Filing for bankruptcy is a stressful experience that requires multiple court hearings, meetings with an attorney, and a thorough review of your finances. While these things are unpleasant they are usually viewed as a reasonable inconvenience by those drowning in debt. Unfortunately, in some situations the bankruptcy case is abruptly dismissed before the filer […]
Stop me if you have heard this one before: “Student loans are the only kind of debt that you must always continue to pay, even if you declare bankruptcy.” Odds are, you have heard it before. Heck, it has been at the center of some high profile presidential races recently. As with any exceptionally strong […]
Deciding to declare bankruptcy is never easy. There is a strong connotation associated with the word itself. Still, it may provide some solace to remember that even once-wealthy celebrities have filed for bankruptcy over the years. Just ask Mike Tyson. If used properly, declaring bankruptcy can offer a clean slate. This blog will provide an […]
Florida Bankruptcy Exemptions Chapter 7 bankruptcy is what most people would think of when they think “bankruptcy.” It is the process by which individuals have many or all of their debts discharged. This is achieved through a liquidation process by which many of the debtor’s assets are sold. The proceeds from this liquidation are then […]
One of the biggest advantages of filing for Chapter 7 or Chapter 13 bankruptcy is the bankruptcy discharge of certain debts that comes along with successful completion of the proceedings. A Bankruptcy Discharge Is… A bankruptcy discharge is a permanent court order prohibiting creditors of the bankruptcy debtor from taking any action to collect discharged […]
The decision to declare bankruptcy is not an easy one and many find themselves feeling overwhelmed or stressed by the decision or the process. In most cases, the stress is two-fold: financial stress and emotional stress. The emotional stress is often caused by, or at least exacerbated by the near constant reminder of debt from […]
Bankruptcy and foreclosure are in some ways very different. The former involves primarily federal law, seeks to assist the debtor, and involves all of a debtors assets and liabilities. Foreclosure in contrast involves primarily state law, seeks to assist the creditor in securing the rights to the collateral property, and involves only the debtors home. […]
Bankruptcy Reforms Criticized by Experts During a panel but on by the American Bankruptcy Institute, the 2005 overhaul of bankruptcy laws was sharply criticized by one of the panelists, an attorney that represents debtors in bankruptcy. The 2005 overhaul was designed to help decrease abuse of the system by debtors and increase the relief unsecured […]
Former business partners, multi-million dollar lawsuit settlements, and offshore accounts sounds like a recipe for a complex bankruptcy action, right? All were involved in the In Re Daniel W. Allen, Sr. bankruptcy action. Yet, in the words of the deciding judge, the case’s “ultimate resolution involve[d] nothing more exotic than interpretation of the Bankruptcy Code.” […]
Business Bankruptcy Business bankruptcy, typically filed under Chapter 11 of the bankruptcy code, present a host of unique issues. One of those issues is what happens to executory contracts. What is an executory contract? Even though it has a large statutory section dedicated to them, the Bankruptcy Code does not explicitly define what an executory […]
