Month: August 2015

11th Circuit Rules Business Debtor Owes Default Rate Interest

This summer, the 11th Circuit, the court that provides precedent for Florida Bankruptcy cases, came down with an unfavorable ruling for bankruptcy debtors regarding default rate interest in a Chapter 11 bankruptcy case, in re: Sagamore Partners, Ltd.  As with all bankruptcy cases, having an understanding of the background helps:  Key Pre-Bankruptcy History The debtor, Sagamore Patners, Ltd (“Sagamore”), owns a namesake hotel in Miami.  In 2006, Sagamore took out a secured loan for $31.5[...]

How do Foreclosure Proceedings in Florida Work?

The foreclosure crisis that began in 2008 and is slowly subsiding has been a hot topic for years now, particularly, here in Florida where the number of foreclosures continues to beat the national averages.  Yet, the average understanding is that when you don’t pay you mortgage, the bank comes and takes your home.  And while at a very broad level, this is true, the process is a lot more complicated and open to alternative outcomes.   The Home Financing The foreclosure process actually be[...]

Debtor Rights

At Mearkle | Trueblood | Adam, we work with a lot of clients that are currently having trouble making payments on debts owed or have had such troubles in the past.  The reasons for these difficulties are varied – from market changes to job loss to a bad deal to excessive medical expenses to simply taking on to many debts.  Whatever the cause, such financial difficulties often lead to dreaded, persistent efforts from creditors to collect.   We’ve found that many consumers don’t know th[...]