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Posted On: April 30, 2010

Jacksonville Bankruptcy Attorney Notes Rise in Bankruptcy Filings Among Seniors

law books bankruptcy attorney jacksonvilleOf the one million Americans who filed bankruptcy last year, over 25 percent of those were over the age of 55.  Statistics have shown that one of the fastest growing segments in bankruptcy filing demographics are those over the age of 75.

It wasn’t that long ago that seniors were the least likely demographic group to file bankruptcy.  Many carried no credit card debt and enjoyed healthy retirement accounts.  The economic crisis of the past few years has caused a dramatic shift in the financial lives of seniors, draining their savings and retirement accounts and, in many cases, forcing them back to work.

In addition, credit card companies have stepped up their marketing efforts to baby boomers and seniors, who often carry the best credit scores and are emotionally invested in repaying their debts.

Retired seniors have found it almost impossible to live on a fixed income, and consequently carry more credit card debt and second or third mortgages than previous generations.  Much of their financial security has been demolished by falling stocks that they no longer have the time to rebuild.

And this is exactly why bankruptcy exists – to help those who can no longer help themselves eliminate burdensome debt and get on with their lives.

If you need help with making difficult financial and legal decisions, contact our Jacksonville, Florida bankruptcy law firm.

Posted by Keith Maynard | | Email This Post | Comments (0)

Posted In: Chapter 13 Bankruptcy , Chapter 7 Bankruptcy , Common Bankruptcy Concerns

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Posted On: April 29, 2010

If Your Employer is About to Roll Over, Be Sure You Roll Over Your 401(k)

bankruptcy attorney jacksonvilleBusiness bankruptcies are on the rise, and if you are employed by an organization that files Chapter 11 bankruptcy, it could significantly affect your 401(k) plan.

If your employer is a publicly traded company and a sizeable portion of your 401(k) is in company stock, then chances are your plan will take a big hit (think Enron).

In fact, because of large corporate failures like Enron in the past decade, most people are aware that having a large share of your company’s stock in your 401(k) is not really a good idea.  Your plan should be as diversified as any other stock portfolio to minimize risk.

What you may not be aware of is that if your employer files Chapter 11 bankruptcy and, as a result, has to terminate the company’s 401(k) plan, you and your fellow employees could be on the hook plan termination costs.  The plan’s administrators will have to be paid, and if there are no company assets to do so, the investors in the plan will be charged on a pro-rata basis to fulfill that obligation.

If it looks like Chapter 11 bankruptcy could be in your employer’s future, it is probably a wise move to roll over your 401(k) into an IRA.  If you find a new job, be sure you roll your old 401(k) into your new employer’s plan quickly – or, again, into an IRA.

If you need more information about Florida Chapter 11 bankruptcy, contact our Jacksonville, Florida bankruptcy law firm.

Posted by Keith Maynard | | Email This Post | Comments (0)

Posted In: Chapter 11 Bankruptcy

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Posted On: April 29, 2010

Jacksonville Home Sales Up In March

Riding on the back of the federal first-time homebuyer tax credit, home sales in Jacksonville experienced a spike in March, according to the Northeast Florida Association of Realtors (NEFAR).

Existing home sales jumped 54 percent, from 787 in February to 1,303 in March, while median home prices dropped slightly from $142,400 to $141,400.

According to an article in the Florida Times-Union:

“Spring is usually a very active sales season,” NEFAR spokeswoman Melanie Green said. “Just the last few years have been so unpredictable, we don’t really rely on norms anymore. But certainly, the tax credit is in play.”

Green said pending sales show signs that people are working to cash in on the $8,000 Federal first time home buyer tax credit, which requires eligible home purchases to be under contract by April 30 and to close by June 30. NEFAR’s pending sales — which include single-family homes and condominiums — rose to 2,071 in March from 1,501 in February and 1,204 in January, she said.

Statewide and nationally, the trend in March also was toward year-over-year increased sales. In Florida, existing home sales jumped by 24 percent last month to 16,294 in March 2010 from 13,090 homes in March 2009.

If you are a Jacksonville homeowner who needs to know more about the Florida foreclosure laws, contact our Jacksonville, Florida foreclosure law firm.

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Posted In: Foreclosure Law

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Posted On: April 29, 2010

7 Florida Cities on Top 20 List for U.S. Metro Foreclosures

California and Florida cities make up 17 of the top 20 U.S. metro areas that lead the nation in foreclosure rates, according to RealtyTrac’s Q1 2010 Metropolitan Foreclosure Market Report that was released on April 29.

According to the report, 77 percent of the nation’s large metropolitan areas posted year-over-year increases in foreclosure activity; however, eight of the top 10 metro foreclosure rates declined from the first quarter of 2009:

California accounted for 10 out of the top 20 metro foreclosure rates, followed by Florida with seven, Nevada with two and Arizona with one. Foreclosure activity declined on a year-over-year basis in 14 of the cities in the top 20 and in eight of the cities in the top 10. In contrast, foreclosure activity in the first quarter increased on an annual basis in 159 of the 206 metro areas tracked in the report, and foreclosure activity nationwide increased 16 percent from the first quarter of 2009.

“The decreasing foreclosure activity in some of the nation’s top foreclosure hot spots in the first quarter is largely the result of government intervention and other non-market influences, and not a sure signal that those areas are out of the woods yet when it comes to foreclosures,” said James J. Saccacio, chief executive officer of RealtyTrac. “For example, the federal government’s new program designed to encourage short sales, which was launched April 5, may have caused some lenders to delay initiating foreclosure against distressed properties — particularly in hard-hit housing markets where a short sale costs less than a foreclosure.

The seven Florida metro areas that made the Top 20 list include Cape Coral-Ft. Myers, Orlando-Kissimmee, Miami-Fort Lauderdale-Pompano Beach, Port St. Lucie, Lakeland, Naples-Marcos Island and Deltona-Daytona Beach-Ormond Beach.

If you are a Florida homeowner facing possible foreclosure and need to know more about your options for defending a Florida foreclosure, contact our Jacksonville, Florida foreclosure law firm.

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Posted In: Foreclosure Law

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Posted On: April 29, 2010

Fannie Mae Extends Program to Help Distressed Property Buyers

flag-Florida-Bankruptcy Attorney JacksonvilleFannie Mae announced that it has extended its program that gives buyers 3.5 percent of the final sales price of its distressed homes to use toward closing costs or for select energy efficient appliances.

The program, which was scheduled to end in April, has been extended until the end of June, 2010.  Fannie Mae, the nation’s largest residential home funding source, has more than 62,000 homes listed for sale on its HomePath.com website.

At the end of March, Fannie Mae reported that the late payment rate on its single-family mortgages continues to rise, and is currently about double the rate from a year earlier.

The Federal Housing Administration also announced in April that it has raised the down payment requirements for higher-risk borrowers.  The Mortgage Bankers Association has said that nearly 50 percent of all mortgage applications are for government loans, the highest rate in two decades.

The FHA said that it will maintain its 3.5 percent mortgage rate for those with higher quality credit ratings.

While government agencies continue to increase aid to borrowers, unemployment and wage reductions continue to spur foreclosure rates, particularly in Florida, California, Nevada and Arizona.

If you are a Florida homeowner facing possible foreclosure and need to know more about your options for defending a Florida foreclosure, contact our Jacksonville, Florida foreclosure law firm.

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Posted In: Foreclosure Law

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Posted On: April 29, 2010

Florida Judge Voids GMAC Foreclosure Win Based on Faulty Filing

law books bankruptcy attorney jacksonvilleSt. Petersburg, Florida Judge Anthony Rondolino has voided his own summary judgment for plaintiff GMAC in a January foreclosure case upon discovering that the legal filing by the mortgage lender was faulty.

In GMAC Mortgage, LLC v. Debbie Visicaro, the defendant chose to fight the foreclosure action without engaging a foreclosure attorney, and lost her case.  She then hired an attorney, who filed a motion for a rehearing based on the fact that the evidence provided by GMAC was inadmissible because it was based on hearsay.

Judge Rondolino granted the motion and set aside the previously entered summary judgment in favor of GMAC, noting, “I’ve had several events which have occurred in cases which cause the Court to have great concern about the validity of the filings in our mortgage foreclosure cases, and that precipitated my reevaluation of the evidentiary considerations.”

Legal experts agree that in Florida, filings by “foreclosure mill” law firms based on hearsay evidence is not a rare occurrence.  For that reason alone, anyone facing a foreclosure action should hire a Florida foreclosure attorney to advise them.

If you are a Florida homeowner facing possible foreclosure and need to know more about the Florida foreclosure process as well as your options for defending a Florida foreclosure, contact our Jacksonville, Florida foreclosure law firm.

Posted by Keith Maynard | | Email This Post | Comments (0)

Posted In: Foreclosure Law

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Posted On: April 29, 2010

UF Survey Says Florida Real Estate Market Showing Signs of Rebound

The University of Florida’s Bergstrom Center for Real Estate Studies has released its Survey of Emerging Market Conditions for the first quarter of 2010 that indicates, “the real estate market in Florida has hit bottom and is in the process of stabilizing across most property types.”

The quarterly survey participants include Florida professional real estate analysts and investors representing 13 urban regions and up to 15 property types across the state.

With a heavy use of weather analogy, the survey characterizes the Florida real estate market as “still mostly cloudy with a few breaks in the clouds”.  High unemployment and the lack of debt capital are mentioned as two current realities that cloud the state’s real estate outlook; however, respondents did note a rise in private capital from both foreign and domestic sources that continue to enter the state in search of good deals.

The survey also noted that, “life companies have increased their appetite for Florida real estate and newly formed or previously conservative community banks are being aggressive in providing capital.”

If you are a Florida homeowner facing possible foreclosure and need to know about all your legal options, contact our Jacksonville, Florida foreclosure law firm.

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Posted In: Foreclosure Law

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Posted On: April 29, 2010

Florida #1 in Mortgage Fraud

Bankruptcy Attorney JacksonvilleA Jacksonville foreclosure attorney noted that a report released this month by the Mortgage Asset Research Institute ranked Florida #1 in 2009 for mortgage fraud and misrepresentation.

Florida was #1 in 2006 and 2007 and regained the top spot again last year because it has almost three times the expected number of mortgage fraud and misrepresentation reports for its origination volume.

Overall, there was a 7 percent increase in mortgage fraud and misrepresentation in the U.S. in 2009.

"The data suggests that in 2009 there was a 7 percent increase in the number of incidents of fraud reported to the LexisNexis Mortgage Asset Research Institute on top of the 26 percent increase reported in 2008.  While this is a noticeable increase, we believe that mortgage fraud is significantly understated, even during times of massive origination volumes," said Jennifer Butts, LexisNexis Mortgage Asset Research Institute manager of Data Processing and co-author of the report.

Application misrepresentation was the top fraud incident type, followed by frauds related to appraisal and valuation misrepresentation.  Additional fraud types reported included deposit verifications, employment verifications, escrow or closing costs and credit reports.

If you are a Jacksonville homeowner facing possible foreclosure and need to know about all your options, contact our Jacksonville, Florida foreclosure law firm.

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Posted In: Foreclosure Law

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Posted On: April 28, 2010

Jacksonville Bankruptcy Attorney Says What NOT To Do Before Filing Bankruptcy

sign bankruptcy attorney jacksonvilleIf you are getting ready to file Chapter 7 or Chapter 13 bankruptcy in Florida, you have likely secured the advice of a Florida bankruptcy attorney – advice that should cover not only what to do before filing bankruptcy, but what NOT to do:

Credit Card Use. If you are filing for bankruptcy, you need to know that any debt over $500 that is incurred 90 days prior to your bankruptcy filing are presumed to be non-dischargeable.  In addition, any cash advances over $750 that are made 70 days prior to filing also fall into the non-dischargeable category.

Retirement Accounts. You may be thinking of cashing out your retirement accounts prior to filing bankruptcy.  Big mistake.  Retirement accounts are usually exempt from a bankruptcy filing, which means you will only be hurting yourself.

Property Ownership. Transferring the ownership of property will not protect it from bankruptcy, and will probably get you in hot water with the bankruptcy trustee to boot.  The trustee can undo any property transfer that occurred during the two years prior to filing bankruptcy.

Family Loans. You cannot pay off any loans made to you by family members prior to filing for bankruptcy.  If you do so within one year prior to your filing, the money will be reclaimed and added to the bankruptcy estate.

If you need help navigating the intricacies of filing Florida bankruptcy, contact our Jacksonville, Florida bankruptcy law firm.

Posted by Keith Maynard | | Email This Post | Comments (0)

Posted In: Chapter 11 Bankruptcy , Chapter 7 Bankruptcy

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Posted On: April 27, 2010

Proposed Legislation Seeks to Allow Discharge of Some Student Loans in Bankruptcy

flag-Florida-Bankruptcy Attorney JacksonvilleFour Midwest Democratic members of Congress are sponsoring the Private Student Loan Bankruptcy Fairness Act of 2010 that would allow for private student loans to be discharged in bankruptcy.

Currently, private student loans are protected under the changes made to the Bankruptcy Code in 2005.  According to an article in the Chicago Defender, Illinois Congressman Danny K. Davis, who is one of the sponsors of the bill, said, “Why should student loans be treated differently? Private education debt is no different than other consumer debt; it involves private profit and deserves no privileged treatment.  Medical students often take out private loans and the amount can be overwhelming and sometimes impossible to ever repay.”

Congress ended a $6 billion subsidy to private student loan lenders in early April, to allow students to borrow directly from the federal government.  Prior to that, lenders who were receiving interest-free federal money for student loans were able to charge higher interest rates than other government-issued student loans, leaving some borrowers with a mountain of debt upon graduation.

If you are struggling with student loan debt or any other type of consumer debt and are considering filing bankruptcy in Florida to get relief, contact our Jacksonville, Florida bankruptcy law firm.

Posted by Keith Maynard | | Email This Post | Comments (0)

Posted In: Common Bankruptcy Concerns , Dischargeability

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Posted On: April 26, 2010

Bankruptcy May Not Be As Harmful To Your Credit Score As You Think

Fresh Start - bankruptcy Attorney JacksonvilleA Jacksonville bankruptcy attorney says that while filing personal bankruptcy was once considered a deathblow to your credit score, many financial advisors are saying that this may not be the case in today’s economy.

NY Daily News Money columnist Jean Chatzky, also a noted author and national TV network personal finance expert, wrote this in a recent column:
"By the time most people file for bankruptcy, their credit is already trashed, they have a high debt-to-income ratio - a key indicator lenders look at - and they've likely defaulted on more than a few accounts.

"That's not to say it's best to file if you can avoid it, but your ability to borrow most likely won't be gone for good. Most people will start receiving credit card solicitations 18 to 24 months after coming out of bankruptcy."

Chatzky urges those who have filed bankruptcy to keep a careful watch over their credit report, and check it often for inaccuracies – as well as to be sure that after your bankruptcy is over, all debts have been removed from your report.

If you are considering filing bankruptcy in Florida, contact our Jacksonville, Florida bankruptcy law firm.

Posted by Keith Maynard | | Email This Post | Comments (0)

Posted In: Common Bankruptcy Concerns

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Posted On: April 23, 2010

Asset Protection in Florida: What is Homestead Protection?

Bankruptcy Attorney JacksonvilleProbably one of the biggest worries that Florida homeowners have these days is the potential to lose their home to creditors.  However, Florida law exempts homestead property from creditor judgments and goes into effect the first day you occupy the property.

There are some qualifications:  you must be a permanent resident of Florida and the homestead property must be your primary residence.  This applies not only to houses but also to condominiums, mobile and modular homes.

If you purchase a property as a retirement home to be occupied in the future, the homestead exemption will not go into effect until you occupy that property as your primary residence.

There is no monetary limit on homestead protection, so a multi-million dollar residence is afforded the same protection as a $100,000 home under Florida law.

There are exceptions to Florida homestead protection.  Homestead property is not protected against mortgages, tax liens, homeowner assessments or mechanics liens associated with improvements or repairs made to the property.

Homestead protection may also not apply in bankruptcy cases but there are exceptions and qualifications.  You should consult with a Florida bankruptcy attorney to learn if homestead protection will apply to your particular case.

For more information on Florida homestead protection and bankruptcy laws, contact our Jacksonville, Florida bankruptcy law firm.

Posted by Keith Maynard | | Email This Post | Comments (0)

Posted In: Asset Protection

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Posted On: April 22, 2010

Jacksonville Bankruptcy Attorney Explains Rights of Renters in Foreclosure

With the skyrocketing rate of foreclosures, homeowners are not the only ones finding themselves in a bind – many renters are also being affected, and one Jacksonville bankruptcy lawyer says it’s important to know your rights as a renter.

The good news is that in May of 2009, President Obama signed the Protecting Tenants at Foreclosure Act of 2009, giving renters more rights than they previously had in the event of a foreclosure.

This legislation provides these renters’ rights:

  • Renters with a lease may occupy the property until the end of their lease unless the new owner intends to personally occupy the property.  If this is the case, 90 days’ notice must be given.

  • Month-to-month tenants must be provided 90 days’ notice before they have to move.

  • Tenants who live in areas with rent control “just cause” eviction protection cannot be evicted just because ownership changes.


To encourage renters to vacate the property, a new owner may offer a “cash for keys” deal, where the owner pays the tenant for vacating the property quickly.  Under the new legislation, renters do not have to accept such offers – it is your choice.

If you need more information regarding Florida foreclosure law, contact our Jacksonville, Florida bankruptcy law firm.

Posted by Keith Maynard | | Email This Post | Comments (0)

Posted In: Foreclosure Law

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Posted On: April 21, 2010

Jacksonville Bankruptcy Attorney Explains Protections Available for Active Military Members

Thanks to the 2003 Servicemembers Relief Act (SCRA), those serving our country on active military duty – including the National Guard – are entitled to a number of protections, including protection from foreclosure and repossession.

The SCRA covers all active duty members of the U.S. military, including the National Guard, as well as the commissioned corps of the NOAA (National Oceanic and Atmospheric Administration) and the Public Health Service.

Because military pay is often lower than that of service members’ normal income, Congress enacted the SCRA so those serving active military duty would not suffer undue financial hardships.  Protections include:

Foreclosure – lenders cannot foreclose on homes of active service members during or up to three months following their period of service.

Repossession – a lender cannot repossess a vehicle or any other possession without a court order, as long as the installment contract was made before active duty began.

Tenancy – renters or tenants with existing leases may be relieved of those obligations if the rental agreement or lease was made prior to active duty assignment.  This applies to both residential and commercial agreements.

Eviction – SCRA provides a stay of up to three months for members of the military on active duty and their spouses, children or other dependents who are in danger of being evicted for nonpayment of rent.

The SCRA offers other protections as well.  For more information, contact our Jacksonville, Florida bankruptcy law firm.

Posted by Keith Maynard | | Email This Post | Comments (0)

Posted In: Asset Protection , Common Bankruptcy Concerns , Foreclosure Law

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Posted On: April 20, 2010

Jacksonville Foreclosure Lawyer Outlines Florida Foreclosure Process

Florida-seal-Bankruptcy Attorney JacksonvilleIn Florida, a foreclosure is initiated when a lender (bank or mortgage servicer) files a lawsuit against a borrower.  The lender must notify the borrower that a suit has been filed.  If a borrower does not respond within a certain period of time, the borrower can be found in default and the lender can petition the court for a final judgment against the borrower.  If the court rules in the lender’s favor, a foreclosure sale date is set and the total amount owed to the lender is determined.

While, by state law, a lender is not required to notify a borrower before starting the foreclosure process, a borrower’s mortgage or deed of trust may specify this.  A borrower can stop the foreclosure up until the foreclosure sale date by paying the total amount due to the lender.

Because of the vast number of foreclosure lawsuits in Florida, the state courts acted last year to streamline the Florida foreclosure process by requiring that all residential foreclosure properties go through mediation.  Borrowers and lenders must participate in mediation in an attempt to settle the foreclosure action; this mediation service is provided for free.

If you are a Florida homeowner facing possible foreclosure and need to know about all your options, contact our Jacksonville, Florida foreclosure law firm.

Posted by Keith Maynard | | Email This Post | Comments (0)

Posted In: Foreclosure Law

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Posted On: April 20, 2010

Jacksonville Foreclosure Attorney Notes Banks Still Resisting Mortgage Modifications

Bankruptcy Attorney JacksonvilleIn testimony last week before the House Financial Services Committee, JPMorgan Chase’s chief executive for home lending reflected the bank’s chilly reception to the Obama administration’s efforts to reduce mortgage principal for distressed homeowners.

As reported in the New York Times, the Chase banker said, “We are concerned about large-scale broad-based principal reduction programs” that could potentially punish future borrowers by raising the cost of borrowing and reward those who borrowed more than they could afford.  He also said that principal reduction was “simply unworkable.”

A Wells Fargo representative also testified that, “principal forgiveness is not an across-the-board solution.”

The Times noted that the bankers’ testimony is the first official acknowledgement that the federal foreclosure prevention programs enacted last year may be encountering resistance among lenders.

This is especially true for two of the government’s programs – one that requires lenders to consider reducing the mortgage balance for those homeowners who qualify for the government’s loan modification program, and another that urges banks to refinance loans for borrowers who are seriously underwater on their mortgages.

If you are currently struggling with your mortgage payments and may be facing foreclosure, contact our Jacksonville, Florida foreclosure law firm.

Posted by Keith Maynard | | Email This Post | Comments (0)

Posted In: Foreclosure Law

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Posted On: April 20, 2010

The Upside of the Florida Foreclosure Crisis: Great Deals

One Jacksonville foreclosure attorney has noticed recent media attention around the silver lining in Florida’s foreclosure crisis:  great deals on formerly pricey properties.

A story in last Sunday’s Florida Times-Union profiled a 3,800 sq. ft. home in the gated community of The Woods in East Arlington that is on the market for 60 percent less than what it sold for less than four years ago.

Today, over 44 percent of Jacksonville homes are underwater and the average Jacksonville home is at an 86 percent loan to value ratio.  Statistics show that the Florida home price market has still not bottomed out – in fact, the bottom may be at least six months out.

Realtors say that one thing Florida real estate has going for it is:  it’s in Florida.  Long a favored vacation home spot for Americans as well as Canadians and Europeans, Florida realtors are seeing an increase in the number of foreign buyers for distressed Florida real estate.

A real estate firm called Florida Home Finders of Canada says that Canadians are currently the largest foreign buyers of property in Florida, and that the strong Canadian economy has made the distressed Florida home market even more attractive to Canadian buyers.

For more information on Florida foreclosure trends and how they may impact your financial situation, contact our Jacksonville, Florida foreclosure law firm.

Posted by Keith Maynard | | Email This Post | Comments (0)

Posted In: Foreclosure Law

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Posted On: April 20, 2010

Panel Says Treasury Programs Not Keeping Pace with Foreclosure Crisis

flag-Florida-Bankruptcy Attorney JacksonvilleA Jacksonville foreclosure attorney noted a report out last week from the Congressional Oversight Panel that said federal loan modification programs introduced last year are failing to keep pace with the rise in foreclosures across the U.S., where currently one in four mortgage holders has negative equity.

The Panel noted that, "Treasury's response continues to lag well behind the pace of the crisis" and that, even when HAMP is fully operational, it "will not reach the overwhelming majority of homeowners in trouble."

The report specified three areas of concern with Treasury’s foreclosure programs:

Timeliness – Ongoing modifications to programs that increase incentives for participation by borrowers and lenders may in fact delay modifications by lenders in hopes of receiving a better deal later.

Sustainability – Because HAMP does not reduce the total principal balance of a mortgage, many borrowers will likely remain underwater even after receiving a HAMP loan modification, resulting in only a delay in foreclosure instead of prevention.

Accountability – Treasury needs to be clearer about how much it intends to spend and how it intends to regulate participation and enforce provisions of its loan modification programs.

If you are a Florida homeowner facing possible foreclosure and need to know more about your options for defending a Florida foreclosure, contact our Jacksonville, Florida foreclosure law firm.

Posted by Keith Maynard | | Email This Post | Comments (0)

Posted In: Foreclosure Law

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Posted On: April 20, 2010

Jacksonville Bankruptcy Lawyer Notes Domino Effect of Tousa Chapter 11 Bankruptcy

The Chapter 11 bankruptcy filing of Hollywood, Florida-based homebuilder Tousa Inc. could lead to additional bankruptcy filings among the firm’s many contractors if they are forced to repay what they earned more than two years ago under federal “preference” laws.

Under these laws, any firm doing business with a company for 90 days prior to that company’s bankruptcy filing must return the money they were paid by the bankrupt entity.  According to a recent article in the Orlando Sentinel on the Tousa Chapter 11 filing, more than 1,000 companies fall into that category – many of them small firms that are already struggling while trying to ride out the slump in the construction market.

Under U.S. federal bankruptcy law, a “preference” is a transfer of assets from a debtor to a creditor that is made while the debtor is insolvent, and gives the creditor more than they would likely obtain through the bankruptcy process.  If the transaction takes place within a certain time prior to the bankruptcy filing – usually 90 days – the debtor’s bankruptcy trustee can recover the assets, which then become the property of the bankruptcy estate.

There are some exemptions to bankruptcy preference laws; if you would like more information on preference laws or have questions about Chapter 11 bankruptcy, contact our Jacksonville, Florida bankruptcy law firm.

Posted by Keith Maynard | | Email This Post | Comments (0)

Posted In: Chapter 11 Bankruptcy

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Posted On: April 19, 2010

Pinellas Man Staves Off Foreclosure by Filing Chapter 13 Bankruptcy 11 Times

One Jacksonville bankruptcy attorney notes with interest a recent St. Petersburg Times article about a Pinellas man who has been able to stay in his home for seven years despite the fact he has not made a mortgage payment since 2003.

The Times’ article reports:
“...in 2004, the DeMauros filed their first Chapter 13 petition just before the house was to be sold at public auction. A judge soon dismissed the case, but the sale already had been stopped.

Over the next few years, the DeMauros were in and out of bankruptcy as new sale dates were scheduled. Their 11th and most recent filing came Jan. 25 — a day before the house again was to go on the block.

Bankruptcy officials have a name for debtors like the DeMauros: "serial filers.''

"We are sensitive to serial filers and our system was set up so we could catch them right away,'' says Catherine Peek McEwen, a Tampa bankruptcy judge.

Under a "three-strikes and you're out'' rule, debtors on a third filing get no relief from foreclosure if they had two cases pending in the previous year. In addition, judges are giving banks and other creditors more opportunity to request a one- or two-year ban on filings by those who seem to be abusing the system. And judges can order serial filers to appear in person and show cause why their case should not be dismissed."

If you are facing potential foreclosure and need information on all your options, contact our Jacksonville, Florida bankruptcy law firm.

Posted by Keith Maynard | | Email This Post | Comments (0)

Posted In: Chapter 13 Bankruptcy

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Posted On: April 18, 2010

Jacksonville Bankruptcy Attorney Not Surprised That Florida is Worst in U.S. for Delinquent Mortgages

A report just released by Lender Processing Services, Inc. showed that the number of Florida mortgages that were either delinquent or already in foreclosure was almost double the national rate in February 2010.

For the month of February, the national mortgage delinquency rate stood at 13.5 percent.  Florida’s rate was 23.8 percent.

Florida also was the leader in foreclosure inventories, at 11.4 percent, while the national foreclosure inventory rate hit an all-time high of 3.31 percent, up over 51 percent from one year ago.

On the foreclosure front, Duval County reported a decrease in new foreclosure filings for the first two months of the year, which was the first decline reported in at least two years.  In January, new foreclosure filings were down six percent over the same period one year ago.  In February, new foreclosure filings fell three percent.

The Duval County Clerk of Courts’ office reported that new foreclosure filings in March fell dramatically, but attributed the drop to the county’s new court-ordered mediation process.

If you are a Jacksonville or Duval county resident concerned about foreclosure and want to know more about the foreclosure process in Florida, contact our Jacksonville, Florida bankruptcy law firm.

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Posted In: Foreclosure Law

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Posted On: April 17, 2010

Jacksonville Bankruptcy Filings Up 10% in First Quarter of 2010

Jacksonville bankruptcy filings for the first three months of 2010 were up 10% over the same period one year ago, and are on track to surpass 2009 levels.

There were a total of 2,799 Jacksonville bankruptcy filings in the first quarter, 250 more than the first quarter of 2009.  In addition, bankruptcy filings are up 21 percent in the U.S. Bankruptcy Court Middle District of Florida, which includes Jacksonville, Tampa and Orlando.

Throughout the district, Chapter 7 filings increased by 24 percent, Chapter 11 reorganizations nearly doubled, and Chapter 13 filings rose 10 percent.

Economists are predicting an increase in bankruptcy filings as a result of continued high unemployment, housing foreclosures and tight credit markets that continue to plague Florida residents.

The increase in Chapter 11 bankruptcy filings is particularly troubling, since business bankruptcies usually create a ripple effect, with employees being laid off and a number of local creditors going unpaid.

One of the largest Jacksonville business bankruptcy filings during the first quarter was by the Sawgrass Marriott Golf Resort & Spa.  Creditor Goldman Sachs Mortgage Co. is continuing to press foreclosure proceedings, saying the resort owners will be unable to pay off its debt.

For more information on Jacksonville bankruptcy, contact our Jacksonville, Florida bankruptcy law firm.

Posted by Keith Maynard | | Email This Post | Comments (0)

Posted In: Chapter 11 Bankruptcy , Chapter 13 Bankruptcy , Chapter 7 Bankruptcy

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Posted On: April 16, 2010

Bankruptcy Attorney Jacksonville - Applauds Death of Nonjudicial Foreclosure Bill in House Committee

HB 1523, the bill that sought to turn Florida into a nonjudicial foreclosure state by allowing banks to foreclose on homes without going through the courts, died this week when the House’s Criminal & Civil Justice Policy Council ended its session without hearing the bill.

The bill can now only be heard if the Speaker of the House removes it from committee for a full House vote, or if a similar Senate version – SB 2270 – is approved by the House.

The proposed legislation would have allowed lenders to forego court proceedings in order to foreclose on a home, unless the borrower requested that the foreclosure go through the courts.  It also required the lender to meet with the borrower if requested, and to forgive the unpaid portion of the loan if the borrower acted in good faith during the nonjudicial foreclosure process.

Bankers supported the bills because they say legislative measures are needed to speed up the foreclosure process.  Opponents argued that the proposed legislation would eliminate a homeowner’s right to due process and give too much power to lenders.

If you are a Florida resident whose home is in potential danger of foreclosure, contact our Jacksonville, Florida bankruptcy law firm to learn more about your options.

Posted by Keith Maynard | | Email This Post | Comments (0)

Posted In: Foreclosure Law

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Posted On: April 16, 2010

Bankruptcy Attorney Jacksonville - Explains Chapter 7 Eligibility Requirements

A Jacksonville bankruptcy attorney notes that, while most Florida residents filing bankruptcy may wish to qualify for Chapter 7, they must pass a bankruptcy “means test” in order to do so.

Chapter 7 bankruptcy is often the chapter of choice for many consumers, because it allows you to walk away from all your consumer debt.  However, there is a detailed “means test” used by the court system to determine exactly who qualifies, and while you need not be destitute to qualify, there are income limitations.

Currently, you can qualify for Chapter 7 bankruptcy in Florida if you meet the following annual median income guidelines:

  • One-person household: $41,079

  • Two-person household: $52,073

  • Three-person household: $58,366

  • Four-person household:  $68,763


If you do not qualify for Chapter 7 bankruptcy under the median income guidelines, then you must determine if you have enough disposable income to pay off a portion of your consumer debt.  If your disposable income is more than the allotted amount, you cannot file for Chapter 7 bankruptcy.

A Jacksonville bankruptcy lawyer can take you through the necessary steps to help you determine if you qualify for Chapter 7 bankruptcy, or if Chapter 13 bankruptcy is your only option.

For help with Chapter 7 or Chapter 13 bankruptcy, contact our Jacksonville, Florida bankruptcy law firm.

Posted by Keith Maynard | | Email This Post | Comments (0)

Posted In: Chapter 13 Bankruptcy , Chapter 7 Bankruptcy

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Posted On: April 15, 2010

Bankruptcy Attorney Jacksonville - Describes Advantages of Chapter 7 Bankruptcy

If you can qualify, Chapter 7 bankruptcy may provide more advantages to you than Chapter 13 bankruptcy, says one Jacksonville bankruptcy attorney.  But everyone’s circumstance is different, so you will need to know the advantages and disadvantages to Chapter 7 bankruptcy to determine if it is the best solution for you.

The key advantage of a Chapter 7 bankruptcy is that it allows you to emerge virtually debt-free within three to six months.  Your unsecured debt – which is debt not secured by collateral and typically includes credit card debt and medical debt – will be wiped out.

However, there are debts that do survive Chapter 7 bankruptcy, including mortgage and car payments and any other “nondischargeable” debts like student loans, child support or recent taxes.

In addition, the chances are greater that you will lose your home in Chapter 7 bankruptcy since it is a secured debt.  However, this is not always the case.  You can typically keep:

  • Your car, depending on its value

  • Your clothing

  • Necessary household furnishings and appliances

  • Personal effects

  • Jewelry, up to a certain value

  • Pensions

  • Life insurance proceeds, up to a certain value

  • Work-related tools or equipment


You will probably have to give up:

  • A second or vacation home

  • A second car

  • Stocks, bonds and other investments

  • Cash and bank accounts

  • Valuable collectibles or family heirlooms


For help in reaching the best decision for your circumstance, contact our Jacksonville, Florida bankruptcy law firm.

Posted by Keith Maynard | | Email This Post | Comments (0)

Posted In: Chapter 7 Bankruptcy , Common Bankruptcy Concerns

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Posted On: April 15, 2010

Bankruptcy Attorney Jacksonville - Describes Advantages of Chapter 13 Bankruptcy

Under certain circumstances, it is better to file for Chapter 13 bankruptcy instead of Chapter 7 bankruptcy, according to a Jacksonville bankruptcy lawyer.

First, you may not have a choice.  Those who file Chapter 7 bankruptcy must pass a means test to qualify, and if you are in a high income bracket, you will likely not qualify.

If you have a home or car you want to keep, then Chapter 13 bankruptcy is also a better alternative for you.  If you’re delinquent in your payments but can make those up over time, a Chapter 13 filing will allow you to do this, while a Chapter 7 filing will not.

If you have other property you want to keep – say, a valuable art collection or family heirlooms – only Chapter 13 bankruptcy will allow you to keep this nonexempt property, since you repay your debts over time out of your income.

If someone has co-signed a loan for you and you wish to protect them, a Chapter 13 bankruptcy will keep creditors from going after your co-signer.

If you have debts that would not be discharged in a Chapter 7 filing – student loans, child support, back taxes – then filing Chapter 13 will allow you to repay these over time as well.

If you need help with deciding on the best option for you, contact our Jacksonville, Florida bankruptcy law firm.

Posted by Keith Maynard | | Email This Post | Comments (0)

Posted In: Chapter 13 Bankruptcy , Common Bankruptcy Concerns

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Posted On: April 14, 2010

Bankruptcy Attorney Jacksonville - Explains Ways to Stop Foreclosure

If you are having problems with paying your mortgage, a Jacksonville bankruptcy attorney says there are steps you can take to avoid your foreclosure, or at least minimize your debt if it happens:

Negotiate with the Lender – now more than ever, lenders are willing to negotiate with borrowers.  In fact, most of the large lending institutions have special programs designed specifically for mortgage holders who are in trouble, so your first step is to check with your lending institution – and it is best to do it as soon as you are in trouble.  You can ask for forbearance (making reduced or no payments for a period of time that can be made up later), a loan modification or a loan reinstatement.

Uncle Sam – the federal government has several programs now to help those who cannot pay their mortgages, include the Making Home Affordable (MHA) Program, the Home Affordable Modification Program (HAMP) and the HOPE for Homeowners Act.

Short Sale – if you are seriously underwater on your mortgage and know you will not be able to afford to stay in your home, a short sale may be a solution.   If your lender agrees to a short sale, they will receive all the proceeds from the sale of your home and you walk away.

Bankruptcy – filing for Florida bankruptcy may allow you to keep your home, or at the least, help you get out from under the mortgage.  Once a bankruptcy filing is made, the foreclosure process is stopped and cannot be reopened until your case closes or the mortgage holder gets the court’s permission to proceed.

If you are facing foreclosure and need help, contact our Jacksonville, Florida bankruptcy law firm.

Posted by Keith Maynard | | Email This Post | Comments (0)

Posted In: Common Bankruptcy Concerns , Foreclosure Law

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Posted On: April 14, 2010

Jacksonville Bankruptcy Attorney Says HB 1523 Bad for Florida Homeowners

One Jacksonville bankruptcy lawyer says that pending legislation in Florida that significantly shortens the foreclosure process by allowing lenders to foreclosure without approval by the courts unless specifically requested by a homeowner is good for lenders but bad for homeowners.

The pending legislation -- HB 1523 – is sponsored by Tom Grady, R-Naples, who said it is designed to expedite resolution of foreclosures and unclog the Florida court system, which currently has almost 500,000 pending foreclosure cases.

If passed, the bill would significantly shorten the foreclosure process, allowing lenders to foreclose in as little as 90 days.  Florida homeowners could only delay the foreclosure process by filing a lawsuit, which they would have 20 days to do – but critics of the bill say that the cost of filing suit will prevent most already financially strapped homeowners from exercising their right of due process.

Florida is currently a judicial foreclosure state, which means that all foreclosures must go through the court system.  If HB 1523 passes, Florida will become a nonjudicial foreclosure state, which critics say will deprive Florida homeowners of their historical rights and make it much easier for lenders to foreclose on their homes.

If you need information on Florida foreclosure law, contact our Jacksonville, Florida bankruptcy law firm.

Posted by Keith Maynard | | Email This Post | Comments (0)

Posted In: Common Bankruptcy Concerns , Foreclosure Law

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Posted On: April 13, 2010

If Foreclosure Looms, Should You Keep Your Home?

One Jacksonville bankruptcy attorney says homeowners who are having difficulty making their mortgage payments should seriously examine if it is in their best financial interest to keep their home.

The first step, he says, is to try to keep the emotion out of what is essentially a financial decision.  Like thousands of Florida homeowners, you may be living a different financial life than you were several years ago when you purchased your home.  Unemployment and declining property values may have made it impossible for you to keep up with your payments, so should you sell or even walk away?

Having a large amount of equity in your home is probably a good reason to try to hold on to it.  You may be able to renegotiate your loan or restructure it – either through negotiation with your lender or through Chapter 13 bankruptcy.

If you have negative equity – which means the value of your home is much less than you paid for it – and the monthly mortgage payments are too high, then it probably makes economic sense to let go of your home.

If you need assistance with making difficult financial and legal decisions, contact our Jacksonville, Florida bankruptcy law firm.

Posted by Keith Maynard | | Email This Post | Comments (0)

Posted In: Chapter 13 Bankruptcy , Common Bankruptcy Concerns

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Posted On: April 13, 2010

Jacksonville Bankruptcy Attorney Details Chapter 13 Bankruptcy Eligibility Requirements

While Chapter 13 bankruptcy may be a good option for some, it is not available to everyone and there are eligibility requirements, explains a Jacksonville bankruptcy lawyer.

For example, Chapter 13 bankruptcy is not available to businesses – but if you are a business owner, you can file for Chapter 13 bankruptcy as an individual (unless you are a stockbroker or commodities broker) to discharge nonbusiness debts.

Other eligibility requirements for filing Chapter 13 bankruptcy include:

Debt limits – your secured debt cannot exceed $1,081,400 and your unsecured debt cannot exceed $360,475.

Taxes current – you must be current on your state and federal tax filings for the four years prior to Chapter 13 bankruptcy filing.

Sufficient disposable income – you must prove that you have sufficient income to fund the repayment of your debts under a Chapter 13 bankruptcy plan.  This can include income from a spouse as well as your salary if you have a job or unemployment benefits if you do not, pension payments, Social Security benefits, workers’ compensation or disability benefits, child support or alimony you receive, rent, royalty income or proceeds from selling property.

For more information on qualifying for Chapter 13 bankruptcy, contact our Jacksonville, Florida bankruptcy law firm.

Posted by Keith Maynard | | Email This Post | Comments (0)

Posted In: Chapter 13 Bankruptcy

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Posted On: April 12, 2010

Jacksonville Bankruptcy Attorney Examines Businesses on the Brink of Bankruptcy

One recent Investopedia article detailed five major companies “on the brink of bankruptcy”, and one Jacksonville bankruptcy attorney says these companies can provide a cautionary tale for other businesses.

The “on the brink” companies include:

Blockbuster – a once-robust business model that failed to change with consumer habits has lost major share to Netflix and Redbox and is burdened by debt.

Rite Aid – an ill-advised acquisition has buried this drug store chain under debt and competitors continue to steal share.

Borders – another victim of changing consumer habits, away from printed books to digitized book readers and content that can be purchased online at a much lower cost.

Palm – the former leader in smartphones has failed to keep pace with competitors like Apple and Research in Motion; a buyout may be its only hope.

YRC Worldwide – this Fortune 500 trucking company faces intense market competition and pricing pressure and has not posted a profit for four years.

The Investopedia article posits that if these companies cannot undergo a major restructuring (which can be accomplished through a Chapter 11 bankruptcy filing) or an acquisition by a competitor, they may collapse before the end of the year.

If your business needs information on debt restructuring or reorganization options, contact our Jacksonville, Florida bankruptcy law firm.

Posted by Keith Maynard | | Email This Post | Comments (0)

Posted In: Chapter 11 Bankruptcy , Debt Settlement

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Posted On: April 12, 2010

Entertainment Park May Bloom from The Shipyards Bankruptcy

The Shipyards bankruptcy may eventually lead to the development of an entertainment park on 40 riverfront acres along East Bay Street, according to a report by the Daily Record.

Atlanta developer Ben Carter, who lives part-time in the Jacksonville area and is former chairman of the City’s 2007 Downtown Action Plan Retail Task Force, said he met recently with Jacksonville Mayor John Peyton to discuss the possibility of developing the entertainment complex.

Carter said the complex could include a wave pool, carousel, Ferris wheel, roller coaster, restaurants, arts and seafood markets, and other attractions to reach young professionals and their families.  Carter estimated that the development would cost $20 million.

The City of Jacksonville is expected to take ownership of The Shipyards property once the bankruptcy proceedings conclude.  A Peyton spokesperson said that nothing could be planned for the site until the City takes ownership.

The Shipyards’ ownership LandMar originally intended to develop the site into a mixed-use area with restaurants, condominiums and public space.  LandMar failed to pay 2008 ad valorem taxes on the property, leading to foreclosure proceedings by the City.

If your company is considering filing for Chapter 11 bankruptcy protection, contact our Jacksonville, Florida bankruptcy law firm.

Posted by Keith Maynard | | Email This Post | Comments (0)

Posted In: Chapter 11 Bankruptcy

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Posted On: April 11, 2010

Jacksonville Bankruptcy Attorney Follows Florida Charity Chapter 11 Bankruptcy

SeedAmerica, an Apollo Beach-based charity formed to help communities rebound from business closings and layoffs, has filed for Chapter 11 bankruptcy protection.

SeedAmerica enabled companies to donate their abandoned factories or industrial buildings to the nonprofit in exchange for a tax write-off.  The charity would then work with local communities to lease the vacant properties to new tenants under a federal IRS provision called the 561 Exchange.

The organization paid its operating expenses through loans against the donated properties; as the credit markets tightened, the nonprofit was unable to obtain additional loans and was eventually unable to meet its expenses.

SeedAmerica CEO Joe Johnson said that the threat of creditor lawsuits led to the bankruptcy filing decision.  He said that the charity hopes to reorganize under Chapter 11 bankruptcy protection and eventually build a Christian business school.

SeedAmerica started in 2005 in Alpharetta, Georgia, an Atlanta suburb.  In 2008, the nonprofit registered in Florida as a foreign limited liability company and moved to Apollo Beach, with a reported portfolio of real estate worth $50 million and 60 employees.  The charity’s Chapter 11 bankruptcy filing listed liabilities of $10 million to $50 million.

If you are considering filing business bankruptcy in Florida, contact our Jacksonville, Florida bankruptcy law firm.

Posted by Keith Maynard | | Email This Post | Comments (0)

Posted In: Chapter 11 Bankruptcy

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Posted On: April 11, 2010

Jacksonville Bankruptcy Attorney Explains How Bankruptcy Stops Creditors

One Jacksonville bankruptcy attorney says that many Florida residents want to know if filing for bankruptcy will end the harassing phone calls and letters from creditors.  In short, the answer is yes.

Once you file for bankruptcy, an automatic stay is issued that immediately halts any legal action filed against you by a creditor, including collection agencies and even government entities.  In fact, obtaining an automatic stay is one of the reasons many people decide to file bankruptcy, because the automatic stay can help you avoid:

  • Foreclosure – an automatic stay will stop foreclosure proceedings temporarily.

  • Eviction – if your landlord has already started legal proceedings to evict you, an automatic stay will not help.  But if he hasn’t, the automatic stay can buy you some time.

  • Wage garnishment – automatic stays stop any wage garnishment action by one or more creditors.

  • Disconnection of utilities – if a utility company is threatening to disconnect you because of nonpayment, an automatic stay will stop a disconnection for at least 20 days.


An automatic stay will not help with:

  • Criminal proceedings

  • Lawsuits over child support or alimony

  • Some IRS proceedings

  • Repayment of loans from a pension


In addition, creditors can petition the court to lift the automatic stay in some instances.

If you need more information on how a bankruptcy filing might help you, contact our Jacksonville, Florida bankruptcy law firm.

Posted by Keith Maynard | | Email This Post | Comments (0)

Posted In: Common Bankruptcy Concerns , Foreclosure Law

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Posted On: April 10, 2010

Jacksonville Bankruptcy Attorney Outlines Defenses to Foreclosure

While the number of Florida foreclosures continues to rise, so do the instances of homeowners fighting foreclosure – and there are several defenses to foreclosure that troubled Florida mortgage holders should understand, according to one Jacksonville bankruptcy attorney.

Florida is a judicial foreclosure state, which means that your foreclosure action will be automatically brought before a judge.  You may be able to put the foreclosure action on hold pending court review if you can successfully challenge the foreclosure with one or more of the following defenses:

Mortgage Ownership – the foreclosing party must be able to prove it owns the mortgage, and if your mortgage has been bought and sold by a number of different lenders over the years – a common occurrence these days – the foreclosing party must have the documentation to prove they are the owner of your mortgage, which can be difficult for them to do.

Military Duty – if you are a member of the military and are on active duty, the Servicemembers Civil Relief Act provides you with an automatic nine-month postponement of the foreclosure proceeding if that foreclosure was initiated while you were on active duty.

Unfair Lending Practices – if you find that your lender violated either federal or state consumer protection laws, you may be able to successfully fight your foreclosure.

Mistakes by Mortgage Servicer – many lenders contract with mortgage servicers to manage payments and enforce the mortgage terms.  If your mortgage servicer has made a serious error in handling your account, this may be justifiable cause to stop your foreclosure.

To learn more about all the options available to stop Florida foreclosure, contact our Jacksonville, Florida bankruptcy law firm.

Posted by Keith Maynard | | Email This Post | Comments (0)

Posted In: Foreclosure Law

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Posted On: April 10, 2010

Jacksonville Bankruptcy Attorney Advises When Foreclosed Homeowners Have to Go

One Jacksonville bankruptcy attorney says that many clients who have been served with a Notice of Default from their bank because of delinquent mortgage payments often wonder when they will have to leave their homes.

Florida is a judicial foreclosure state, which means the lender must file suit; a court order of foreclosure will detail how the foreclosure must take place.  Florida also has Equitable Right of Redemption, which means that a property owner has the right to redeem their property from foreclosure by paying the amount owed; however, the Equitable Right of Redemption ends at the foreclosure sale.

Following a foreclosure sale, there is a period of time when the court reviews the sale to ensure a fair price has been paid (usually 10 days).  At that time, the homeowner, the lender or the buyer can object to the sale based on several pre-determined criteria, including collusion, improper procedures, etc.

The fact is, there are currently over 500,000 foreclosure cases awaiting disposition in the Florida court system, so it may be quite awhile before an action is heard, a sale takes place, and the homeowner is forced to leave their home.  In fact, you may need to stay in your home until a sale is completed or face the consequences of “abandonment”, which could severely limit your access to assistance programs in the future.

If you have received a Notice of Default or are facing foreclosure in Florida, contact our Jacksonville, Florida bankruptcy law firm.

Posted by Keith Maynard | | Email This Post | Comments (0)

Posted In: Foreclosure Law

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Posted On: April 9, 2010

Shorts Sales or Deeds in Lieu of Foreclosure May Help Stop Foreclosure

A Jacksonville bankruptcy lawyer says that short sales and deeds in lieu of foreclosure are two solutions that may help distressed homeowners avoid foreclosure.

A short sale is when a homeowner gets permission from their lender to sell their home for less than the outstanding loan balance.  Even if the lender agrees to the short sale, they can still sue a homeowner for the deficiency – so you need the help of a Florida bankruptcy attorney to ensure you get your lender to release you from this obligation.

The benefits to a homeowner of a short sale is that you walk away from the mortgage owing nothing, and you will avoid having a foreclosure on your credit record.

A deed in lieu of foreclosure is when a homeowner gives their house to the lender in exchange for canceling the loan.  The benefits are the same as a short sale – less impact on your credit record and the removal of your mortgage debt.

A short sale or deed in lieu of foreclosure usually only works when you have just one mortgage.  If you have a second or third mortgage or a home equity loan, those lenders would have to agree to these solutions as well – which they have no incentive to do, since they will receive nothing.

There may also be tax consequences to a short sale or deed in lieu of foreclosure.  To learn more about how to avoid Florida foreclosure, contact our Jacksonville, Florida bankruptcy law firm.

Posted by Keith Maynard | | Email This Post | Comments (0)

Posted In: Foreclosure Law

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Posted On: April 9, 2010

Jacksonville Bankruptcy Attorney Warns of Wage Garnishment by Creditors

If you are one of thousands of Florida residents with delinquent payments on your debt, a Jacksonville bankruptcy lawyer warns that your creditors could gain access to your bank account and garnish your wages before you even know it.

With the rising rate of delinquent debtors across the country, creditors are becoming more aggressive in collecting, often by filing suit to seize part of a debtor’s paycheck or bank account funds.  By law, a creditor can garnish up to 25 percent of a debtor’s weekly take-home pay.

Many consumers don’t even offer a defense, and creditors are winning lawsuits by default -- without even having to prove what amounts are owed.  Creditors are also obtaining judgments for late fees, interest and court costs that can double or even triple the amount owed.

The best defense against this happening to you is to educate and defend yourself against creditor lawsuits.  Often, creditors do not have the proper documentation to prove they even own the debt, because they have simply purchased a list of names and balances due from a lending institution.

Another option is to file Chapter 7 or Chapter 13 bankruptcy, which will stop all collection activity and clear away most of your old debt.

If you are experiencing problems with creditors and want to know about all your options, contact our Jacksonville, Florida bankruptcy law firm.

Posted by Keith Maynard | | Email This Post | Comments (0)

Posted In: Chapter 13 Bankruptcy , Chapter 7 Bankruptcy , Common Bankruptcy Concerns

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Posted On: April 7, 2010

Jacksonville Bankruptcy Attorney Details What Property Creditors Can Repossess

If you are having problems making loan payments, you are probably concerned about what creditors can repossess.  One Jacksonville bankruptcy lawyer explains that there are strict rules governing exactly what possessions creditors can – and cannot – take due to nonpayment of loans.

Although credit agreements differ, there are some general rules on repossession.  Creditors are allowed to repossess property that is secured by collateral, including:

Your home – if you are not making your mortgage payments, the lender can repossess your home, which is known as a foreclosure.

Your car – if you have defaulted on your car loan, the lender can take back your car and is not required to notify you in order to do so.  You will also be assessed any repossession expenses and, if the lender sells the car to satisfy the debt, you will be responsible for repaying any remaining balance.

Rent-to-own property – any property that you have rented with an option to purchase can be repossessed for nonpayment.

Other property used as collateral – if you have secured a debt with any other property, it can be taken without the lender obtaining a court judgment.

Items that cannot be repossessed include:

Credit card purchases – credit card debt is unsecured debt, so any items you have purchased with a credit card cannot be taken.

Property not specified as collateral – any property that you have that has not been used as collateral for a loan in default could not be repossessed.

Unenforceable contract property – if you have pledged property as collateral in a contract that does not comply with Florida law, the contract could be unenforceable.

For more information on dealing with creditors in Florida, contact our Jacksonville, Florida bankruptcy law firm.

Posted by Keith Maynard | | Email This Post | Comments (0)

Posted In: Common Bankruptcy Concerns

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Posted On: April 6, 2010

Jacksonville Bankruptcy Attorney Cites Lack of Regulation for Increase in Debt Settlement Fraud

Florida residents burdened with large consumer and credit card debt often consider engaging debt settlement companies to help them pay off their debt at a reduced rate, but one Jacksonville bankruptcy attorney says that the lack of regulation in the debt settlement industry has led to greater increases in fraud and cautions consumers to be wary of promises that seem too good to be true.

Debt settlement companies often lure desperate Florida residents with promises of eliminating their debt or reducing it substantially in a short period of time, with no impact to their credit score.  These companies usually require a large fee upfront, before any work is done on the consumer’s behalf, which should be a red flag.

The Federal Trade Commission has recently brought suit against a number of debt-settlement companies, and is considering regulation to ban advance fees.  However, states are usually responsible for policing the practices of debt-settlement companies, and only a few have acted to date.  Florida is not on that list, even though the highest number of consumer complaints to the Florida State Attorney General’s office last year was about debt settlement companies.

While some debt settlement companies operate legitimately, Florida residents with burdensome consumer debt should examine all the choices, including credit counseling and even bankruptcy.

If you have questions about the options available in Florida to help you reduce your consumer debt, contact our Jacksonville, Florida bankruptcy law firm.

Posted by Keith Maynard | | Email This Post | Comments (0)

Posted In: Common Bankruptcy Concerns , Debt Settlement

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Posted On: April 6, 2010

Jacksonville Bankruptcy Attorney Provides Information on Deciding to File Florida Bankruptcy

A Jacksonville bankruptcy attorney says that Florida residents who are weighing the decision on whether or not to file bankruptcy in Florida should weigh all the implications – financial and emotional – before proceeding.

To fully understand all the consequences of a Chapter 7 or Chapter 13 bankruptcy filing in Florida, you should consult a Florida bankruptcy attorney.  Many times the initial consultation is free, and will help you understand exactly what the bankruptcy filing process entails and what it will mean for you and your family in both the short- and long-term.

If you have not already done so, you should seek credit counseling to have a realistic picture of your financial situation – what you owe and all the alternatives for dealing with your debt.  There are many credit counseling resources available to consumers; for a list of approved credit counseling agencies by state, visit the U.S. Dept. of Justice website here.

You should also consider the emotional aspects, including how much you worry about your debt burden and if calls from creditors are disruptive to your daily life.

A Florida bankruptcy attorney can explain the legal ramifications of filing Florida bankruptcy to you in a way you can understand.  If you are interested in receiving this kind of information, contact our Jacksonville, Florida bankruptcy law firm.

Posted by Keith Maynard | | Email This Post | Comments (0)

Posted In: Chapter 13 Bankruptcy , Chapter 7 Bankruptcy

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Posted On: April 5, 2010

Jacksonville Bankruptcy Law Firm Helps Clients Recover from Bankruptcy

Last year, over 61,000 Florida residents in the Jacksonville, Orlando and Tampa areas filed for either Chapter 7 or Chapter 13 bankruptcy.  One of the biggest concerns of individuals filing for Florida bankruptcy is how to restore their good credit.

One Jacksonville bankruptcy law firm helps clients understand that re-establishing good credit takes time and discipline, and provides some guidelines:

Create a realistic budget – track your expenses for a few months, then create a realistic budget that fits your income.

Pay all bills on time – if you bank online, utilize the auto-pay function as much as possible so you don’t miss a due date.  Make sure you don’t have any overdrafts because those show up on your credit report as well.

Pay with cash – Discipline yourself to buy only what you really need, and pay with cash.

Monitor your credit report – look for any mistakes and have them corrected as soon as possible.

Put off big-ticket purchases – while you may be able to find a lender, the interest rates will likely be so high that waiting a year or two will be well worth the savings you will realize in interest payments.

Avoid credit “quick fix” schemes – the only person who can fix your credit is you, and it is not a quick process.  Don’t fall for pitches by companies promising to fix your credit overnight.

If you need information about the Florida bankruptcy options available to you, contact our Jacksonville, Florida bankruptcy law firm.

Posted by Keith Maynard | | Email This Post | Comments (0)

Posted In: Chapter 13 Bankruptcy , Chapter 7 Bankruptcy

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Posted On: April 5, 2010

Jacksonville Business Bankruptcy: Winn-Dixie Rebounds Following Chapter 11 Bankruptcy

Winn-Dixie Stories, Inc. emerged from its Jacksonville Chapter 11 bankruptcy reorganization over three years ago, and a recent Daily Record interview with chairman, president and CEO Peter Lynch, shows how companies can successfully emerge from Chapter 11 bankruptcy stronger than ever.

The Chapter 11 bankruptcy reorganization allowed Winn-Dixie to renovate nearly 200 of their stores as well as build new stores in markets where they enjoy good market share.  The Jacksonville-based Fortune 500 company is also capitalizing on growing consumer demand for foods that are “fresh and local”, and beefing up their pharmacy presence to serve health-conscious customers.

Lynch says the Chapter 11 reorganization actually increased employee morale: “Here is a company that could have been extinct. We saved it, we’re on track, we’re stable, we have cash and haven’t even gone into the line (of credit) since I’ve been here. So they have jobs and think about this environment people are in today, where it’s tough. They’re feeling good about the direction of the company. They like seeing the stores remodeled. I think morale is very good at Winn-Dixie today.”

He said that customers are also responding favorably to both the physical and attitude changes the company has implemented since its Chapter 11 bankruptcy reorganization: “We think we’re on track to getting stores back to where consumers feel very proud to shop there again...The good news is they are coming back, but it doesn’t happen overnight.”

If you need more information about what filing Florida business bankruptcy might do for your company, contact our Jacksonville, Florida bankruptcy law firm.

Posted by Keith Maynard | | Email This Post | Comments (0)

Posted In: Chapter 11 Bankruptcy

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Posted On: April 5, 2010

Jacksonville, Florida Bankruptcy Attorney Explains When Bankruptcy Make Sense

A Jacksonville, Florida bankruptcy lawyer explains that, in difficult economic times, bankruptcy can be a good vehicle for leaving financial worries behind.  Here are some scenarios where a Florida bankruptcy can make sense:

Job Loss – One of the largest factors in the increase in recent Jacksonville bankruptcy filings has been unemployment.  Finding a new job often requires many months of searching, and in that time, bills can pile up.  Consolidating debt under a Chapter 13 bankruptcy filing can stop creditor harassment and provide you with a solid plan for dealing with your debt until you are back on the job.

Illness or Injury – If you have a number of medical bills that you cannot afford to pay, Chapter 7 bankruptcy may be an option for you since medical bills are considered unsecured debts.

Foreclosure – Florida foreclosure rates rank second only to California nationally, up 48% from 2008.  In some cases, filing bankruptcy in Florida can help stop foreclosure proceedings and keep you in your home.

Divorce – A Florida divorce can mean that debts as well as assets are evenly divided between two spouses – and sometimes, one spouse cannot afford to shoulder the burden of their debt share alone.  Getting some “breathing room” by filing bankruptcy can be a logical choice.  And even though alimony and child support obligations are not dischargeable in bankruptcy, arrears can usually be repaid via a Chapter 13 bankruptcy.

Debt – Whether you have excessive consumer debt because of a job loss or other income reduction, filing for Florida bankruptcy can help you manage your debt.

If you need help to determine if filing for bankruptcy protection is a good option for you, contact our Jacksonville, Florida bankruptcy law firm.

Posted by Keith Maynard | | Email This Post | Comments (0)

Posted In: Chapter 13 Bankruptcy , Chapter 7 Bankruptcy , Common Bankruptcy Concerns

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Posted On: April 4, 2010

Jacksonville Bankruptcy Attorney Outlines 5 Most Common Types of Bankruptcy

Even with all the Jacksonville, Florida bankruptcy filings in recent years, many individuals are still unclear about the different types of bankruptcy options available.  One Jacksonville bankruptcy attorney recently outlined the five most common types of bankruptcy for Florida residents and businesses:

Chapter 7: Also known as “straight bankruptcy” or “liquidation,” Chapter 7 bankruptcy allows individuals or businesses to surrender non-exempt assets to discharge their debts.  To qualify, you must pass a “means test” – or your income must also be less than the median income in Florida, depending on the number of people and wage earners in your household.

Chapter 9: Chapter 9 bankruptcy allows for municipalities to reorganize debt, and operates the same as Chapter 11 bankruptcy.

Chapter 11: Frequently referred to as “reorganization,” Chapter 11 bankruptcy is available to individuals but because it is more complicated and expensive, it is mostly used by businesses to restructure debt while retaining certain assets.

Chapter 12: Chapter 12 bankruptcy allows family farmers and fishermen to reorganize their debt, and operates very much like Chapter 13 bankruptcy.

Chapter 13: Also known as “reorganization,” Chapter 13 bankruptcy is most often used by individuals who do not pass the “means test” for Chapter 7 bankruptcy.  It allows individuals to restructure their debt, usually paying off a percentage or all of their debt over three to five years.

If you are considering filing bankruptcy in Florida, contact our Jacksonville, Florida bankruptcy law firm.

Posted by Keith Maynard | | Email This Post | Comments (0)

Posted In: Asset Protection , Chapter 11 Bankruptcy , Chapter 12 Bankruptcy , Chapter 13 Bankruptcy , Chapter 7 Bankruptcy , Chapter 9 Bankruptcy

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Posted On: April 4, 2010

Jacksonville Bankruptcy Attorney Says Bankruptcy Often Better Than Waiting Out Debt

Every state has a statue of limitations – the period of time that creditors have to file a lawsuit against you -- for old debts, and one Jacksonville bankruptcy lawyer notes that it may be better to file bankruptcy than try to wait out your old debt in hopes that it will go away.

In Florida, the statue of limitations on open accounts, which include credit cards, is four years.  The period begins on the date you made your last payment or the date you last used the credit card.  For written contracts and promissory notes, the statue of limitations is five years, and for oral contracts it is four years.

Most consumers who have a large amount of credit card debt and cannot make payments believe that creditors are not likely to sue them.  This is not necessarily true.  Creditors take various factors into account when deciding whether or not to sue, including your age, employment status, property and marital status.  If you are still earning income or own property, and still have years of earning potential in front of you, that means that you could eventually pay off the debt – which would make a creditor more likely to sue you.

If you are eligible to file for Chapter 7 bankruptcy, your legal liability for these bills would be wiped out.  If you are not eligible, you can consider filing for Chapter 13 bankruptcy, which would allow you to restructure your debt and pay it off over a period of time, usually three to five years.

If you have a large amount of consumer debt and need help in making a good decision about your financial future, contact our Jacksonville, Florida bankruptcy law firm.

Posted by Keith Maynard | | Email This Post | Comments (0)

Posted In: Chapter 13 Bankruptcy , Chapter 7 Bankruptcy , Common Bankruptcy Concerns , Debt Settlement

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Posted On: April 3, 2010

Jacksonville Business Bankruptcy: Sawgrass Marriott Files Chapter 11 Bankruptcy

A significant decline in meeting and convention business led the owners of the Sawgrass Marriott Golf Resort & Spa to file Chapter 11 bankruptcy in U.S. Bankruptcy Court in Jacksonville this week.

RQB Resort LP and RQB Development LP filed Chapter 11 bankruptcy after failing to reach a debt restructuring agreement with Goldman Sachs Commercial Mortgage Co., which helped finance the $220 million purchase of the 65-acre resort in Ponte Vedra Beach in 2006.

The Sawgrass Marriott is adjacent to the TPC Sawgrass Players Stadium golf course, where The Players Championship is played every May, as well as the Dye’s Valley Course, which will host another PGA event in October.  Neither of these facilities is involved in the Sawgrass Marriott Jacksonville bankruptcy case.

According to the RQB Jacksonville bankruptcy court filing, RQB partners said they began negotiating debt restructuring with Goldman Sachs a year go, but were told last October that Goldman Sachs intended to foreclose on the property.  The outstanding RQB debt is $193 million.

RQB management said that while revenue was down 25 percent in 2009, the resort remained profitable.  Sawgrass Marriott general manager Jeff Mayers said that normal operations would continue and that, “this process will protect the resort and allow us to continue business as usual.”

If you are considering filing business bankruptcy in Florida, contact our Jacksonville, Florida bankruptcy law firm.

Posted by Keith Maynard | | Email This Post | Comments (0)

Posted In: Chapter 11 Bankruptcy

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Posted On: April 3, 2010

Key Criteria For Choosing A Jacksonville Bankruptcy Attorney

With the proliferation of Jacksonville bankruptcy filings in recent years, it has become more important than ever for consumers to understand the important criteria in choosing a good Jacksonville bankruptcy attorney.

Choosing a Jacksonville bankruptcy attorney is not just about price – it’s about value.  Selecting the right bankruptcy lawyer will help ease the pain of the bankruptcy process, and contribute to a faster economic recovery for you and your family.

Think Value, Not Price – While most people considering bankruptcy naturally wish to save money, choosing a bankruptcy attorney based on price alone is a mistake.  In fact, bankruptcy attorneys who advertise low prices are usually not well versed in bankruptcy law, or will cut corners when representing you.  Be sure that you discuss all the services provided by the bankruptcy lawyers you interview, as well as their fee structures and payment plan options.

Real Bankruptcy Experience – Any attorney can handle a bankruptcy, but you will be better served by a law firm that has good bankruptcy experience and is completely up to date on the latest bankruptcy code changes.

Empathy for Clients – No one wants to file bankruptcy, but many times it’s the right choice for your financial future.  Still, it is an emotional decision.  Be sure you choose a bankruptcy attorney who will treat you as an individual, not just a case, and who takes the time to answer your questions and who will be an understanding advocate for you throughout the bankruptcy process.

If you are looking for a Jacksonville bankruptcy attorney, contact our Jacksonville, Florida bankruptcy law firm.

Posted by Keith Maynard | | Email This Post | Comments (0)

Posted In: Chapter 13 Bankruptcy , Chapter 7 Bankruptcy , Common Bankruptcy Concerns

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Posted On: April 3, 2010

Jacksonville Bankruptcy Lawyer Clarifies Which Debts Can Be Eliminated Through Bankruptcy

A Jacksonville bankruptcy attorney is helping Florida residents better understand the bankruptcy process by spelling out exactly which debts can – or cannot – be discharged through a Chapter 7 bankruptcy or Chapter 13 bankruptcy.

Florida bankruptcy can:

Eliminate credit card debt – Credit card debt is “unsecured” debt – which means it is not secured by a lien, like a house or car.  Bankruptcy was specifically designed to eliminate unsecured debt; however, if you file for Chapter 13 bankruptcy, you may have to pay off a portion of your credit card debt over a three to five year period.

Eradicate unsecured debt – In addition to credit card debt, you may have other unsecured debt like medical bills that is eligible for discharge by filing Florida bankruptcy.

Remove some liens – In some instances, you can invoke certain procedures during bankruptcy to eliminate certain liens.  Your Florida bankruptcy attorney can best advise you on this.

Stop credit collection activities – Probably one of the most welcome benefits for Florida bankruptcy filers is that a bankruptcy filing stops creditor harassment.  In fact, creditors must cease all collection activities once bankruptcy is filed.

Stop foreclosure – A Chapter 13 bankruptcy can prevent foreclosure by forcing a lender to accept a repayment plan, but only if you can show you have enough income to adhere to that plan.

In general, Florida bankruptcy cannot eliminate tax debt, student loan debt, child support and alimony, or prevent a creditor from repossessing secured property.  However, there are a few exceptions to these rules, so your best bet is to consult with a Florida bankruptcy attorney.

If you need more information about what filing Florida bankruptcy can –or cannot -- do for you, contact our Jacksonville, Florida bankruptcy law firm.

Posted by Keith Maynard | | Email This Post | Comments (0)

Posted In: Chapter 13 Bankruptcy , Chapter 7 Bankruptcy , Common Bankruptcy Concerns

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Posted On: April 3, 2010

Underwater Homeowners Find Florida Bankruptcy May Eliminate 2nd Mortgage Debt

Currently, over four million Florida homeowners are “underwater” on their mortgages – meaning they owe more than their home is worth.  In addition, many of these Florida mortgage holders hold more than just one mortgage, and wonder what their obligations might be to repaying a second or third mortgage if they file for Chapter 7 or Chapter 13 bankruptcy.

Filing Florida Chapter 13 bankruptcy may help you eliminate payments on a second or third mortgage since the first mortgage is more than likely secured by the entire value of the home and will be paid first.  While you still owe the money, if your Florida home has been appraised for less than what you owe on the first mortgage, there will be no money for the second mortgage lender.  This allows the court to strip away the second mortgage as unsecured debt, which takes last priority in a repayment plan under Chapter 13 bankruptcy and often does not have to be paid back at all.

Filing for Chapter 13 bankruptcy in Florida makes it easier for a homeowner to keep their home if you are able to make payments under a court-approved plan, which usually lasts for three to five years.

If you are a Florida resident who is underwater on your mortgage and considering filing bankruptcy, you should consult with a Florida bankruptcy attorney to understand all your options.  For more information, contact our Jacksonville, Florida bankruptcy law firm.

Posted by Keith Maynard | | Email This Post | Comments (0)

Posted In: Chapter 13 Bankruptcy , Chapter 7 Bankruptcy

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Posted On: April 2, 2010

Jacksonville Business Bankruptcy Attorney Follows Chrysler Chapter 11 Reorganization

A Jacksonville bankruptcy attorney is closely following the Chrysler Chapter 11 reorganization, and found comments made by CEO Sergio Marchionne at the New York International Auto Show this week encouraging about the carmaker’s future.

Marchionne noted that Chrysler, which entered Chapter 11 bankruptcy last May and emerged in mid-June with federal government assistance, expects to break even this year, and has $5 billion in cash on hand that it is utilizing for aggressive new product development.

Fiat took management control of Chrysler after its Chapter 11 reorganization, and Marchionne, who also heads Fiat, said that Chrysler expects to sell 11.5 million vehicles in 2010, up from 10.4 million in 2009.

He also noted that the company’s Chapter 11 bankruptcy filing and reorganization was not without controversy.  Under federal law, companies in Chapter 11 bankruptcy can terminate existing vendor contracts.  Chrysler used this provision to weed out what it considered to be underperforming dealerships – about 800 of them – as part of its Chapter 11 filing.  Dealers have petitioned Congress for relief, and Chrysler has reinstated a little over 10 percent of the dealerships to date.

Marchionne also noted that, “It would be remiss of me not to acknowledge that Chrysler Group owes a deep debt of gratitude to both taxpayers in Canada and the U.S. for the loans that have enabled a new and restructured company to take life.  The government assistance, as we all know, was not universally popular.”

If your company is considering filing for Chapter 11 bankruptcy protection, contact our Jacksonville, Florida bankruptcy law firm.

Posted by Keith Maynard | | Email This Post | Comments (0)

Posted In: Chapter 11 Bankruptcy

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Posted On: April 2, 2010

Jacksonville Bankruptcy Attorney Discusses Life After Bankruptcy

Data from the National Bankruptcy Research Center showed that consumer bankruptcies rose 14 percent in February 2010 compared to the same month in 2009.  And according to one Jacksonville bankruptcy lawyer, one key advantage of filing for Florida bankruptcy is getting the opportunity to make a fresh, debt-free start.

If you have filed for Chapter 7 or Chapter 13 bankruptcy in Florida, you should know that there is life after bankruptcy, and prepare yourself for it.

If you have filed a Chapter 13 bankruptcy, you will be living with a court-ordered repayment plan for a period of three to five years.  A court-appointed trustee will oversee the implementation of this plan, including the distribution of payments to your creditors and your living expenses.  This often means adapting to a new financial lifestyle and spending only on the basics.  How you approach this new reality will determine how quickly you can recover; a positive attitude helps immensely in learning to live a debt-free life.

If you have filed a Chapter 7 bankruptcy, most of your old debt is gone.  But the bankruptcy will stay on your credit report for up to 10 years, so you need to adapt to living on cash and building a savings account to cushion any emergency expense.

Bankruptcy is not an end, but a beginning to a better financial future.  If you need more information on all the ramifications to filing Florida bankruptcy, contact our Jacksonville, Florida bankruptcy law firm.

Posted by Keith Maynard | | Email This Post | Comments (0)

Posted In: Chapter 13 Bankruptcy , Chapter 7 Bankruptcy , Common Bankruptcy Concerns

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Posted On: April 1, 2010

Jacksonville, Florida Bankruptcy Rates Triple As Economy Dips and Unemployment Rises

Jacksonville, Florida bankruptcy attorneys are three times as busy today as they were four years ago.  According to statistics from the U.S. Bankruptcy Court, Middle District of Florida – which includes Jacksonville, Orlando and Tampa – Jacksonville bankruptcy filings have tripled, from 4,184 in 2006 to 11,144 in 2009.  This trend has continued into 2010; in January and February there were 1,583 Jacksonville bankruptcy filings, triple the number from the first two months of 2006.

The economic downturn, coupled with record Florida foreclosure rates and high unemployment has contributed to the rise in Jacksonville bankruptcy filings.  A majority of the Middle District of Florida bankruptcy filings were by individuals seeking Chapter 7 bankruptcy and Chapter 13 bankruptcy protection.

Chapter 7 bankruptcy enables individuals to petition the court for a discharge of their debts.  In Jacksonville, Chapter 7 bankruptcy allows for the discharge of personal debt in exchange for selling property that is not exempt to pay creditors.  In some cases, all property is exempt; however, a Chapter 7 bankruptcy does not eliminate the right of mortgage holders or auto loan creditors to repossess your property if you do not continue making payments on those debts. Under the new bankruptcy you must meet certain requirements to be eligible for Chapter 7 bankruptcy protection. Although the new standard is slightly more restrictive than the previous law, it is not difficult to fall within the new eligibility requirements.

Chapter 13 bankruptcy allows individuals to submit a repayment plan to the court for approval that outlines how you will pay off some or all of your debts over three to five years.  Chapter 13 bankruptcy was designed to allow individuals to keep valuable property, like a home or a car, if you have sufficient income to make payments over time.  At the termination of your payment plan, the remainder of your unsecured debts will be discharged.

If you need information about the Florida bankruptcy options available to you, contact our Jacksonville, Florida bankruptcy law firm.

Posted by Keith Maynard | | Email This Post | Comments (0)

Posted In: Chapter 13 Bankruptcy , Chapter 7 Bankruptcy , Common Bankruptcy Concerns

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Posted On: April 1, 2010

Jacksonville, Florida Bankruptcy Attorney Tackles Bankruptcy Myths

The jump in Jacksonville, Florida bankruptcy filings means there are more individuals and businesses than ever seeking protection from their debt burden through the Florida bankruptcy courts.  But bankruptcy still has a certain stigma attached to it, and many of the myths surrounding it may be keeping you from making a good financial decision:

Bankruptcy Myth #1:  I will lose everything. Unfortunately, many Jacksonville residents who should file bankruptcy do not do so because of this myth.  Every state, including Florida, has property exemptions that protect certain assets like your house or your car, retirement plan funds, and personal effects like clothing and household goods.  Many Jacksonville bankruptcy filers have been able to keep what they have as long as they make payments under a court-ordered plan.

Bankruptcy Myth #2:  My credit will be ruined forever. This is definitely not true.  While you may be charged higher interest rates for a time after filing Florida bankruptcy, there are lenders out there that will extend credit to you.  And if you have any credit cards with a zero balance, you will be able to keep those after filing bankruptcy.

Bankruptcy Myth #3:  Everyone will think I am a deadbeat. Most people will never even know you have filed for bankruptcy in Jacksonville, unless you are a well-known figure or a major corporation.   Thousands of Florida residents who have been negatively impacted by the economy – often through no fault of their own – file for bankruptcy protection every year.  Bankruptcy is an important protection tool provided by law to help Americans and should never be considered as a cause for shame.

There are many other bankruptcy myths that cloud good financial decision-making.  To help you clear up the confusion, contact our Jacksonville, Florida bankruptcy law firm.

Posted by Keith Maynard | | Email This Post | Comments (0)

Posted In: Common Bankruptcy Concerns

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| May 2010 »

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