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Orlando Chapter 7 Bankruptcy not for everyone
Chapter 7 bankruptcy is the fastest legal way to discharge unmanageable debt. However, many people who come to me for advice on filing bankruptcy are surprised to learn that they earn too much income to qualify for this form of debt relief. This week, I…
Chapter 7 bankruptcy exemptions – getting it all under the umbrella
Understanding Chapter 7 bankruptcy exemptions is crucial for anyone considering bankruptcy. A chapter 7 bankruptcy is based on a simple agreement with the bankruptcy court: surrender your property and you will receive a complete discharge forever for most debts, including credit card debt, mortgage debt, car loans, personal loans,…
Defending mortgage foreclosure is not a crime in Orlando
Feeling bad about being in mortgage foreclosure? There’s certainly no reason to feel guilty about defending a mortgage foreclosure lawsuit. Read this. While Florida homeowners lose their homes in foreclosure, top dogs at a Florida based mortgage company will get a new home in prison. This…
Orlando homeowners in foreclosure find comfort in another study
Many Orlando residents are considering “strategic default” and voluntary foreclosure to fix their “underwater home” problem. Earlier this week I reported on a survey by the National Association of Independent Landlords, showing that most non-corporate landlords are OK with renting to families and individuals who…
Orlando Mortgage Foreclosures in the News
Mortgage foreclosures in Orlando and the state of Florida are in the news again. The Orlando Sentinel reported this month that the Orlando metro area saw an 18 percent increase in forelclosure-related filings from March to April, ranking Orlando 36th nationally. There was an even higher increase, 39%,…
Good News for Orlando Homeowners in Foreclosure
Many Orlando homeowners are experiencing the trauma of loosing their homes in foreclosure. I see this in my practice every week – there’s no doubt that toxic mortgages, job loss, and other circumstances that have created a foreclosure crisis in the Orlando housing market. Often with the help of…
Bankruptcy and Personal Injury Lawsuits – Badgley Law Group
I have previously written in this blog about the pernicious impact of medical debt and how it has become a leading cause of personal bankruptcy for American citizens. Considering that medical bills so often drive people into a chapter 7 or chapter 13 bankruptcy, it is not surprising…
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…
My beautiful balloon (mortgage)!
Balloon mortgages are not a common form of financing for a primary residence. However, during the hot real estate market in Orlando, such financing arrangements were more frequently made. For those homeowners in Orlando who may have financed the acquisition of their residential home with a…
Orlando homeowners – Use Chapter 13 bankruptcy to lower the balance of your mortgage and keep your house
Orlando homeowners are struggling to hold on to their homes. In this market, maintaining homeownership is a challenge, particularly for homeowners who took second mortgage loans that were doled out like candy by banks during the real estate bubble. Many Orlando homeowners have already…
How Orlando real estate investors can get Assist in Chapter 13
Orlando real estate investors probably never thought they would be consulting with a bankruptcy attorney to preserve their investments. Who would have thought that chapter 13 of the bankruptcy code would help them hold on to their real estate investments? Orlando real estate investors have been living through the nightmare of…
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…
Mortgage Modification for Orlando Homeowners in Chapter 13
Yesterday I attended the annual seminar sponsored by Central Florida Bankruptcy Law Association. A panel of mediators discussed their experiences with the new mortgage modification program in the Orlando division of the bankruptcy court. Their impression was that lenders are taking the program seriously and offering genuine modification arrangements that were useful…
Profits Surge for Orlando Hospital Corporations
The August 13 edition of the Orlando Business Journal reports that profits for Central Florida hospitals are up by 88% for 2009. The untold story is how medical debt and illness continue to be a primary cause of financial crisis for families who must resort to bankruptcy…
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