Tag Archives: Chapter 13
Learning more about bankruptcy
Filing for bankruptcy may make it possible to have debts reorganized and repaid over time or discharged completely. However, there are limitations to such a decision that Florida consumers should know about before deciding to file for protection from creditors. For instance, certain debts such as student loans or back taxes owed generally cannot… Read More »
Southern states have highest rates of bankruptcy
Florida is not one of the top 10 states for bankruptcy filings, but several nearby states are. According to an analysis by NerdWallet, states in the south have some of the highest bankruptcy rates in the country. They have remained high in some southern states even as nationwide bankruptcy rates have fallen to their… Read More »
Being proactive may prevent bankruptcy
While bankruptcy may quickly eliminate or reduce an individual’s debt load, it is not an easy way out for Florida residents who are struggling to pay their bills. Those who file for Chapter 7 bankruptcy will see it remain on their credit report for an entire decade. However, it may be possible to avoid… Read More »
Good faith and Chapter 13
A judge in Kansas confirmed a Chapter 13 bankruptcy plan that would allow debtors to pay lawyer’s fees and a dividend to creditors over a 36-month period. The judge ruled that the couple, who are in their 70s, were not abusing the system when siding with them over the objections of the bankruptcy trustee…. Read More »
Debt management vs. bankruptcy
When people living in Florida find themselves faced with a mountain of debt, they may look into ways of managing it. One option is a debt management program, sometimes known as credit counseling. In these programs, a credit counselor reviews a person’s debts, income and assets, and works out a repayment plan that can… Read More »
What debts remain after a Chapter 13 bankruptcy?
While Chapter 13 bankruptcy may eliminate some debts, others will remain after the repayment period ends. For instance, Florida parents who still owe child support will have to make those payments even after obtaining a discharge. Student loans, liabilities stemming from a drunk driving incident and other fines or restitution may also remain after… Read More »
Recent ruling could impact bankruptcy estates in Florida
A judge from the U.S. Bankruptcy Court for the Western District of Louisiana ruled on Aug. 5 that proceeds from an auto accident settlement can be considered part of a bankruptcy estate. The case involved a man who was in an accident three years after his plan had been confirmed, and the court took… Read More »
What happens when creditors return payments to the trustee
When Florida residents decide to file for bankruptcy, they will often choose between Chapter 7 and Chapter 13. Unlike a Chapter 7 bankruptcy, Chapter 13 cases involve the debtor repaying his or her debts pursuant to a payment plan that lasts from three to five years. Debtors submit their payments to the bankruptcy trustee,… Read More »
Deficiency lawsuits and how to make them go away
After Florida consumers see their homes foreclosed or their cars repossessed, they are often shocked when their creditors still come after them for the deficiency amounts that they owe. If you are being harassed by creditors for deficiencies owed on repossessed or foreclosed property, you might not know what to do about the situation…. Read More »
Organization and purpose of bankruptcy courts
The federal government operates all bankruptcy courts. Federal laws guide the bankruptcy process, and state law in Florida would not apply to the actual bankruptcy filing. In 1978, the U.S. Congress enacted the laws of the Bankruptcy Reform Act. The purpose of the act was to create a consistent method for managing personal and… Read More »