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When you've done all you can you may be able to get A Fresh Start

May 2016 Archives

Determining whether a debt repayment plan was in good faith

Filing for Chapter 13 bankruptcy allows Florida residents to keep their property while dealing with their financial situations. A debt repayment plan is required as part of the process. That plan needs to be made and presented in good faith, and sometimes, it is up to the court to determine whether that is truly the case.

Court approval is required to modify a debt repayment plan

Many Florida residents file for Chapter 13 bankruptcy in order to reorganize their debts and gain a fresh start financially. As part of the process, they are required to prepare a debt repayment plan for court approval. Once that plan is approved, modifying or changing it also requires court approval, which will only be given if there is a substantial or otherwise unanticipated change in circumstances that warrants it.

Financial recovery after a Chapter 7 or Chapter 13 bankruptcy

Florida residents often wonder what the impact of a bankruptcy will be on their credit. A Chapter 7 or Chapter 13 bankruptcy will make an impact on your credit, but not all of the results are bad. There are things that you can do in order to hasten the rebuilding of your credit.

What property is not exempt in a Chapter 7 bankruptcy?

Part of the reason that many Florida residents hesitate to file for bankruptcy is that they believe they will not be able to keep any of their property, including their home. However, there is quite a bit of property that those filing for Chapter 7 bankruptcy are able to retain. What most people need to know is what types of property are not exempt In a bankruptcy liquidation proceeding.

Mother faces Chapter 7 bankruptcy due to high medical bills

Most Florida parents would do whatever is necessary to ensure the health and well-being of their children. One mother even underwent surgery for her son after medical mistakes led to his liver failure. Now, she is facing Chapter 7 bankruptcy due to millions of dollars in medical bills.

Do debt buyers cause a rise in Chapter 7 bankruptcy filings?

Far too many Florida residents have been sued over unpaid debts that companies say they owe. Since the 1990s, such lawsuits seem to have increased as "debt buyers" have used the legal system in an attempt to collect those debts -- in some cases, from people to whom the debts do not even belong. It is only logical to wonder whether these debt buyers are contributing to the number of Chapter 7 bankruptcy filings here and across the country.

Bankruptcy can help when you are behind on house payments

Many homeowners in Florida are still having trouble with paying their mortgages after the housing market collapsed due to the recession. Getting behind on house payments can cause a myriad of issues, such as creditor harassment and the initiation of foreclosure proceedings. If you want to keep your home, filing for bankruptcy could help.

Default interest rate must be included in debt repayment plan

Many mortgage promissory notes across the country and here in Florida account for a higher rate of interest if the borrower defaults on the loan. If a homeowner files for Chapter 13 bankruptcy, any debt repayment plan will most likely include mortgage payments at the default rate of interest since it is impermissible to modify a lender's rights without its consent. One couple learned this the hard way after the U.S. Court of Appeals for the 4th Circuit agreed with the rulings of the district court and the bankruptcy court on the matter.

Credit card debt is on the rise again

During the recession, consumers here in Florida and across the country put away their credit cards and were more conservative with their spending. As the economy has improved, people are once again getting into credit card debt. At last count, there were nearly 1.8 billion credit cards in use in the United States alone.

Paul Urich
Orlando Office

Law Office of Paul L. Urich, P.A.
1510 East Colonial Drive
Suite 204
Orlando, FL 32803
Phone: 407-896-3077
Fax: 407-896-3041

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