Tag Archives: Bankruptcy
Can Filing Bankruptcy Protect Me From A 1099-C Tax Obligation?
We received another great listener question. The simple answer is yes, filing bankruptcy before a foreclosure sale or short sale will protect you from a subsequent 1099-C assuming the bank waives any deficiency. Before we get there, however, some background: When someone gets foreclosed or completes a short sale, there are one of three… Read More »
How Can I File Bankruptcy If I Can’t Afford My Bills?
At networking events, often tongue-in-cheek, I’m asked “How do you get paid as a bankruptcy attorney?” To the sarcastic out there, my response is “I get paid up front.” For those who sincerely ask that question (and I assume it would be most of you still reading this post) there are 5 ways to… Read More »
Can Florida’s Homestead Exemption Be Used To Defraud Creditors?
When it comes to Asset Protection, Florida has one of the best homestead exemptions in the Country. However, that exemption often comes under fire, especially in situations where creditors feel the exemption is an unfair impediment to them collecting against a borrower. In the case Havoco of America, Ltd. V. Hill, 790 So.2d 1018… Read More »
Forfeit Your Foreclosure Defense In Bankruptcy Court
In early October 2014, the Eleventh Circuit Court of Appeals in Atlanta, GA (which governs bankruptcy cases in Florida too), decided the case of Failla v. Citibank N.A. The Court held that debtors who “surrender” their house in a bankruptcy case may not later oppose a foreclosure action against that house in state court…. Read More »
Can Bankruptcy Eliminate A Personal Injury Judgment?
We encounter personal injury judgments in two contexts: (1) the injured party or injured party’s insurance company has a judgment against you for a car accident, or (2) whether personal injury judgments can be wiped out in a bankruptcy case. The simple answer is that, yes, personal injury judgments can be discharged, or eliminated,… Read More »
Can I File Bankruptcy If I Own A Business?
The simple answer is yes, you can file bankruptcy if you own a business. I’m not referencing a business that is failing that needs to file bankruptcy – that would be a Chapter 7 or Chapter 11. Instead I’m referencing someone who needs to file bankruptcy, either Chapter 7 Liquidation or Chapter 13 Reorganization,… Read More »
Bankruptcy Chapter 6.5
I recently released a blog and related podcast about the bankruptcy code being broken into 9 chapters, all odd numbered except for one even numbered chapter. That post failed to mention a Chapter 6.5, which you won’t find in the bankruptcy code, and you won’t even find it mentioned in the halls of the… Read More »
Why Is Bankruptcy So Odd?
The Bankruptcy Code is broken into nine chapters, eight of them are odd-numbered and one is even-numbered. While the reason for odd numbered chapters is to allow for expansion of the Bankruptcy Code, when a new chapter was added in 2005 by the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), it was added… Read More »
Four Ways To Stop Creditors From Calling
Next to issues about credit, the question we get most often is how to stop creditors from calling. In fact, I’ve often said at networking events that one thing to look for that would be a great referral for me is someone who’s cell phone keeps ringing, and each time it rings the person… Read More »
Five Factors That Make Up Credit Score
When clients come to see us about foreclosure, loan modification, short sale, bankruptcy or debt settlement, one concern is the impact of all of these things on their credit score. While we understand that concern, it is often overshadowed by our goal of reducing debt, because credit can be rebuilt. We first need to… Read More »
