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What to do With Your Car Following Chapter 7 Bankruptcy

Contrary to what some people believe, it is not necessary to give away all of your belongings, including motor vehicles, after filing for bankruptcy. If you own a car and file for Chapter 7 bankruptcy, the chances are good that you will be able to exclude a certain amount of the vehicle’s worth. Unfortunately, if the vehicle’s worth is much more than you are able to protect, the bankruptcy trustee who is assigned to your case will likely sell and distribute the remaining proceeds. Chapter 7 [...]

Understanding Common Myths About Bankruptcy

  To many people, the prospect of filing for bankruptcy can be overwhelming. Those people often end up filing for bankruptcy only because the fear of increased debt and continued creditor harassment is even worse. In reality, bankruptcy can be a helpful process and not nearly as scary as it seems. The following are some of the other common myths and concerns that people have about the bankruptcy process. Myth 1: A Person Loses Everything in Bankruptcy Many people are afraid to file for b[...]

How Long Does Chapter 7 Bankruptcy Take?

  The Chapter 7 bankruptcy process allows a person to remove qualifying debt without being required to pay into a repayment plan. People who pass the means test are able to keep the property that they need to maintain their home. There are a number of questions asked by people navigating the Chapter 7 bankruptcy process, but one of the most commonly asked questions is how long a person can expect the bankruptcy process to take. The short answer is that Chapter 7 bankruptcy often takes betw[...]

Things to Consider Before Purchasing a Rental Property

  There are a number of reasons why purchasing rental property in Florida can be a wise idea. Like with many things involving finance, however, a buyer should understand some important details about purchasing property before deciding to do so. The information below review some of the important details that you should consider before purchasing a piece of rental property. Be Prepared to Perform Repairs Many property owners who only have a property or two discover that it is best to know how[...]

How Creditors Must Respond After You File for Bankruptcy

After you file for bankruptcy, all of your creditors must stop calling you in an effort to collect compensation. Unfortunately, creditors do not always follow the rules, and some people report that they are harassed by creditors even after declaring bankruptcy. If you are experiencing difficulties with a creditor, you should not hesitate to contact an experienced attorney who can help make sure that your rights are protected. The Value of Automatic Stays An automatic stay refers to a legal acti[...]

How Voluntary Repossession can Affect Your Credit

For people who have fallen behind on motor vehicle payments, there is a significant chance that their vehicles might end up repossessed. No matter if it is voluntary or involuntary, repossession of a motor vehicle will damage your credit rating. If you find yourself in such a situation, it is a wise idea to obtain the assistance of an experienced bankruptcy attorney right away. Advantages to Voluntary Repossession There are some advantages to voluntary repossession because it provides you with a[...]

Declaring Bankruptcy in Florida and Salary Increases

If you are not able to handle your financial situation, Chapter 7 and Chapter 13 bankruptcy are available for you to restructure your debt. Each year, many people discover that the bankruptcy process offers them the opportunity to rebuild their credit and have a fresh start. Unfortunately, in some situations, bankruptcy can be a particularly complex process. To make sure that this process is successfully navigated, many people find it helpful to obtain the assistance of an experienced bankruptcy[...]

Reasons to Obtain Residential Property Surveys

  Home buyers in Florida are not required to survey residential property before closing on a new home. Despite this, it is often a good idea to perform an inspection to determine if one or more material issues exist that will have a detrimental effect on the value of a home. A survey lists all of the distinct characteristics about a home. In Florida, these surveys are performed by licensed surveyors. As part of survey creation, a licensed surveyor visits the property and records certain inf[...]

What is a Bankruptcy Auction?

  The primary lenders of the Toys ‘R’ Us company recently decided to cancel a bankruptcy auction of the company’s brand name as well as other associated intellectual property. Instead, the lenders intend to revive the Toys ‘R’ Us brand name as well as the Babies ‘R’ Us brand name as part of an effort to open new branding companies. The lenders also intend to develop the company’s international presence. In stating their decision to cancel the auction, the lenders stated that[...]

Recognizing Mortgage Fraud

Florida was recently ranked in a Core-Logic report as one of top three states in the country with a mortgage fraud risk. The other two states in the country with particularly high mortgage fraud rates include New Jersey and New York. Also according to the report, the risk of fraud in 2018 rose 10% as compared to 2017. In this current climate, Florida lenders must be particularly careful and proactive in preventing mortgage fraud. It helps to understand some of the important details about how mor[...]