Articles Posted in Chapter 13

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There are certain websites that will allow you to print out legal forms, often telling you that doing so can save you thousands on legal fees. While such claims might sound promising, you should know that it is very rare for a pro se individual (that is, someone acting without an attorney) to successfully file bankruptcy.

You’re probably thinking, “Of course a blog written by a Jacksonville Bankruptcy Lawyer would recommend I hire a lawyer.” That’s a fair thought. However, that doesn’t take away from the real difficulties that come with filing for Florida Bankruptcy Lawyer , nor does it relinquish the potential damages that can occur if you do not file correctly.

Further, each person who files for bankruptcy is expected to be familiar with the United States Bankruptcy Code and the Federal Rules of Bankruptcy Procedure. You must also be familiar with the local rules of the court in which your case is filed. Failure to follow these rules can result in dismissal of your case “with prejudice.” For example, if you fail to file a required document on time (or never file it), your creditor(s) might be granted rights to your property without your knowledge. This could result in loss of property, and your time to object will have passed. This is just one of the many negative aspects of not using a qualified attorney.

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The 341 Meeting is one of the first hearings that happens in a Chapter 7 Bankruptcy or Chapter 13 Bankruptcy. The 341 Meeting is a meeting with the judge and trustee where you will be asked a series of questions pertaining to your Jacksonville Bankruptcy petition. You must attend the 341 Meeting. If someone told you that you need not attend, they are probably misinformed.

This is an important part of all Jacksonville Bankruptcy proceedings and it is very important that you attend this meeting. At the 341 meeting, you’ll answer several questions. The questions may differ slightly, but generally the court will ask you to explain how your debt situation evolved, what actions you’ve taken with your property, and the status of other financial information. You must answer these questions truthfully if you want your bankruptcy petition to be successful.

With a Bankruptcy in Jacksonville, The 341 meeting takes place at the federal courthouse and can be intimidating if you do not know what to expect. You may want to get to the courthouse early in order to watch some other 341 hearings before yours; this will let you become comfortable with the environment and the questions that you might be asked. Not all 341 proceedings are the same (each debtor has different creditors who may or may not attend); however, if you feel uncomfortable, you have the right to a Bankruptcy Lawyer at your 341 hearing.

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In order for you to begin filing bankruptcy, there is a test that is used to determine which Chapter of bankruptcy you will be allowed to file. The “Means Test” is comprised of an average income for the region of the U.S. in which you live, and your income in comparison with that average. If your income does not pass the Means Test, then you will likely have to file Chapter 13 Bankruptcy. However, if you pass the Means Test it is possible for you to file for Chapter 7 Bankruptcy, which allows a liquidation of your debts.

The Means Test was put into place so as to deter people from abusing the Bankruptcy process. No matter your income, you might want to consider filing Bankruptcy in Jacksonville if you are struggling to pay your bills and should contact a Jacksonville bankruptcy attorney to discuss your options.

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Filing for Bankruptcy in Jacksonville is often a complicated and frustrating process. Many believe that bankruptcy in Florida simply wipes out a person’s debts — however, sometimes this is not the case. For example, federal law states that almost all types of debts arising from a divorce are non dischargeable. So, if you have gone through a Florida divorce and have a decree from a judge, the debts listed on that decree will likely not be discharged in a bankruptcy proceeding under most types of Florida bankruptcy proceedings.

Even if you have gone through a divorce, some of your debts arising from that divorce might be discharged if you qualify for a Chapter 13 Bankruptcy Plan. The differences between the different chapters of bankruptcy proceedings is complicated, which is why you should contact a Jacksonville Bankruptcy Attorney in order to help you understand your options.

Additionally, it might make sense for some to file bankruptcy in Jacksonville prior to filling for divorce. If you are considering filling for divorce, contact a Jacksonville Divorce Attorney to discuss your situation.

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During the prime years of the housing boom (i.e., before 2007), many people took out a second mortgage. Some were using the cash from these mortgages to pay for things like tuition or medical bills, while others were buying vacations and new cars. No matter what these homeowners used the cash for, many of them now have something in common: 38% of borrowers with more than one mortgage are now underwater on their loans.

This is largely due to the enormous loss of equity that resulted from the housing crises that has rocked the economy for the past two years. Home prices have fallen 34% since the height of the housing bubble in 2006, which not only has an enormous weight on the recovering economy, but negatively affects underwater homeowners’ abilities to secure lines of credit.

Overall, there are about 10.9 million homeowners currently underwater. This is down from 11.1 million in 2010, but this is due primarily to completed foreclosures. Fortunately, there is a way to eliminate certain second mortgages; however, it requires filing bankruptcy to do so. In what is referred to as “lien stripping”, a Chapter 13 Bankruptcy can allow you to “strip” away additional mortgages (or possibly other liens) if your home is worth less than your primary mortgage. Though it requires filing bankruptcy, this may make sense in many situations. Will a Bankruptcy help you? We can help you analyze whether there would be a benefit. Alternatively, if you are not interested in filing bankruptcy or are otherwise facing foreclosure, you should contact a Jacksonville Foreclosure Defense Lawyer.

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foreclosure_help-thumb-250x193-1902.jpgIf you are one of the many people who walked away from your home before filing for bankruptcy, you might still owe the bank some cash. Generally, when you walk away from your mortgage, the bank will foreclose on your home, sell it, and likely take the loss on that sale (the selling price is usually lower than what you might have owed the bank).

However, Jacksonville Bankruptcy Lawyers are seeing an increase in what is called a “deficiency judgment.” Banks might ask for a deficiency judgment, which is essentially a lawsuit filed by the bank against you. It means the bank wants you to pay the difference between what you owed on the home and what it sold for.

For example, let’s say you walk away from a mortgage that you owe $200,000 on. The bank forecloses on your home and sells it for $50,000. The bank might then seek a deficiency judgment. If the court grants the judgment, you’ll be on the hook for that $150,000 + interest.

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You’ve probably heard of people using a “strategic default” on their home mortgages in Florida. This means the homeowner stops making payments because the value of the home is less — often substantially less — than the amount remaining on the mortgage. This often makes financial sense; but can it work for something like student loans?

The short answer: no. The obvious point is that student loans are much different than home loans, in that the market for the products (i.e., a home vs. your degree) is much different. Despite this, some people think that ceasing payments on a student loan will prompt the lender (generally the Government) to negotiate a settlement. This is rarely — if ever — a wise choice.

Interest on your loan continues to accrue even if you have stopped paying. After a few years, this interest can amount to thousands of dollars in fees that you might not otherwise have accumulated. Further, even if the government decides to settle with you for a smaller amount, that amount will likely be somewhere around 90% of what you originally owed. Since you’ve accumulated that additional interest, that settlement might not be less at all.

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bankruptcy-thumb-250x186-1907.jpgYes it is possible for one spouse to file bankruptcy and the other not to file. This may beneficial in some cases, such as when the bulk of the debt is in one spouse’s name only. Be advised, however, that if the non-filing spouse is a co-debtor on a secured debt, the non-filing spouse will still be liable for such debt. Also, the spouse’s income must be disclosed and considered in the bankruptcy. Deciding if both spouses or just one spouse should file bankruptcy involves an in-depth legal analysis and should not be taken lightly. A Jacksonville bankruptcy attorney can advise you if filing with one spouse only is the best legal strategy for you.

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A new law that came out in 2005, the Bankruptcy Abuse Prevention and Consumer Protection Act, requires consumers that file for bankruptcy to complete credit counseling within the 6 months prior to filing. This is a program that can be done online, in person, or over the phone. You can search the Internet for a provider. Also, there is usually a free course given once per month at the Federal Courthouse. Once you have completed the course, the provider will email or fax a Certificate of Credit Counseling to your Jacksonville bankruptcy attorney. Your The date you completed your credit counseling must be before your petition is filed.

There is also a second education requirement when filing bankruptcy, the Certificate of Debtor Education. This is very similar to the credit counseling but this one must be done after you file your bankruptcy. You must fulfill this requirement before the court will grant you a discharge. So for a Chapter 7, the debtor education must be completed within 60 days of your 341 meeting of creditors. For a chapter 13, the debtor education requirement must be completed before the last payment under your Plan is due, so this could be up to five years.

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The Fair Debt Collection Practices Act (FDCPA) is an Act that Congress passed in response to a growing number of abusive collection practices used by collection agencies. The FDCPA provides guidelines that creditors must follow when trying to collect debts from consumers. This Act applies to debt collectors. A debt collector is defined as any person who regularly collects debts that are owed to others. This act also applies to attorney collectors but in-house collections are not covered.

If the collection department from your favorite store is contacting you regarding your credit card with them, they are not restricted by the FDCPA, but they are governed by the Florida Consumer Collection Practices Act. However, if that same store used an outside collection agency, that agency is governed by the FDCPA.

Some restrictions that the FDCPA puts on debt collectors are:

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