Tag Archives: Chapter 13
Basics of Chapter 13 bankruptcy
For eligible Florida debtors, Chapter 13 bankruptcy may offer timely debt relief. To qualify, an individual may not have had debts discharged under Chapter 13 bankruptcy in the past two years or under Chapter 7, 11 or 12 bankruptcy in the past four years. Debtors must also be current on all domestic support obligations… Read More »
Partially secured lien cannot be stripped in court ruling
Florida residents may be interested in a New Jersey court decision that was handed down on Feb. 17. A U.S. District Court judge ruled that claims for unpaid fees from a condominium association were partially secured by the debtor’s home. This means that they cannot be stripped when filing for Chapter 13 bankruptcy. It… Read More »
Social media photos raise questions about 50 Cent’s bankruptcy
Florida residents may recall that Curtis Jackson III filed for Chapter 11 bankruptcy protection in July 2015. Jackson, who is better known by his stage name 50 Cent, decided to pursue bankruptcy after a jury ordered him to pay $7 million to a female acquaintance for publishing a sex tape without permission. The famous… Read More »
Filing for bankruptcy after large amounts of gambling
There are a number of reasons that Florida residents may need to file for bankruptcy, and gambling away someone’s savings is one of them. When people rack up a large amount of gambling debt, they may be wondering if they are still able to file for bankruptcy. In many cases, they will be able… Read More »
Debt relief options for Florida residents
Individuals struggling to cope with an unmanageable financial situation have a number of debt relief options available to them, but unfounded fears that pursuing some of these options could lead to dire consequences will deter many of them from taking action. While discharging a debt in a bankruptcy or settling it for less than… Read More »
Satisfying the conditions of Chapter 13 bankruptcy in Florida
On Feb. 5, a district court in Delaware found that it is not a debtor’s absolute right to convert a Chapter 7 bankruptcy to a Chapter 13 bankruptcy. In doing so, it upheld an earlier bankruptcy court decision denying a conversion motion brought by debtors who wouldn’t qualify as such under Chapter 13. In… Read More »
Bankruptcy filings in 2015 hit 8-year low
Florida residents may know be aware that, according to data released by the Administrative Office of the U.S. Courts, bankruptcy filings fell 9.9 percent in Florida and across the nation in 2015. The statistics, which were issued on Feb. 4, show that there were 844,495 bankruptcy filings in federal court between Jan. 1 and… Read More »
Tyga bankruptcy case lasts years
Florida music fans may be interested in discovering that rapper Tyga actually filed for bankruptcy in late 2010. According to reports, however, he refused to pay the court-ordered judgments against him until around 2015. In the process, he accumulated no less than $35,000 in interest charges on an original sum of $88,469. Taken together,… Read More »
Understanding bankruptcy in Florida
While some from of bankruptcy has existed since Roman times, the first permanent United States bankruptcy statute wasn’t established until 1898. Debtors’ prisons existed until the 1840s, but the Supreme Court said that such an arrangement violated the Constitution. At first, bankruptcy laws were designed to protect businesses. However, individuals may also find relief… Read More »
When bankruptcy makes sense
For some Florida consumers, bankruptcy is an effective method of debt relief. However, there are steps that need to be taken prior to filing. First, people may want to look at their budgets to get a better idea of their spending habits. If there is nowhere to cut spending to allocate more toward outstanding… Read More »