptcy. I do not want this blog to be interpreted as an advertisement for...

Chapter 13 Bankruptcy Mortgage Mediation Seems To Be Working Well

Posted on March 18, 2011
Mortgage mediation in Chapter 13 bankruptcy is turning out to be more effective than mediation ordered in state court foreclosure cases. This, according to a report presented at a local attorneys? meeting. Mortgage lenders express greater willingness to modify first...

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Repeated Chapter 7 Bankruptcy To Capture New Debts: One Creative Plan

Posted on March 15, 2011
Once you file Chapter 7 bankruptcy you are committed; you do not have the right to dismiss a Chapter 7 bankruptcy without court approval. If soon after you file bankruptcy you incur a large debt which cannot be added to...

Homeowners Association Can Lien House For Post-Filing Monthly Dues

Posted on March 14, 2011
One of my bankruptcy clients calls my office to complain that his homeowner association has threatened to put a lien on his house for non-payment of HOA dues. The client complained that he had listed the HOA as a creditor...

Article Explains Risk Of Hiding Assets In Bankruptcy

Posted on March 11, 2011
Two people told me about a St. Peterburg Times article about people who get in trouble and lose their bankruptcy discharge because they tried to hide assets in a Chapter 7 bankruptcy. The author, Susan Taylor Martin, tells the story...

Cartoon Explains Chapter 7 Bankruptcy In Florida

Posted on March 07, 2011
For those blog readers considering bankruptcy, I composed a video cartoon explaining the basics of of filing Chapter 7 bankruptcy in Florida. You are invited to watch and learn.

Bankruptcy Debtors Often Try To Hide Their Own Claims And Potential Lawsuit Recoveries

Posted on February 28, 2011
Your potential lawsuits against some else, such as personal injury suits or class action suits, are assets in your bankruptcy case. Many people innocently overlook a potential claim that has not yet been filed as a lawsuit; other people intentionally...

Bankruptcy Estate Includes Future Lawsuit: Judicial Estoppel Dismisses Suit Not Listed In Bankruptcy Schedules.

Posted on February 22, 2011
When you file bankruptcy you are supposed to list any current lawsuits you have against anyone else, such as a medical malpractice suit, as well as any potential claim against a third party which claim may later result in you...

Chapter 11 Bankruptcy Often Too Expensive For Small Business

Posted on February 18, 2011
Many small businesses are struggling in a bad economy, and often a business owner will ask me if bankruptcy will help them save their business. Most of these people are looking for a way to restructure debt and get some...

Debtor Wants To Pre-Pay Divorce With Non-Exempt Money Prior To Bankruptcy

Posted on February 14, 2011
A prospective client from Miami wants to file bankruptcy. He is in the process of getting divorced. He and his spouse each has an attorney. The spouses have a tentative oral agreement for the divorce which agreement includes payment of...

Bequest Through Parents' Living Trust Protected In Bankruptcy

Posted on February 09, 2011
The bankruptcy law provides that any money a debtor receives by ?bequest, devise, or inheritance? within the six months after a case is filed becomes part of the bankruptcy estate and is paid out to the creditors. I read about...

Florida Supreme Court Expands Debtor's Eligibility For $4,000 Wildcard Personal Property Exemption

Posted on February 03, 2011
The Florida Supreme Court has substantially expanded the amount of personal property Florida bankruptcy debtors can exempt in a Chapter 7 bankruptcy. At issue is the so-called ?wildcard? exemption under Florida Statute 222.25 (4) which permits a $4,000 additional property...

U.S. Supreme Court Makes It More Difficult To Pass Means Test By Reducing Car Allowances

Posted on January 31, 2011
The U.S. Supreme Court issued a decision on January 11, 2011, making it more difficult for debtors to pass the Chapter 7 means test. The means test includes two car related deductions from income. Debtor's may be eligible to deduct...

Wachovia Bank Goes Wild: Freezes The Bank Account Of Bankruptcy Debtor's Boss

Posted on January 24, 2011
One of my clients files Chapter 7 bankruptcy. The client is an accounts manager for a one doctor medical practice. The doctor gave the client signature authority on the office account at Wells Fargo Bank so the client could easily...

Bankruptcy Should Not Affect Debtor's Professional License

Posted on January 18, 2011
Over the past few years I have filed many Chapter 7 bankruptcies for real estate contractors, real estate brokers, and mortgage brokers . A common question pertains to bankruptcy?s effect upon their state - issued contrqactor?s and brokers license. These...

Misunderstanding The "Business Debt" Exemption From The Chapter 7 Means Test

Posted on January 13, 2011
Too many people do not understand the ?business debt? exemption from the means test. It seems that there is a consensus understanding among attorneys, bankruptcy attorneys and others too, that a prospective debtor is exempt from the means test if...

Can Florida Bankruptcy Debtor Exempt Entireties Assets From Debt Incurred In A Community Property State?

Posted on January 07, 2011
Man lives in Idaho with his wife. Man borrows money. He can?t pay back the money. He and his wife move to Florida where they buy a house and open a joint bank account. The man files Chapter 7 bankruptcy....

Court Says Private Employer Can Deny Job Because Of Debtor's Bankruptcy

Posted on January 02, 2011
Most people who file bankruptcy are concerned about how bankruptcy might affect other aspects of their life. One of the most common concerns is bankruptcy?s effect on future employment. Many bankruptcy debtors are afraid their bosses will fire them if...

Chapter 7 Bankruptcy Treatment Of Tax Refund From Exempt Income Sources

Posted on December 22, 2010
Bankruptcy trustees will target debtor?s income tax refunds. Tax refunds provide immediate cash available for distribution to creditors as opposed to other assets, such as cars, which have to be stored, noticed for sale, and liquidated at auction with commissions...

Negotiating A Discount When Buying Back Non-Exempt Assets From Chapter 7 Trustee

Posted on December 17, 2010
If a Chapter 7 debtor has a significant amount of non-exempt personal property over the exemption limits the debtor has to buy back from the Chapter 7 trustee the non-exempt property. Non-exempt property subject to buy back includes automobiles and...

Using Chapter 13 To Reorganize A Small Corporately Owned Business

Posted on December 13, 2010
An experienced bankruptcy attorney told me about a creative planning technique to save and reorganize a financially stressed small business by using Chapter 13 bankruptcy. Remember, Chapter 13 is for individual only. Businesses use the more expensive and complicated Chapter...

Thoughts About Car Valuation In Chapter 7 Bankruptcy

Posted on December 07, 2010
How much is my car worth? This a question asked by most bankruptcy debtor?s who plan to file Chapter 7 and own a car free and clear of any liens. Florida law exempts only $1,000 of car equity in most...

Unemployed Debtors And Chapter 7 Means Test

Posted on December 03, 2010
People who become recently unemployed can usually file chapter 7 bankruptcy. I have written previously that people who technically fail the means test may still be permitted to file bankruptcy if unemployed under ?special circumstances? provision of the means test...

Exemption Of Jointly Owned Sail Boat With Broken Motor

Posted on November 28, 2010
A man consulted with me about filing Chapter 7 bankruptcy. The client and his non-debtor spouse lived on their sailboat docketed at the marina. The boat?s motor was broken but the sails worked. The boat was registered on a national...

Disability Insurance Proceeds In Chapter 7 Bankruptcy

Posted on November 21, 2010
A prospective Chapter 7 bankruptcy debtor receives significant monthly disability insurance proceeds as a result of a disabling medical condition. He wanted to know how his disability checks would affect a bankruptcy. There are two issues with disability income...

Mortgage Insurance Benefits And Chapter 7 Means Test

Posted on November 16, 2010
A reader emailed me a question about how mortgage protection insurance is treated in the means test. The reader had a mortgage insurance policy that paid his monthly mortgage payments in the even he lost his job. The insurance covered...

Court Disallows Mortgage Lender's Standard Bankruptcy Fee In Its Secured Claim

Posted on November 13, 2010
It?s fun to read about cases where a bankruptcy debtor successfully challenged a mortgage lender?s attorney fee claims. In this Chapter 13 case GMAC mortgage filed a secured claim including $300 legal fees for work incurred by the bank?s bankruptcy...

Debtor Surrenders Real Estate In Order To Circumvent Chapter 13 Secured Debt Ceiling

Posted on November 10, 2010
People with significant real estate investments have trouble qualifying for Chapter 13 bankruptcy because of Chapter 13 debt limits. Debtors cannot file bankruptcy if their secured debts exceed approximately $1 million or if their unsecured debt exceeds about $330,000...

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