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(305) 891-4055 - 25 Years of Experience, Over 8,000 Cases Filed - Free Initial Consultation - 1221 Brickell Ave., Miami, Florida - Chapter 13 and 7 Bankruptcy - Miami Bankruptcy Lawyer - www.bublicklaw.com
A Florida "homestead" may generally be kept by you as "exempt" from the bankruptcy estate. The maximum size of the land is limited to 1/2 acres if located within a municipality and 160 acres if located outside a municipality. A homestead is generally limited to the actual residence and may not include any portion used for commercial purposes.
The maximum dollar value of a "homestead" is unlimited , unless an exception applies. One exception is that if you have acquired you interest in your homestead during the 1215 days prior to the filing of the bankruptcy case, you are limited to $155,675.00 in acquired value. 11 USC Section 522 (p).
The homestead is also reduced to the extent that the value is attributable to certain property that was disposed of during the 10 year period prior to filing with the intent to hinder, delay or defraud a creditor. 11 USC Section 522 (o)
The homestead also may be limited to $155,675.00 in value under certain circumstances if the debtor was convicted of certain felonies, if the debtor owes a debt arising from the violation of certain securities laws or certain title 18 civil remedies or certain criminal or other acts that caused serious physical injury or death to another during the prior 5 year period. 522 (q)
Of course, during and after the bankruptcy case you will need to keep making your mortgage payments, property taxes, etc. if you desire to keep your property.Jordan E. Bublick is a Miami Personal Bankruptcy Lawyer with over 25 years of experience in filing chapter 13 and chapter 7 bankruptcies. Miami Personal Bankruptcy Lawyer Jordan E. Bublick has filed over 8,000 chapter 13 and chapter 7 cases.
(305) 891-4055 - 25 Years of Experience, Over 8,000 Cases Filed - Free Initial Consultation - 1221 Brickell Ave., Miami, Florida - Chapter 13 and 7 Bankruptcy - Miami Bankruptcy Lawyer - www.bublicklaw.com Completing Your Bankruptcy Schedules - Disclosure of Property
Disclosure of All Property
In completing your bankruptcy schedules, you must list all of your property. This includes all types of property, whether tangible or intangible. This also includes property (a.) wherever located -even if it is in another state or country, (b.) another person may be holding for you. (c.) that you may have been given as a gift, (d.) really owned by you, but in the name of another person, (e) of no value.
Any failure to list property may subject you to a denial of your bankruptcy discharge and/or other civil and criminal prosecution. Although it does not happen very often, the bankruptcy trustee has the right to come to your home at any time without notice to take an inventory.
Rights to Sue/Causes of Action
All actual or potential causes of action you hold at the time of the filing of the bankruptcy case or acquire after the filing of the bankruptcy case (i.e. your right to sue someone for damages, etc. including personal injury claims and employment cases.) must be disclosed as an asset in the bankruptcy schedules. The most common example of such is a personal injury suit. This includes cases presently pending and cases you may decide to bring in the future. If you fail to schedule such causes of action, in addition to the above‑mentioned penalties, you may lose the right to bring (be "estopped") the cause of action against the other party entirely.
Property in Chapter 7 and Chapter 13 In Chapter 7, the bankruptcy trustee may have the right to take property away from you if it is not exempt from the bankruptcy estate. Chapter 13 involves proposes in plan or reorganization and therefore, the bankruptcy trustee does not have the ability to take property away from you. Jordan E. Bublick is a Miami Personal Bankruptcy Lawyer with over 25 years of experience in filing chapter 13 and chapter 7 bankruptcies. Miami Personal Bankruptcy Lawyer Jordan E. Bublick has filed over 8,000 chapter 13 and chapter 7 cases.
Bringing you the most up-to-date news, tips and blogs throughout the web. Here’s your Bankruptcy Update for November 21, 2013 Aaron Carter has filed for Chapter 7 bankruptcy Detroit bankruptcy judge’s ruling: 6 different ways it could go JLS Vow To Break Bankruptcy Boyband Curse
A federal jury in Honolulu found 47 year old Michelle Malufau guilty of bankruptcy fraud. The charges are related to her Chapter 7 bankruptcy filing she completed in 2011. The verdict was reached after a four day trial was completed with deliberation lasting less than an hour. Making false statements under oath and concealing assets [...]
(305) 891-4055 - 25 Years of Experience, Over 8,000 Cases Filed - Free Initial Consultation - 1221 Brickell Ave., Miami, Florida - Chapter 13 and 7 Bankruptcy - Miami Bankruptcy Lawyer - www.bublicklaw.com
As part of the bankruptcy case, you are given the opportunity to "reaffirm" unsecured or secured debt. This involves signing an agreement with your creditor to reinstate your liability to pay and perform your contractual liability. The law only allows you to reaffirm a debt if it won't impose an "undue hardship" upon you or your dependents.
Unsecured DebtIt is usually not advisable to reaffirm unsecured debt. The most common instance where unsecured debt is actually reaffirmed is debt with a credit union.
Secured DebtSecured debts, such as mortgages or car loans, are often reaffirmed. If a reaffirmation agreement is requested by your mortgage company or car loan company it is generally advisable to reaffirm the debt if you intend to keep the collateral. Mortgage and car loan lenders usually do not request or insist on a reaffirmation agreement and one is allowed to continue on making payments pursuant to the contract after the bankruptcy case ends.
The risk in reaffirming a secured debt, especially a car loan, is that if you subsequently default and the collateral repossessed, you will be personally liable for the deficiency debt even though you filed for bankruptcy.
Jordan E. Bublick is a Miami Personal Bankruptcy Lawyer with over 25 years of experience in filing chapter 13 and chapter 7 bankruptcies. Miami Personal Bankruptcy Lawyer Jordan E. Bublick has filed over 8,000 chapter 13 and chapter 7 cases.
(305) 891-4055 - 25 Years of Experience, Over 8,000 Cases Filed - Free Initial Consultation - 1221 Brickell Ave., Miami, Florida - Chapter 13 and 7 Bankruptcy - Miami Bankruptcy Lawyer - www.bublicklaw.com
Property Acquired After Filing for Bankruptcy
Normally your bankruptcy estate consists only of the property you own on the date of the filing of your bankruptcy case. Certain property though that you acquire after filing for bankruptcy are part of your bankruptcy estate. Supplemental schedules need to be prepared and filed with the Bankruptcy Court.
Certain Property Needs to be Disclosed
In chapter 7 and chapter 13 bankruptcy, you are generally under the obligation to notify the Bankruptcy Court and your bankruptcy trustee if you acquire any of the following items within 180 days of the filing of your bankruptcy petition:
a. inheritances b. divorce property settlements
c. proceeds of life insurance
In such event, you should advise your bankruptcy attorney at once so that he may properly advise you and prepare the proper schedules that need to be prepared and filed with the Bankruptcy Court. If you are in a Chapter 7 case, you may consider converting the case to Chapter 13.
Causes of Action - Including Personal Injury and Employment Cases
In a Chapter 13 case, you should also file supplementary schedules in your bankruptcy case to reflect an actual or potential cause of action (ie. including personal injury and employment cases) that you acquire at any time after the bankruptcy case is filed. This is very important, as if it is not disclosed in a supplemental schedules, you may be barred from pursuing the cause of action ("judicial estoppel").
Jordan E. Bublick is a Miami Personal Bankruptcy Lawyer with over 25 years of experience in filing chapter 13 and chapter 7 bankruptcies. Miami Personal Bankruptcy Lawyer Jordan E. Bublick has filed over 8,000 chapter 13 and chapter 7 cases.
(305) 891-4055 - Bankruptcy Lawyer Jordan E. Bublick has over 25 years of experience in filing Chapter 13 and Chapter 7 bankruptcy cases - 1221 Brickell Avenue, 9th Fl., Miami, Florida - www.bublicklaw.com
Chapter 13 bankruptcy may be the appropriate solutions for many homeowners facing foreclosure of their mortgages In using chapter 13 to stop a mortgage foreclosure, certain time deadlines and special considerations are presented.
Filing of Bankruptcy Case.
A chapter 13 bankruptcy must be filed before the foreclosure sale takes place if desire to save your real property. Under chapter 13 you are required to present a plan of reorganization. Typical solution are to a. try to obtain a modification of your mortgage, b. cure a mortgage default and reinstate the mortgage, c. avoid second mortgage if there is no equity in the property to support its lien.
Other Factors Regarding Filing of Bankruptcy Case
The first payment under a chapter l3 bankruptcy plan is normally due 30 days after the bankruptcy case is filed.
Junior Mortgages (Such as Second Mortgages)
Junior mortgages (i.e. all mortgages besides a first mortgage) often have the right to payoff any senior mortgage (i.e. higher priority mortgages) if you are in default in order to protect their positions. Such advanced amount would then be part of the "reinstatement amount" due for such junior mortgage. This may make it difficult for you to reinstate this junior mortgage as the reinstatement amount may be a substantial sum--even when made in installments over a 3 to 5 year period. This factor may make it wise for one with a junior mortgage to file a chapter l3 bankruptcy case as soon as possible and before a junior mortgage lender has an opportunity to payoff a senior mortgage.
(305) 891-4055 - Jordan E. Bublick is a Miami Bankruptcy Lawyer with over 25 years of experience in filing Chapter 13 and Chapter 7 Bankrkuptcy Cases. Bankruptcy Attorney Jordan E. Bublick has filed over 8,000 Chapter 13 and Chapter 7 cases.
An important meeting during Chapter 7 bankruptcy proceedings includes the 341 meeting, also known as meeting of creditors or trustee’s meeting. As long as you provide honest and accurate details about your finances you should be fine. Some debtors are known to get nervous about the meeting, but having experienced legal representation can help you [...]
(305) 891-4055 - 25 Years of Experience, Over 8,000 Cases Filed - Free Initial Consultation - 1221 Brickell Ave., Miami, Florida - Chapter 13 and 7 Bankruptcy - Miami Bankruptcy Attorney - www.bublicklaw.com
Under the federal bankruptcy laws, each state was allowed to make provision for which types of exemptions will be available - the state exemptions, the federal exemptions, or either.
The federal bankruptcy code provides that which state's exemptions apply is based on the place of your domicile during the 730 days and sometime also the 180 days prior to the filing of your bankruptcy case.
If you were domiciled in Florida for the entire 730 days, you are allowed to use the Floridaexemptions. If you were not domiciled in the Florida for the entire 730 day period, you must use the exemptions allowed for the place you were domiciled for the 180 day period (or greatest part of the 180 day period) prior to the 730 day period.
The effect of this federal bankrupty code provision, is that one may not be allowed to claim the Florida exemptions but be required to use the exemptions of another state or the federal bankruptcy exemptions.
Jordan E. Bublick is a Miami Personal Bankruptcy Lawyer with over 25 years of experience in filing chapter 13 and chapter 7 bankruptcies. Miami Personal Bankruptcy Lawyer Jordan E. Bublick has filed over 8,000 chapter 13 and chapter 7 cases.
Bringing you the most up-to-date news, tips and blogs throughout the web. Here’s your Bankruptcy Update for November 19, 2013 ‘Real Housewives Of NJ’ Stars Slapped With More Indictments C&K Market files Chapter 11 bankruptcy Google Ventures-backed startup Trada for sale or in bankruptcy
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