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How to Avoid the Most Common Bankruptcy Mistakes

How to Avoid the Most Common Bankruptcy Mistakes

It is helpful to understand the most common bankruptcy mistakes people make so you can avoid making those errors. Every situation is different, so you will want to consult with a knowledgeable bankruptcy attorney to discuss the specific details of your case. Your attorney will assist you through the process and help you get through it without making mistakes. File the Right Type of Bankruptcy Before you file bankruptcy, you will want to be certain of the type that is best for your situati[...]

What Do I Need to Disclose When Filing Bankruptcy?

What Do I Need to Disclose When Filing Bankruptcy?

Bankruptcy is a way that individuals can resolve debt and get on the path to financial improvement. Once you have made the decision to file bankruptcy, you must follow the process to make sure that you provide accurate information. There are two main types of bankruptcy for individuals including Chapter 7 and Chapter 13. Chapter 7 will provide repayment of debts through liquidation while Chapter 13 allows restructure of debts. For both types, you will need to provide information about your inc[...]

Can I Keep My House If I File for Bankruptcy?

Bankruptcy is a common occurrence. In fact, there were almost 400,000 bankruptcies filed nationally last year. If you are behind in your bills and are not able to meet your financial obligations, you may be considering bankruptcy. Bankruptcy can provide you with a fresh start that will allow you to reset your finances and get out of debt. Many people wonder whether they will be able to keep their homes if they file for bankruptcy. A knowledgeable Florida bankruptcy attorney will answer your ques[...]

Are Homeowners Association Fees Discharged in Bankruptcy?

Many people likely do not realize that past due homeowners association fees can be discharged through declaring bankruptcy. In these cases, homeowners associations (HOAs) must follow legal requirements to record a Notice of Assessment lien. This amount listed on the lien then becomes secured debts against the homeowner's property in bankruptcy, and, in addition to the HOA fees, any additional notice of assessment lien recorded (for such additional amounts as attorney’s fees, costs, etc.) can a[...]

How Do I Get Out of Payday Loan Debt?

How Do I Get Out of Payday Loan Debt?

Payday loans are often the loans of last resort for people struggling to pay their debts and for life’s necessities, so if you have one of these loans, you may wonder, how do I get out of payday loan debt? If that’s your situation, other than paying off the debt, there are limited options that may allow you to change when and how much you pay back. If this debt is one of many dragging you down, you should consider filing for bankruptcy protection to give yourself a fresh financial start. [...]

Florida Chapter 7 Means Test Calculator – Do I Have Too Much Money to Use Chapter 7?

Florida Chapter 7 Means Test Calculator – Do I Have Too Much Money to Use Chapter 7?

Congress changed our bankruptcy laws in 2005, making it harder for those with higher incomes to file for Chapter 7 bankruptcy. The intent was to force this group into a Chapter 13 bankruptcy, to at least partially pay their debts. The Chapter 7 means test for Florida is a formula determining whether you should get debt relief under Chapter 7. It looks at your income and many other factors to see if you’re able to pay your debts. There’s no shame in declaring bankruptcy. It’s a legitima[...]

Should You Wait on Bankruptcy or File Now?

Should You Wait on Bankruptcy or File Now?

  The COVID-19 pandemic and the subsequent havoc that the virus has wreaked on the economy have left many people facing difficult financial times. If you think that bankruptcy is a good option, you have likely also considered whether you should file for bankruptcy now or wait.  On one hand, filing for bankruptcy too early might mean losing a property you would have otherwise been able to keep. Conversely, waiting on bankruptcy might mean you can avoid the process entirely. To help you de[...]

Planning for Bankruptcy During the Coronavirus

Planning for Bankruptcy During the Coronavirus

  If you recently lost your job or are uncertain about how you will pay off a debt, it might be a good idea to consider filing for bankruptcy. The number of people facing this situation is likely to increase as the coronavirus pandemic forces people to stay home and close their businesses.    Even though bankruptcy might not be for everyone, if you have decided on filing for bankruptcy, you should be prepared to ignore some common financial advice and to begin planning defensively.[...]

What to Avoid While Repairing Your Post-Bankruptcy Credit 

Many credit repair companies prey on people’s hopes to rebuild their credit. As a result, many people are left in the situation of wondering what they can and cannot do to rebuild their credit score. While there are various steps that you can take to rebuild their credit, this article reviews some critical steps that you should avoid taking as you rebuild your credit score. Do Not Expect Things to Happen Quickly Some credit repair agencies promise to improve credit scores within a short period[...]

Converting from Chapter 13 to Chapter 7 Bankruptcy

One of the most common questions asked by people navigating the bankruptcy process is what type of bankruptcy is best for them. Many people overlook the fact that what type of bankruptcy works best can change during the process. If an individual is no longer able to afford Chapter 13 bankruptcy payments, it is possible to convert a case to Chapter 7.    The following reviews some of the important details about the conversion process that individuals weathering the bankruptcy process should[...]