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Yearly Archives: 2012
Orlando Chapter 13 Bankruptcy Plans: What Is My Monthly Payment?
When I discuss an Orlando Chapter 13 bankruptcy plan with new clients, the first question that they ask is: “How much is my monthly payment?” The answer depends on why they are filing Chapter 13 bankruptcy in the first place. Each Chapter 13 payment plan is specific to…
Medical Debt, Personal Bankruptcy Headline Aurora Tragedy
Medical debt and the threat of personal bankruptcy for unaffordable healthcare have surfaced as headlines in the recent mass shooting in Aurora, Colorado. Whatever the gunman’s intentions were, he likely did not mean to call attention to the tragedy that this country’s citizens face if they…
Orlando Short Sale NOW, Before Mortgage Debt Forgiveness Law Expires
A law that helps Orlando homeowners avoid taxes on the short sale of their home is scheduled to expire at the end of this year. A short sale is one of the best non-bankruptcy alternatives for the many Orlando homeowners who are in financial distress…
Filing an Orlando chapter 7 bankruptcy – sometimes it’s not necessary
A very nice Orlando couple who were convinced they needed to file a chapter 7 bankruptcy came to my office today for a consultation. Initially, it seemed that they had good reason to believe that filing a chapter 7 bankruptcy would be a good idea. Their home had been in foreclosure for sometime. …
Orlando Chapter 7 Bankruptcy and Second Mortgage Stripping
Until now, an Orlando chapter 7 bankruptcy has not done much to help a homeowner with an unsecured, or “underwater,” second mortgage on their property. (These mortgages are also commonly known as HELOCS, or Home Equity Lines of Credit.) In an Orlando chapter 7 bankruptcy, the courts have refused to remove…
Chapter 13 and 2nd Mortgage Lien
A Chapter 13 and second mortgage lien can be a great combintation. If the balance of the first mortgage is higher than the fair market value of the home, the homeowner can “strip” the second mortgage lien. This means that after the homeowner successfully completes a chapter 13 bankruptcy plan, the second…
ORLANDO INVESTOR DENIED CRAM DOWN IN CHAPTER 13 BANKRUPTCY
Orlando bankruptcy attorneys have been helping owners of investment real estate to “cram down” mortgage balances in a chapter 13 bankruptcy. However, a recent decision in a chapter 13 bankruptcy case shows that there are limits to when a cram down on investment real estate will be granted. Orlando bankruptcy attorneys have taken notice that chapter 13 bankruptcy requirements must…
Rules for Filing Chapter 7 Bankruptcy in Orlando
Orlando residents who are considering filing chapter 7 bankruptcy should know the rules that apply to their financial transactions. Filing chapter 7 bankruptcy is based on a very simple agreement with the Orlando bankruptcy court: you will receive an almost immediate discharge of all your debts, in exchange for your…
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