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Florida Bankruptcy and Inherited IRAs

Filing bankruptcy in Florida doesn’t mean you have to lose your IRA savings. IRAs (short for Individual Retirement Accounts) are exempt from the liquidation process of a Chapter 7 bankruptcy.  This means you can keep the full value of any IRA account when you file for bankruptcy. IRAs, as well as other…

Orlando Bankruptcy and Foreclosure: A Tale Of Two Courts

The Orlando Sentinel recently reported that until last month, the Metro Orlando area was No. 1 in the country for its rate of mortgage foreclosures. This could explain why so many people have been calling my law firm with questions about mortgage foreclosure and bankruptcy.…

Florida Judgements and Bankruptcy | The Debt Collection Process

Florida judgments seem to be finding their way to my bankruptcy practice lately.  As a result of a new law relating to mortgage foreclosure deficiencies, I am having to help more people who find themselves at the receiving end of the debt collection process.  They are surprised to be getting sued,…

New Florida Law Shortens Deadlines For Mortgage Deficiency Lawsuits

In a mortgage foreclosure deficiency lawsuit, the bank sues the homeowner for the amount due on the mortgage loan after the foreclosure ends. A new Florida law relating to deadlines for mortgage foreclosure deficiency judgments brings good news to Florida homeowners who have lost their home in foreclosure in…

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 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…

For sale: underwater homes in Orlando bankruptcy court – banks get them cheap!

A bomb was dropped today on a roomful of Orlando bankruptcy lawyers who were attending the Central Florida Bankruptcy Law Association’s annual seminar.  The newsflash deals with what mortgage companies are doing to snatch the  homes of families who are seeking debt relief in chapter 7 bankruptcy court.  It all has…

Orlando foreclosure and filing bankruptcy – saving a home

Orlando home foreclosures and Orlando bankruptcies have been the subject of a lot of news.  As with many topics of widespread interest, misinformation and myths have sprouted regarding what a bankruptcy can do for homeowners going through a mortgage foreclosure. Today, a very distressed couple consulted with me regarding their…

Retirement accounts are safe in bankruptcy court

Senior couple on boat with mountains in background taking Savings for retirement, in the form of 401(k), IRA, and other government sponsored savings accounts, are for most people their most precious financial asset. That is why the bankruptcy laws give special protection to these savings accounts.…

Marriage, Death and Bankruptcy in Orlando

I have previously written about the effect of marriage and divorce on debts and the ability to discharge them in a chapter 7 bankruptcy.  A recent case decided in the Middle District bankruptcy court in Orlando shows how the death of a spouse may affect…

Keeping a car in bankruptcy – how not to buy a car for your child

When I consult with Orlando families who are considering bankruptcy to resolve their financial crisis, they are often interested in knowing whether they can keep a car, truck, motorcycle, or other motor vehicle that they believe is owned by their children out of the bankruptcy…

Bankruptcy and Orlando Business Owners – Can I keep business?

Small business owners in Orlando frequently consult with me, many of whom are suffering from financial distress as a result of the economic downturn. Their greatest concern is often the effect that filing a bankruptcy will have on their company. Here is what the small business…

How to File bankruptcy without my spouse?

A frequent question that I receive from married people who are are thinking about a bankruptcy to re-organize their finances is: can I file a bankruptcy without my spouse? The answer is: Yes! The bankruptcy code permits a married person to file a bankruptcy petition without their…

New bankruptcy laws increase cost of filing bankruptcy

In 2005, Congress made significant changes to the bankruptcy code, which were designed to make it more difficult for consumers to get debt relief.  These new standards made bankruptcy law more complicated and challenging for consumers and the attorneys who assist them.  After this law…

More retirees seeking bankruptcy protection

A recent study by the Administrative Office of the United States Courts shows a significant increase in bankruptcy filers over the age of 55.  Between 2002 and 2007, the number of these filers grew by 61%.  The study, which was published in the September 2010 issue of ABI…

Will Orlando bankruptcies increase during 2017?

The executive director of the prestigious American Bankruptcy Institute predicts that consumer bankruptcy filings will increase during 2011.  In a press release issued on January 3,  the executive director of ABI, Samuel J. Gerdano, states: “The steady climb of consumer filings notwithstanding the 2005 bankruptcy law restrictions…

Love and Marriage, Debt and Divorce

Two individuals recently consulted with me, both whom had waited too late to speak with a bankruptcy attorney.  One had recently married, one had recently divorced.  Both of them had substantial debt that they needed to erase to create a fresh start for their financial…

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