It doesn’t take long for debt to become overwhelming. And when it does, you might feel compelled to take on additional hours, secure another job, or cut costs to get out ahead of your debt obligations. All too often, though, these efforts are fruitless, leading to nothing more than increased debt and heaps of stress. If you’re in that situation now, then you might want to consider personal bankruptcy. What types of situations justify filing for bankruptcy? Every situation is unique, but let’s look at some of the most common reasons why people file for bankruptcy protection. Top reasons why peo ..read more

Bankruptcy offers relief from overwhelming debts, but it also serves as a crucial indicator of economic well-being. Though, Chapter 7 bankruptcy, the most common personal bankruptcy option, predominates in this discussion. And, in these discussions, residents often wonder how Florida divorce bankruptcy rates compare nationally. Florida’s Chapter 7 bankruptcy landscape The Chapter 7 process entails asset liquidation to satisfy creditors, and it gives filers a fresh financial beginning for those burdened by debt. The state’s bankruptcy courts operate amidst a flurry of cases with high volumes of ..read more

Most Floridians understand the difference between a Chapter 7 bankruptcy petition and a petition under Chapter 13. In a Chapter 7 case, the court has the power to discharge, that is, declare uncollectible, most debts of the petitioner. In a Chapter 13 case, the petitioner must prepare and abide by a plan to pay existing debts by a specified deadline. Very few debts are discharged in a Chapter 13 proceeding. The basic income limits In order to file a Chapter 7 petition, the debtor must demonstrate compliance with an income test, usually called the “means test.” Each state, including Florida, ha ..read more

Personal bankruptcy can provide you with a real way out of debt and help you secure a fresh financial start. But generically saying that may not be enough to put your mind at ease. After all, you’ve probably been inundated with bankruptcy alternatives and the negative connotations that often accompany bankruptcy. That’s why in this post we want to look at the specific benefits of filing for and successfully pursuing bankruptcy, that way you have a clear understanding of what the process has to offer you. The true, concrete benefits of pursuing bankruptcy There are several benefits of a success ..read more

Many people in Florida decide to file for Chapter 7 bankruptcy to liquidate their assets in exchange for having many of their debts forgiven. However, not everyone meets the criteria for a Chapter 7 bankruptcy. People who do not earn a low enough income to qualify for Chapter 7 bankruptcy may find Chapter 13 bankruptcy to be a solid option. How does Chapter 13 bankruptcy work? Unlike with Chapter 7 bankruptcy, those who file for Chapter 13 bankruptcy will be expected to reorganize their debts and repay them over time. If you decide to file for Chapter 13 bankruptcy, you will first have to comp ..read more

Are you facing financial hardship and considering bankruptcy? If you rely on your car for work, errands or daily life, you might be wondering what will happen to your vehicle during the process. In the Sunshine State, bankruptcy exemptions play a crucial role in determining whether you can keep your car if you opt to file for Chapter 7 bankruptcy, specifically. Familiarizing yourself with the specifics of Chapter 7 bankruptcy exemptions can help you understand how they may impact your car ownership during bankruptcy proceedings. Understanding exemptions and their importance Bankruptcy can allo ..read more

Debt problems quickly escalate, but bankruptcy can offer a debt off ramp to a new financial path. However, before filing for bankruptcy in Florida, you need a nuanced understanding of exempt and nonexempt property and its implications in bankruptcy cases within the state. Nonexempt property defined Nonexempt property encompasses assets not safeguarded by Florida’s bankruptcy exemptions. These assets are subject to liquidation by the bankruptcy trustee in Chapter 7 bankruptcy proceedings to satisfy creditor claims. Types of nonexempt property Nonexempt property commonly includes secondary resid ..read more

Bankruptcy is generally viewed as a personal self-help measure in which the party filing the bankruptcy petition asks the court to protect it, him, or her from claims of creditors. In a Chapter 7 proceeding, the petitioner asks the court to forestall collection activity and discharge certain debts; in a Chapter 13 proceeding, the petitioner asks the court to forestall collection activity and supervise a process in which the debtor attempts to pay off debts according to a court-approved schedule. What, then, is an “involuntary bankruptcy?” The basics of an involuntary bankruptcy petition The U ..read more

Taxes can be a huge headache but there is no way to avoid them entirely—just like rain and death, taxes is one of those things that every person has to deal with in the United States. If you owe a lot of money to the government, this can be even worse. Owing money to anyone is unpleasant as it is, but when you are owing money to the United States government, things can become complicated because of what the government can do to you and your assets if you do not pay. Bankruptcy considerations Filing for bankruptcy is not a decision to take lightly. It is a big step that has long-term consequenc ..read more

Most of our readers in Florida probably entered into a mortgage agreement in order to finance the purchase of their homes. These days, with interest rates higher than they have been in decades, a mortgage can become quite a burden if an individual or family’s financial situation gets tight. In fact, the inability to pay mortgage payments as required could lead to a foreclosure. So, what are the basics of how foreclosure works that our readers should know? Foreclosure basics For starters, the basic concept of foreclosure is that it is a process by which a financing agent can takeover full owner ..read more