What is cross-collateralization?
Collateral is when your property can be taken if you do not pay on a debt. It’s also commonly known as secured debt. The most common example of this is a house or a car. For example, if you don’t make your car payment the lender can repossess your vehicle. If you...
Who gets notified of my bankruptcy?
All of your creditors get listed in the bankruptcy petition so as soon as the bankruptcy petition is filed, the court will mail your creditors the 341 meeting of creditor’s notice. The notice has your case number is located on the notice so they can log on and review...
Is there bare legal title for real property?
Situations come up frequently where a potential client is on the deed to their parent’s or another relative’s house to make it easier when that person passes away for it to already be in the debtor’s name. The client often is not living in the property, has not paid a...
Can I file for bankruptcy if I am separated from my spouse?
The question often comes up as to whether it is more beneficial to file for bankruptcy before or after a divorce. It really depends on your situation and what assets are being divided up in the divorce. You can file for bankruptcy if you are separated from your...
What is Escrow
Escrow is an amount of money your mortgage lender holds to pay for expenses such as property taxes and homeowner’s insurance. If you have been late on your mortgage payments, and/ or your escrow reserves are not sufficient to cover escrowed expenses you would likely...
Will a Bankruptcy Stop my Eviction?
The short answer is temporarily but it will not offer you a permanent solution. When you file a Chapter 7 bankruptcy, there is an automatic stay in place where a creditor cannot pursue payment for approximately 90 days. The creditor can make a motion for relief of...
How will bankruptcy affect my loan modification?
If you are currently in a loan modification, it would not be affected by your bankruptcy proceeding. If you are behind on your mortgage payments, its best to have a plan of action when your case is filed, with the direction you want to take. One option is to try work...
What are the current income requirements to file a Chapter 7?
There are certain income requirements to file a Chapter 7. That amount typically adjusts for inflation twice per year. That amount varies based on your household size and by state. In the State of Florida the amounts are as follows: One person household: ...
What can I do with inherited property?
There are situations that arise where a potential debtor inherits property. Let’s say for example, a house is inherited that is worth 200,000 and its devised in the will to all four surviving children so each child has a 25% interest/$50,000 interest in the property....
How does a martial settlement agreement affect my bankruptcy?
There are occasions that arise either before or during bankruptcy cases where a married couple gets divorced and wants to sell their martial home. If you are residing in the marital home at the time you file for bankruptcy you can declare it as homestead property, and...
