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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

Social Security Income in Chapter 13

Posted on May 16, 2008
I received an email about the treatment in Chapter 13 bankruptcy of money received for basic social security and for social security disability. Social security payments do not count as income for computation of means test eligibility under the new...

Homestead Accounts Not Applicable For Sale After Filing Bankruptcy

Posted on May 09, 2008
I spoke with a person currently involved in a Chapter 7 bankruptcy and is involved in a dispute with the Trustee over her homestead exemption. Prior to filing bankruptcy the debtor listed her house for sale. She filed Chapter 7...

Bank of American Gets Tough On Credit Card Payments

Posted on April 30, 2008
People who bank at Bank of America and who have credit cards through the same bank are having problems when they don?t pay credit card payments. Bank of America, more than most banks, is enforcing a provision in their credit...

Can You File Bankruptcy In Florida If You Work And Live Overseas Temorarily?

Posted on April 20, 2008
I received an email from a man who was working overseas on a long-term work assignment. His last residence in the United States was in Volusia County, Florida. He wanted to know if he could file bankruptcy and if his...

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Debtor Loses Car Titled Jointly With His Child

Posted on April 17, 2008
Parents who buy cars for a child often hold title to the car jointly with the child. In a recent case from the Orlando bankruptcy court a debtor asserted that a titled jointly by the adult debtor and his child...

Discharge Of Fraud Judgment With Credit Cards

Posted on April 13, 2008
A prospective client consulted with me for "pre-bankruptcy planning." The client had a judgment for over $100,000 from a civil suit where the prospective debtor was found liable for civil fraud. Debts from fraud are not dischargeable in bankruptcy. This...

How Do Bankruptcy Trustees Get Paid

Posted on April 13, 2008
Bankruptcy clients sometimes ask how much money a bankruptcy trustee gets paid and how are they paid. I read a good summary of Trustee compensation in a blog post by California attorney Michael Doan on the Bankruptcy Law Network: CHAPTER...

Getting Banks To Pay Your Taxes: Some Debtors Are Discharging Credit Card Debt Used For Income Taxes

Posted on April 04, 2008
I have met three or four prospective Chapter 7 bankruptcy clients over the past few months who told me they paid their 2007 taxes with a credit card and that they now want to file bankruptcy to include the same...

Mortgage Deficiency Judgments: A Different Opinion From Creditors

Posted on April 01, 2008
In response to my statements on this Blog that most lenders do not pursue mortgage deficiency judgments, I received a email from an experienced collection attorney expressing a contrary opinion. The collection attorney stated that he knows that lenders will...

Deficiency Judgments: Update On Tax Consequences

Posted on March 31, 2008
Mortgage deficiency judgments are main reason people express currently for seeking my asset protection advice. I have previously written on this Blog that most lenders do not pursue mortgage deficiencies and some of the reasons for this policy. I just...

Preferential Repayment Of Parents' HELOC Loan

Posted on March 27, 2008
If a debtor repays a prior unsecured loan to another family member within one year of filing bankruptcy the trustee can recover the repayments from the family member as a preferential payment. Debtors are not permitted to prefer family members...

Credit Repair After Bankruptcy

Posted on March 10, 2008
Often I am asked about rebuilding credit after bankruptcy. Although credit rating is a lending issue and not a legal bankruptcy issue, I understand from reports of prior clients that most people find it easier than first throught to re-establish...

Why Won't Mortgage Company Negotiate With Me?

Posted on March 07, 2008
At least once a day someone calls me about problems they face paying one or mortgages on their Florida real estate. Many people ask if I could assist them, or at least advise them, in negotiating a work out agreement...

What Happens When Debtor Buys A Car For His Child

Posted on March 06, 2008
Many young adults need their parents? help to purchase their first car. Sometimes the parent puts the car in their own name in order to get lower insurance premiums or better loan rates. Typically, the child drives the car, makes...

Student Loan Discharge: Bankruptcy Court Explains Undue Hardship

Posted on February 27, 2008
Bankruptcy clients usually accept the fact that student loans are not dischargeable. Some clients are aware of the "undue hardship" exception where these loans can be discharged. It is very difficult to wipe out student loans as an undue hardship....

Florida Court Curtails Personal Property Exemptions

Posted on February 27, 2008
An Orlando bankruptcy court issued a decision which curtails the personal property exemptions for debtors who own their own residence. The case is In re: James Matthew Franzese, Case No. 07-3944-KSJ. In July, 2007, the Florida legislature created a $4,000...

Dealing With Annoying Debt Collectors

Posted on February 22, 2008
Many bankruptcy clients become upset and worried because they are harassed by credit card collectors. I usually advise people filing Chapter 7 to stop making credit card payments upon deciding to file bankruptcy. Ceasing payments increases collection activity...

Credit Rating After Bankruptcy or Foreclosure

Posted on February 20, 2008
Clients frequently asked me how bankruptcy or a mortgage foreclosure will affect their credit. rating. I usually respond by stating that one?s credit rating is not a legal issue unless there is a violation of federal credit reporting acts. Recently...

Tax Rebate

Posted on February 14, 2008
Most people who are considering bankruptcy will soon receive the economic stimulus tax rebate recently passed by Congress and signed by President Bush. Someone asked me today whether a bankruptcy trustee will try to seize the refund as part of...

Interpreting Florida's New $4,000 Personal Property Exemption

Posted on February 05, 2008
The Florida Constitution gives debtor?s a $1,000 exemption in all personal property such as cloths, furniture, and cash in financial accounts. The Florida legislature enacted a new law in July, 2007, providing debtors an additional $4,000 "wildcard" exemption in personal...

Another Tax Trap From Short Sale or Deed in Lieu

Posted on January 31, 2008
I saw an email about income tax liability associated with foreclosure or bankruptcy sent by attorney Larry Heinkel. The email addresses income tax liability from the foreclosure of properties which have previously been depreciated for tax purposes. Most people know...

Is Payment To Parents' Corporation A Preference To An Insider

Posted on January 29, 2008
Within six months of filing Chapter 7 bankruptcy a debtor paid back a $10,000 loan from his parents by taking a cash advance on a credit card. In fact, the parents made the loan from a business checking account from...

Childrens' Trust in Chapter 7 Bankruptcy

Posted on January 27, 2008
Parents establish an irrevocable trust for the benefit of their children and primarily for educational purposes. The parents serve as trustees. One of the children has special needs. Family friends want to help the parents out financially. Rather than give...

New Law Eliminates Income Tax Liablity For Some Short Sales

Posted on January 25, 2008
Previous posts on this blog have discussed income tax risk associated with giving banks a deed in lieu of foreclosure or arrangements for a short sale. The general rule is that foregiveness of debt, including a bank's waiving mortgage deficiency...

U.S.Trustee Seminar Helps Clarify Means Test Exemptions

Posted on January 25, 2008
The U.S. Trustee?s office in Orlando held a seminar to discuss their application of the Means Test. Among many interesting topics were the characterization of debts as either consumer debts or business debts. The distinction is important to determine if...

Chapter 13: Stripping Away Second Mortgage

Posted on January 14, 2008
I occasionally get valuable tips from other bankruptcy attorneys who read this blog. Ben Stolz, Esq. recently referred me to this article about stripping away unsecured second mortgages in Chapter 13 bankruptcy cases. Link: Second and Third Mortgages Mean You...

Did Transfer of IRA Proceeds Lose Protection Prior to Bankruptcy?

Posted on January 06, 2008
A prospective Chapter 7 bankruptcy client told me he had recently withdrawn substantial money from his IRA and had given the money to his adult son. The client intended to buy a house to be used as his new homestead,...

Bankruptcy Discharge of Credit Card Debt Used to Pay Taxes

Posted on December 20, 2007
A caller asked me if he could discharge in bankruptcy a credit card charge of $10,000 used to pay property taxes on commercial real estate. The general rule is that all credit card debt and other unsecured debts are dischargeable...

Are Partnership Distributions Means Test Income?

Posted on December 18, 2007
The means test considers all regular family income. In some cases, it is unclear whether money the debtor receives to pay living expenses is income for means test purposes. Consider a person who invests $200,000 in to a business partnership....

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