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An Amended Complaint was filed on Monday in the case against the Madoff family bringing the amount of the lawsuit up to $226.4 million from $198.7 million. Most of the sum reflects salaries and bonuses obtained by Bernard Madoff’s family members during the ponzi scheme. Those being sued are Peter Madoff who invested $32k but withdrew over $16 million, Andrew Madoff and Mark Madoff’s estate who withdrew more than $35 million (Mark’s estate, not him due to his recent suicide) and Shana Madoff (Peter’s daughter) who was a member of the company’s compliance division at Bernard L. Madoff Investment Securities LLC.

Although the family “steadfastly contend their involvement with BLMIS was entirely legitimate…” they appear to have made withdraws of unreasonable sums of money based on their investments. Shana Madoff, who appears to have taken no withdraws herself is being sued for the lowest sum, $12.7 million for being “derelict” in her duties on the securities firm’s legal board.

The legal justification for the suit comes from fraudulent transfers, preferential payments (favoring one creditor over others when making payments just prior to bankruptcy) and turnover of property, which will allow the court to obtain property or cash from the defendants.

Ponte Vedra’s Sawgrass Marriott played host to this year’s Jacksonville Bankruptcy Bar Association (JBBA) seminar. The new Chief Judge Karen Jennemann was in attendance as well as the former Chief Judge, Paul M. Glenn.

As usual the event was both educational and interesting and the accommodations were elegant. An interesting discovery for me was to find that the Resort had been lost to Goldman Sachs Group, Inc., as part of RQB Resort’s Chapter 11 bankruptcy.

Apparently, the reorganization plan does not require Goldman Sachs to keep the hotel under the, “Marriott” name. This could mean that the 348 room hotel could change names come November when formal control is relinquished. RQB showed that the recession had caused a 25% drop in business for the resort in 2009, bringing about the bankruptcy. The value of the resort is currently $132 million dollars.

Few southerners are familiar with the department store Filene’s, especially since it’s retail outlet was bought out in 2006 by Macy’s. Macy’s then removed Filene’s name from the stores and replaced them with it’s own. Filene’s Basement was the “outlet” version of the retail store, having served as a place to liquidate overstock back in the early 1900’s. The companies diverged in 1988.

Now, in 2011 Filene’s Basement, the last storefront bearing the name will be closing it’s doors. This is sad to me not only because I used to shop there with my mother as a young child but also because my grandfather, Richard Fyler Sr., retired as a caretaker for Mr. Filene’s decedents. They had a profound influence on my upbringing as they built a recreation center for the children of the town as well as funding the only local library.

This once great business now has between $1 and $10 million in assets and between $50 and $100 million in liabilities per Boston.com. It may be nostalgia, but I think it’s always sad when a legacy dies and this company is no exception.

On October 15, 2011, I attended Clark Howard’s “Clark in the Park” at the Nocatee Welcome Center. At this meet and greet Clark gave a small speech, answered individual questions and autographed copies of his new book, Living Large in Lean Times.

Clark’s book has some refreshing ideas about how to save money and is written in an approachable and non threatning manner. Though there were a few things I was already employing in my day to day life (such as using mint.com for free personal financial management), I was enthusiastic to learn the interesting new techniques to stretch dollars. There are even some unexpected tips that help extend the life and usefulness of razor blades.

The point Clark makes is simple: saving a dollar is like earning an extra dollar. The more dollars you save, the more stable and wealthier you become. I recommend this book for anyone looking to rebuild after a bankruptcy. After all, there is little benefit in getting a financial fix in bankruptcy if the habits that got you there aren’t fixed as well.

Unfortunately, the answer to this question is yes. Creditors can use something called a “break order”, which allows them and the sheriff to go to your house and break in. They can even do this without notifying you beforehand. There are a few exceptions, however: break orders are generally impermissible when only one party in a marriage is filing, for example. Additionally, if you share the home with someone else, your creditors may not be able to enter. A Jacksonville Bankruptcy Attorney will be able to assess your specific situation.

The good news is this doesn’t happen very often; it’s generally used to intimidate an uncooperative debtor. Further, a judge must issue break orders; the creditor can’t simply call the sheriff and ask for some deputies to come break into your home. However, having an attorney may prevent such intimidation tactics. If you are filing bankruptcy, talk with a Jacksonville Bankruptcy Attorney by calling 904-685-1200.

Judge J. Rich Leonard recently fined Bank of America $126,000 for contempt of court after Countrywide Home Loans flagrantly violated the terms of a court order. The fines included $63,000 in punitive damages. The Kirkbride family filed for bankruptcy and signed a consent order with Countrywide Home Loans in which Countrywide would foreclose on two of their properties. In the consent order, Countrywide agreed to release the family from the mortgage debts on both properties.

Only three days after the order was entered in court, Countrywide began violating the order. The Judge found it “particularly frustrating [that Countrywide] actively negotiated the terms of the consent order with the debtors, signed the order, and later, through its agents, repeatedly acted as if the order did not exist.” Fines were levied for over 400 phone calls from Countrywide to the family, improper written demands, wrongfully causing homeowner association bills and tax problems for the family. Bank of America is responsible for these fines because it acquired Countrywide Home Loans.

Jacksonville Bankruptcy Lawyers and Attorneys often find that their client have waited too long to file bankruptcy because they tend to “stick their heads in the sand” and hope their circumstances take a turn for the better. Certainly, bankruptcy in Jacksonville has often been viewed as a “last resort” for those in financial trouble. However, waiting until the last minute can often lead to consequences which even a Jacksonville Bankruptcy Lawyers may not be able to reverse. If you are facing any of the following, you may have waited too long to file bankruptcy in Florida:

1. Your paycheck or bank account is being garnished;
2. You are being served with lawsuits for debts you owe;
3. The IRS has filed a tax lien on your property;
4. You owe money to payday advance companies;
5. You are withdrawing money from your retirement account to pay unsecured creditors;
6. Your car just got repossessed;
7. Your home is about to be sold at foreclosure auction.

A Jacksonville Bankruptcy Lawyer can use a Florida bankruptcy to prevent most of these negative consequences from occurring. If they have already happened, it may be impossible to reverse them. The old saying that “possession is 9/10ths of the law” has some truth to it.

A new cooperative study from state attorneys general and lending insiders from across the country has found that greater than 60% of homeowners who are seriously delinquent on their mortgage payments are not involved in any foreclosure alternative with their lender. On its face this news is disturbing, but coupled with the other findings of the study, that loan modifications are leading to few re-defaults, shows just how misplaced many lenders focus is.

The study, conducted by the State Foreclosure Prevention Working Group, found that loans modified in 2009 were 40 to 50 percent less likely to be seriously delinquent after six months than loans modified during the same period in 2008. The group also found that mortgage modifications that lower the amount of principle have significantly lower default rates than overall mortgage modifications. The federal HAMP program recently announced a principle reduction alternative for lenders but the group says it has been very slow to find favor with lenders with only 1 in 5 modifications including a principle reduction.

If you are one of the thousands of Florida homeowners who is delinquent on your mortgage and you are considering a foreclosure alternative, contact a Jacksonville Foreclosure Lawyer today to review your circumstances to determine the best course of action for you.

As the numbers of Americans considering strategic defaults rises, more and more mortgage brokers are fielding calls asking about the possibility for “buy and bail” purchase. A “buy and bail” purchase is where a homeowner is considering a strategic default on their home, often due to an extreme drop in their home’s value, purchases another home before they default on their current home. By completing a “buy and bail” purchase, a homeowner is able to get into another home, often at a steep discount due to low home values, before their credit rating is ruined because of the default.

Mortgage brokers are seeing an increase in “buy and bail” purchases even though Fannie Mae and Freddie Mac have attempted to set up standards to prevent it. The borrowers most likely to take advantage of buy and bail purchases are those with high credit scores and who have jumbo loans that fall outside of Fannie and Freddie funding limits. Many mortgage brokers ask about the potential for “buy and bail” purchases during the application process and if homeowners lie on their application, a “buy and bail” purchase constitutes fraud. While “buy and bail” purchases are becoming more popular, the FBI and other federal agencies are investigating allegations of “buy and bail” purchases aggressively.

If you are facing a Florida Foreclosure Lawsuit, there are foreclosure alternative options that may be available to you. Contact a Florida Foreclosure Lawyer today to review your case and options.