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Bankruptcy Exemptions Archives

I cannot pay my student loans. Can bankruptcy help?

Millions of Americans pay significant amounts of money to invest in their education in the form of student loans. After graduation, many of these individuals find that they are not able to make payments and keep up with the exorbitant amount of debt that they accumulated over their years in college. For many graduates, post-college life is dominated by debt.

Bankruptcy and protecting your home: Part II

Even though bankruptcy may be the best option for countless Florida families struggling with debt, many avoid the idea all together - often because of the mistaken belief that they will lose everything they own, including their home.

Don't be scared of losing everything in a Florida bankruptcy

Being in debt is scary, and you might be doing everything in your power to avoid dealing with the situation. However, you don't have to let fear drive your decisions and control your financial life. Instead, you can educate yourself to take the mystery out of your situation and regain control.

Will I lose my home in bankruptcy?

Once Miami, Florida, residents are at the point of considering filing for personal bankruptcy they are often already facing the prospect of losing their home to unmanageable debt. If you are a homeowner who is currently weighing your debt relief options, it can be helpful to know what may happen to your house in bankruptcy proceedings.

Bankruptcy exemptions 101

While it is true that personal bankruptcy is intended to account for substantial amounts of debt, the process is not designed to compromise the financial security and/or personal integrity of filers. As a result, Florida state and federal guidelines regarding bankruptcy exemptions are in place to allow for the reasonable comfort and independence of people that file for Chapter 7 bankruptcy.

Certain IRA accounts may be considered exempt in FL bankruptcy cases

During hard economic times, some Florida residents are compelled to declare bankruptcy as a way to gain financial freedom from uncontrollable debt. As part of the bankruptcy process, people are required to list their assets and property as well as their debt. The trustee assigned to the case has the ability to reclaim certain property items from the debtor and distribute the funds to the creditors. However, not all property is eligible for seizure.

Foreclosure may not mean automatic eviction

Countless families living in Fort Lauderdale, Florida, and other cities across the country have been deeply affected by the economic crisis and housing bubble of recent years. Many continue to struggle with serious financial challenges, and thousands of people everywhere are currently facing foreclosure and bankruptcy. And while measures like foreclosure can have a serious impact on people’s financial records, many may find hope in new evidence suggesting that many residents are spared eviction in cases where their homes are foreclosed upon.

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