How to avoid filing for Bankruptcy. (Life is what happens while your busy making plans)
How can you avoid filing for Bankruptcy? 1. Live below your means and save money for a rainy day. 2. Stay healthy and make sure all your family does the same. 3. Don't barrow money you can't pay back within three months. 4. Drive a paid-off dependable used car. 5. Don't get a divorce. 6. Any other uncontrollable and unrealistic goal of your choice. However, life is what happens while your busy making plans. If life happens and you find yourself in the
Is there a right time to file for bankruptcy?
Is there a right time to file for bankruptcy? Yes, timing in bankruptcy can be a very important part of how successful the bankruptcy is. What is a "successful bankruptcy?" To me, a successful bankruptcy is one where the Debtors are able to Discharge all of their debts while at the same time keep all of their assets and/or pay a small portion of their debt back. Many of your prior actions can be detrimental to a successful bankruptcy, but most, if not all, can be improved
How to decides between Chapter 7 or Chapter 13 bankruptcy?
Many clients come to our office, for a free consultation, and already have in their mind that they want to file for a Chapter 7 rather than a Chapter 13 bankruptcy. Realistically, how would you know without a thorough understanding of all bankruptcy laws, rules and local practices? The answer is, you really don't always know what's best in your specific circumstances. Many things need to be considered. The following is a very non-exhaustive list of the factors utilized by
Bankruptcy is a very powerful and flexible tool.
A bankruptcy can be a very powerful tool in dealing with your creditors: - A foreclosure sale may be stopped temporarily or permanently. - A mortgage may be modified, in its duration, in its interest rate and/or its principal balance. If you are behind on your mortgage payment bankruptcy may help you modify the terms of your loan or give you up to five years to catch up on your mortgage arrerage. - A second mortgage may even be eliminated all together or reduced to its secure
Bankruptcy may help you save your home!
By now you have probably heard that the Southern District of Florida, Bankruptcy Court, has implemented a mortgage modification procedure. The results have been outstanding! By making a good faith payment, of 31% of your gross income, in your Chapter 13 payment plan, the mediation process takes place while at the same time the Foreclosure process is stopped. While in the modification process, all the documentation is exchanged via a portal established by the Court. This
