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Marika Tolz, a trustee in southern Florida, was sentenced on August 10, 2011 to 81 months in prison. Tolz was found guilty of wire fraud conspiracy. Tolz was a Chapter 7 trustee in Hollywood, Florida, who misappropriated approximately $16 million in funds from cases assigned to her. Ironically, one of the cases she defrauded was that of a Ft. Lauderdale man, Scott Rotstein, who was accused of orchestrating a ponzi scheme that defrauded victims out of a substantial amount of money.

If you feel the trustee in your Chapter 7 or Chapter 13 bankruptcy case is acting inappropriately, contact a Jacksonville Bankruptcy Lawyer to discuss your options and your specific situation.

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As of 2005, every debtor who wants to file for bankruptcy must complete two credit counseling requirements. The first class is called credit counseling and must be done within the 6 months prior to filing for bankruptcy. The second class is called debtor education and must be completed after you file for bankruptcy. In a Chapter 7, the debtor education course must be completed within 60 days after the first date set for the meeting of creditors in your case. In a Chapter 13, the debtor education course must be completed before the last payment is due under your Chapter 13 Plan.

If you have a bankruptcy question, or if you would like to discuss a consumer law issue with a Jacksonville Bankruptcy Lawyer, call 904-685-1200 today.

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Supreme Court Modifies Means Testing for Certain People

When determining whether you are eligible to file a Chapter 7 bankruptcy, you usually must show that your annual household income is less than that of the average family in your area. The test that makes this determination is informally called the “Means Test”, i.e. do you have the means to pay your creditors. Being ineligible for a Chapter 7 would mean considering other Chapters for relief from debt, which may not be as favorable to your financial situation.

For the purposes of the Means Test, your annual income is calculated by taking your last six months of household income and multiplying that amount by two. By looking at your last six months of income, the court is able to estimate your projected disposable income for the next year. Because the Internal Revenue Service (IRS) considers just about any money that comes to you as income, things like disability benefits are included in the calculation of your income. This caused problems for people whose benefits ceased within the six months prior to filing because their income appears to be higher than it will be in the future.

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bankruptcy-thumb-250x186-1907.jpgYes, if it is a non-priority debt. Taxes become non-priority debt when 1. the return was due more than 3 years prior to filing the bankruptcy 2. the return was filed at least 2 years before you filed for bankruptcy 3. the tax debt was assessed at least 240 days prior to filing AND 4. you are not guilty of any type of fraudulent behavior, like tax evasion. Also, you cannot have signed a settlement agreement with the IRS. This can be an in-depth analysis, so it is best to have a competent attorney look at your specific situation. To schedule a free consultation today, get in touch with a Jacksonville Bankruptcy Attorney by calling 904-685-1200.

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As you probably know, credit rating agency Standard & Poor recently downgraded the United States’ credit rating from AAA to AA+. S&P also gave the US a negative outlook, which means S&P could downgrade the US again within the next two years to AA+. S&P is not the only rating agency, however. Moody’s and Fitch both left their AAA ratings in tact, but said they might reconsider those ratings at a later date.

But what does this mean to you? Aside from the increased political bickering on TV and in Washington, the downgrade could have some negative side effects for the American consumer.

First, we may see a rise in inflation. This is due in large part to the slowing economy and rising amounts of currency in circulation.

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There are two aspects of this question: marrying someone who is currently filing bankruptcy, and marrying someone who has already filed bankruptcy. One thing to keep in mind is that the bankruptcy code allows a person to file individual bankruptcy even if married, so marrying someone who is currently undergoing bankruptcy proceedings isn’t necessarily going to drag you into the mix. However, the person in the bankruptcy might have to disclose to the court the new income that marriage will bring into the household.

Whether you’re marrying someone currently undergoing bankruptcy or someone who filed years ago, you should know that you both have separate credit scores, so your spouse’s bad credit won’t kill your good credit just because you tie the knot. As time goes on, your spouse’s credit will improve and the bankruptcy will not matter as much.

If you or your new spouse is thinking about filing bankruptcy, you should contact a Jacksonville Bankruptcy Attorney to discuss the ramifications for both you both.

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A new law, Florida Statute 222.21, is going to be amended to state that inherited IRA’s are exempt property. So if you inherit an IRA from a loved-one or spouse, the trustee will not be able to take that money to pay your creditors. This will be the case even if the deceased lived out of state. And the law is retroactive, so it does not matter if the IRA was inherited before or after the bill becomes law. If you have questions regarding your IRA or other investment property, contact a Jacksonville Bankruptcy Attorney at 904-685-1200 today.

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A lot of people give their 16 and 17-year old children cars to drive. But in Florida, a minor child cannot own property. So the car must be titled in the parents’ name. If this is the case, this asset might be unexempt property, or at risk of being taken to pay your creditors. However, a recent case from the Southern Division of Florida clarified how one could keep this from happening. The court said that the parent could own a car as trustee for the minor child and keep this asset away from creditors in a bankruptcy. To find out how to hold the car in trust for the child, or for any other bankruptcy questions, contact an Jacksonville bankruptcy attorney now to discuss your situation.

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No, your will not lose any rights to your child support by filing for bankruptcy. You must disclose in your bankruptcy how much child support you receive. However, this child support is exempt from being taken to in order to pay your creditors (meaning it is exempt property) for any amount reasonably necessary to help support your children.

The child support that you receive is considered income for purposes of the means test. The means test is the mechanism used to determine if you qualify for a Chapter 7 bankruptcy. (If you do not qualify for a 7, you can always file for Chapter 13 bankruptcy if you meet the debt ceiling to do so.)

To find out more about child support in bankruptcy, contact a Jacksonville bankruptcy attorney today. We do free consultations, just give us a call at 904-685-1200 to schedule yours today!

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First of all, as far as your credit score goes, banks usually report a deed in lieu as a foreclosure. In other words, a deed in lieu will probably have the same effect on your credit score as a regular foreclosure. Further, even if a bank has a deed in lieu, they will likely require you to sign a note saying you will pay them any amount left over if the sale of your home is less than what you owe.

You’re probably wondering: What is the advantage of a deed in lieu over a foreclosure? For most people, there isn’t one. If you accept the foreclosure, you should ensure your agreement states you will not owe any amount on a potential deficiency sale. Both deeds in lieu and foreclosures will look the same on your credit score, so bankruptcy is also another consideration here.

If you are thinking of filing bankruptcy, contact a Jacksonville Bankruptcy Attorney today. If your home is facing foreclosure, contact a Florida Foreclosure Defense Attorney to further discuss your options.

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