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February 2016 Archives

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 and have completed an approved debt counseling course.

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 reversed an earlier ruling from a bankruptcy court, and the judge remanded the case.

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 rapper claims that he has cooperated fully and provided creditors with a true and complete picture of his financial situation, but photographs posted on the 40-year-old hip-hop star's Instagram account seem to tell a different story.

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 to file, but they may not be eligible for a Chapter 7 filing.

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 the full amount owed will likely impact an individual's credit rating, this temporary setback should be weighed against the stressful toll that money problems can take on one's well-being.

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 its ruling, the court cited the fact that the debtors had no regular income to consistently make payments under a Chapter 13 plan, a requirement that applies to consumers in Florida and aorund the country .

Are inherited IRAs protected in bankruptcy?

One of the many benefits of bankruptcy is that individual retirement accounts, better known as IRAs, are protected up to roughly $1.2 million. That means any assets held in IRAs up to that amount would not have to be liquidated in the event of a Chapter 7 bankruptcy.

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 Dec. 31, 2015, which is down from 936,795 filings in 2014. It is the lowest number of filings since 2007, and it is the fifth year in a row that filings have dropped.

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, these amounts exceeded the under $50,000 in assets the 26-year-old estimated possessing.

Foreclosure's ripple effects can last for years

It goes without saying that foreclosure is generally something that should be avoided if at all possible. Whatever your reasons for getting to the point where you could lose your home -- excessive credit card debt, the fallout from a divorce, or the loss of a job -- in many cases, finding a way to keep the home is something that should be pursued.

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 from debt by filing under certain chapters.

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 debt, bankruptcy may be the best option.

Can I file for Chapter 13 bankruptcy protection?

Being in debt is a devastating situation that too many people in the U.S. struggle with every day. If you are one of the people who spend your days concerned about unpaid bills and harassing creditors, you should know two very important things: you are not alone and you have options to address your situation.

Legal action against homeowners uneven, varied

Readers of this blog should already realize that every case involving debt, bankruptcy and/or foreclosure is different. However, too many people still make the mistake of thinking that if their situation is similar to someone else's, their outcome will be similar as well. That can be a costly misconception.

What are my options when dealing with student loan debt?

Though the economy is on a significant rebound since our last recession, many people are still struggling to find a place in the job market. Having the hardest time are recent graduates who are running into the old dilemma: employers want you to have 1-5 years of work experience for an entry-level job right out of college.

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