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…
Part VII: What is the process or procedure for getting my student loans discharged?
In the final segment of the series, we will be discussing the process or procedure for getting your student loans discharged. Student loans do not automatically get discharged when you file the bankruptcy case. They are presumed to be non-dischargeable unless you…
When is a partial discharge for student loans possible?
In Part VI of our series, we are discussing the possibility of getting a partial discharge of your student loans if you are unable to get a full discharge. A partial discharge can occur where the bankruptcy court discharges a portion of the outstanding student loan…
How do the Debtor’s Assets play a role in dischargeability of student loans and what types of student loans can be discharged?
We are continuing our series about student loan dischargability. The next potential inquiry by the Department of Education is whether the debtor’s assets must also be considered in the undue hardship analysis. The Department of Education should not consider assets…
Part IV: Good Faith Efforts to Repay your Student Loans
In assessing what courts call the “good faith” standard, the Department of Education will focus on objective criteria reflecting the debtor’s reasonable efforts to earn income and manage his/her expenses. A debtor will not be disqualified based on past non-payment if…
Part III, Student Loan Series – Future Ability to Pay your Student Loans
The next step in the analysis for the Department of Education, after determining your present ability to pay your student loans is to evaluate your future ability to pay your student loans. The debtor is presumed to have an inability to repay their student loan debt…
Part II – How is “Present Ability to Pay” or “Undue Hardship” defined?
For this segment we are providing an explanation of what the” present ability to pay” or “undue hardship” standard means. If you are reading this blog, you probably do not feel like you have the current ability to pay your student loans. The undue hardship/present…
Undue Hardship Student Loan Discharges in Bankruptcy, A Series
I will be doing a seven-part series to answer questions on how to get an undue hardship discharge of your student loans in bankruptcy. I have been getting questions from both current and potential clients who have heard about the recent new guidance from the…
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…
Part VII: What is the process or procedure for getting my student loans discharged?
In the final segment of the series, we will be discussing the process or procedure for getting your student loans discharged. Student loans do not automatically get discharged when you file the bankruptcy case. They are presumed to be non-dischargeable unless you…