Category Archives: Bankruptcy
Bankruptcy & Mobile Homes in Florida
Indebted consumers in Florida can typically choose between two bankruptcies—Chapter 7 or Chapter 13. With a Chapter 13, consumers do not lose any property, but they will need to stick to a repayment plan for 3-5 years before debts are discharged. With a Chapter 7, however, debtors can lose non-exempt property, which the trustee… Read More »
Florida Companies File for Bankruptcy
Although giant retailers like Sears and Toys R Us get all the attention, smaller Florida businesses have also been filing for bankruptcy protection recently. Whether these companies can reorganize their debts successfully remains to be seen, but if your small business is struggling, realize that you are not alone. Promise Healthcare Group Seeks Chapter… Read More »
Tangible Benefits of Filing for Chapter 13 Bankruptcy
A little discussed research paper by the National Bureau of Economic Research (NBER) has highlighted the many benefits of filing for Chapter 13 bankruptcy. Looking at roughly half a million filings, the two researchers found that those who complete a Chapter 13 tend to make more money and live longer than those who don’t…. Read More »
Hoping to Win the Lottery? It Could Lead to Bankruptcy
Gigantic lottery jackpots have been in the news recently. First, there was the $1.6 billion Powerball lottery in 2016. Then, in late October 2018, Mega Millions offered a $1.5 billion lottery jackpot—which was won by a single person who bought a ticket in South Carolina. We wish that we could tell the public that… Read More »
Credit Card Debt Continues to Increase
According to Value Penguin, the average American household had $5,700 in credit card debt as of November 2018. The median (or midpoint) debt was $2,300. However, these numbers also include the households that carried no debt. By narrowing the analysis to households with debt, the numbers were much scarier: an average debt of $9,333…. Read More »
How to Create a Budget
A budget is a basic financial planning tool that all people should have. As lawyers at a prominent bankruptcy firm in Plantation, we are constantly surprised at how few clients have created a budget. As a result, few of them fully understand how much money they make each month and what exactly they are… Read More »
Your Pets and Bankruptcy
Although many people consider their pets “family,” the fact is that pets are legally assets, no different really from your kitchen table or your car. Also, pet care is an expense that reduces the amount of money you can pay your creditors. For these reasons, your pets are not immune from bankruptcy, and it… Read More »
Should You File for Bankruptcy because of Hurricane Damage?
The 2018 hurricane season has been very destructive in Florida. In early May, tropical storm Alberto struck northern Florida, leaving a trail of destruction. Hurricane Florence, in September, skirted past Florida, but its high tides caused damage along the state’s coast and killed a couple people. And in early October, Hurricane Michael struck the… Read More »
Chapter 7 Bankruptcy & Your Inheritance
As a leading South Florida bankruptcy law firm, we meet with countless clients to discuss whether they should file for bankruptcy. Unlike other firms, we don’t do a “hard sell” and try to talk everyone we meet into filing. Instead, we talk intelligently with them about their goals and situation to better figure out… Read More »
Retirement and Bankruptcy
Most Americans envision their retirement as a peaceful time to enjoy family, friends, and hobbies. Unfortunately, for many Americans, retirement is a time of enormous financial stress. Not only does your income typically plunge, but medical expenses can also skyrocket. At this time of life, you might find yourself more financially distressed than at… Read More »