Bankruptcy And Personal Property

Call: 888-297-6203 Filing for bankruptcy in Jacksonville, Florida, exempts a certain amount of the filer’s personal property from the collection by creditors. Normally, debtors are allowed to keep the personal property worth $1000, vehicle equity worth $1000 and then either a homestead or an additional personal property worth $4000. A property needs to be under half-acre, if it is in a municipality, and up to 160 acres, if it is in an incorporated area, for it to qualify for a homestead. The value assigned to the property should be its approximate auction value, i.e., the value which you [...]


Does A Raise Affect Your Bankruptcy?

Call: 888-297-6203 The effect of a raise on your bankruptcy depends on the bankruptcy chapter you file for and also on the amount of raise. In the legal world, the term “Material” is often referred to. In a legal sense, it means “Significant”. The term “Material Witness” can be used for describing a raise. A raise can affect your case if it is big enough to have a “material” effect on your income. To qualify for Chapter 7, apart from a few exceptions, you will have to prove that your income is less than the average income for [...]


Aggressive Collection Practices of Chapter 7 & 11 Trustee

Call: 888-297-6203 The trustee’s compensation (chapter 7 & 11) is determined to be 25% of the first $5,000, 10% from $5,000 - $50,000, 5% from $50,000 - $1,000,000 and 3% of any turned over monies in a bankruptcy case, under 11 USC 326(a). Consequently, the trustees collect all of the debtor’s property with zest. In bankruptcy, the debtor lists all the property he or she claims to be exempt. The trustee must then object (with measurable facts) to these claims within 30 days, otherwise, the claims stand. Usually, the trustee states his disagreement with the assigned value of [...]


Pre-Bankruptcy Payments can be Undone by Florida Trustees

Call: 888-297-6203 The trustees in Jacksonville, Florida, can recover the funds made to the creditors by the debtors within 90 days of the bankruptcy filing, under the theory of “Preferential Payment”. This is done so that there is an equal distribution of those funds among all the existing creditors, which was earlier given only to one preferred creditor by the debtor. In case the creditor is considered to be an “inside” (a relative or a friend) of the debtor, the 90 days period extends to 2 years. This 2 year period can also be extended in case an [...]


Using The Head Of The Family Exemption In Bankruptcy

Call: 888-297-6203 In Chapter 13 bankruptcy, the head of the family exemption to garnish the wage is also applicable. According to this statutory exemption (Fla. Stat. Ann. § 222.11(1) (c)), any individual providing more than half of the support for child or for another dependent is considered to be the head of the family. This allows an exemption for all of the earnings of the head of the family from attachment or garnishment, providing their disposable earnings is not more than the statutory amount. Moreover, the exceeding disposable earnings might not be garnished without the individual’s consent in [...]


Cars Can Be More Affordable In Bankruptcy

Call: 888-297-6203 It is difficult to avoid car payments. A drop in the value of a used car is inevitable and thus, many people, driving financed vehicles, owe more to the lender than the worth of the asset. However, you can pay the actual worth of the vehicle rather than the amount you owe on it. According to 11 USC 722, a bankruptcy debtor is allowed to pay the secured portion of the car debt for satisfying the lien. A “Security” (physical asset) has to be given for a loan which can be exchangeable for satisfying a lien. [...]


Evictions in Florida Can be Stopped by Bankruptcy

Call: 888-297-6203 It was determined by the Jacksonville, Florida court in 100 B.R. 579. pdf, that an automatic stay will provide protection not only against evictions but also against the damage that occurs due to evictions done in a wrong manner. A lease agreement was signed between the debtor and residential property. An eviction notice was served to the debtor, a few days before the bankruptcy filing. Despite the notice of the bankruptcy filing, the landlady had forcibly entered the debtor’s house and had placed all the belongings on the street. Before the debtor could find out about [...]


The Means Test in Bankruptcy

Call: 888-297-6203 One of the greatest effects of the changes in the bankruptcy code in 2005 was the Means Test. This amendment was so misunderstood and terrifying for the people that they were in a hurry to file for bankruptcy before the scheduled enactment of this amendment. Some people thought that the Means Test will make it impossible to file for Chapter 7 bankruptcy. Of course, not all the rumors were completely accurate. The Means Test takes the number of members in the debtor’s household, into account and compares the debtor’s income with the income of the average [...]


The Deliberate Inclination Of Some Attorneys Towards Specific Bankruptcy Chapters

Call: 888-297-6203 As a counselor, attorneys need to be honest and fair with their clients. However, when it comes to attorney practice, this idealist principle is rarely found. There are many lawyers who deliberately persuade their clients to file for a Chapter 13 bankruptcy when Chapter 7 would have served them better. This is solely done for the fees. A Chapter 13 case has almost twice the fees of a Chapter 7 case. Thus, attorneys intentionally try to convince their clients in favor of a Chapter 13 bankruptcy, in order to get double the fees. Clients don’t fall [...]


Privacy Concerns in Filing for Bankruptcy

Call: 888-297-6203 It can be scary to file for bankruptcy. There are many true and not-so-true rumors about bankruptcy. People filing for bankruptcy fear for the loss of privacy the most. They don’t want the court people to visit their house or snoop through their belongings and they don’t want people, in general, to know about their bankruptcy filing. All your belongings become a part of the bankruptcy estate as soon as the filing for bankruptcy is done. The court appoints a trustee, who sifts through your listed property and judges its reliability. The estate is administered by [...]

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