If you are contemplating filing for bankruptcy, you should take note of what the law on bankruptcy says and how they affect you. Some of the recent ones may not be to your best interests but nevertheless, if you intend to file for bankruptcy, you are obligated to abide by them. Here are some of the laws and how they may affect you.
Eligibility to file for Chapter 7 bankruptcy hinges on your income. The bankruptcy law states that you have to pass a means test, which is an evaluation on whether your household income exceeds the amount of average income set by your state. If your household income is more than the average cost of living set by your state, then you are not eligible for Chapter 7 bankruptcy. Instead, you will have to file for Chapter 13 bankruptcy where you are put under a payment plan and required to repay your debtors over a period of up to five years.
Unlike the past, the bankruptcy laws now generally exclude student loans from your petition. This means student loans cannot be forgiven and is treated like child support or alimony, unless you can show that repaying this debt will severely affect your standard of living. Such a thing is not easy to prove so most debtors with student loans have to repay their loans despite filing for bankruptcy. If you still need to include your student loan among your bankruptcy liabilities, call us at (813) 200 4133 for a free review of your case.
On a brighter note, under current bankruptcy laws, your home will be saved from foreclosure the moment you successfully file for bankruptcy. You will receive an immediate automatic stay of action, meaning your bankers are compelled to cease all foreclosure proceedings against your home as soon as you file. Since preventing your home from being foreclosed is something everyone desires, it gives you a strong incentive to file for bankruptcy. So if your home is about to be foreclosed, you should file for bankruptcy without delay.
Call us at (813) 200 4133 for a free consultation on all matters pertaining to bankruptcy.
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Filed under Chapter 7 (Tampa) by on Jan 26th, 2012. Comment. 
The number of bankruptcy filings in Buffalo and Rochester, New York fell by 20% year on year in August, marking the 15th straight month and 19th out of the last 20 months that bankruptcy figures fell. The number of new cases fell by 19.8% from 749 to 601, according to new figures from the US Bankruptcy Court for the Western District of New York, which includes courts in both Buffalo and Rochester.
Both cities recorded new 10-year lows in the number of bankruptcies in August year-on-year. Bankruptcy filings fell in Buffalo by 16.6% to 388 cases while in Rochester it dropped 25% to 213. From January 1 till August 31, there have been 3,165 new bankruptcy cases in Buffalo and 1,754 in Rochester bringing the total to 4,919 for the two cities. This number is lower than in the corresponding period last year when Buffalo recorded 3,957 cases and Rochester had 2,196 cases, totaling 6,153 bankruptcies.
The drop in the number of bankruptcies in these New York cities follows the trend nationwide. According to the American Bankruptcy Institute, the number of bankruptcies across the nation fell by 11% in August.
Experts believe a few factors have contributed to the decline in numbers of bankruptcies. Although the economy is still sluggish, the local economy has not suffered too badly. Furthermore, due to the economic crisis, lenders have tightened credit, meaning consumers have less chances of defaulting.
However, the declining numbers might also indicate another worrying factor – consumers may be so financially distressed they cannot afford the cost of filing for bankruptcy. This is particularly the case for those who have been laid off from their jobs or those who are depleting their unemployment benefits. The unemployment rate of Western New York is still 7.7%, which is on the high side. Nevertheless, it is lower than the national average that now stands at 9.3%.
Ever since the bankruptcy laws have been revamped in 2005, the cost of filing for bankruptcy has also risen.
There were 460 Chapter 7 bankruptcy filings in Buffalo (294) and Rochester (166). All these were filed by individuals, except for 14 that were filed by businesses. There were 136 Chapter 13 bankruptcy cases in the two cities, with Buffalo accounting for 90 of them and Rochester the other 46. There were 5 Chapter 11 cases, 4 in Buffalo and 1 in Rochester.
So far this year in the Western New York district, there have been 3,705 Chapter 7 cases, 1,190 Chapter 13 cases and 21 Chapter 11 cases of bankruptcy.
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Filed under Chapter 7 (Tampa) by on Sep 14th, 2011. Comment.
Automaker Saab found itself in a crisis when a Swedish court did not approve its bankruptcy protection application Thursday. This spells trouble as Saab is likely to face bankruptcy action against it by trade union workers within the next few days.
Saab has been in financial trouble since General Motors sold its holding company, Spyker Cars in the Netherlands in 2010. Spyker Cars acquired Saab, and then changed its name to Swedish Automobile. Swedish Automobile says it will appeal the ruling brought by the Vanersborg District Court. It has been given until September 29 to do so.
As their financial woes deepened, Saab struggled to meet its financial obligations. It was unable to pay salaries to its 3,700 workers and its debts to its suppliers. Production in its Trolhattan plant ground to a halt earlier this year.
It is uncertain if the Swedish court will approve Saab’s request for bankruptcy protection. Meanwhile, trade unions representing Saab’s 3,700 workers say they will initiate bankruptcy proceedings against Saab as the workers have still to be paid their August salaries.
Sweden has bankruptcy laws that are similar with the US. Their bankruptcy legislation is much like our Chapter 11 that allows financially troubled companies to reorganize their companies, improve their financial standing and restructure their debts to avoid liquidation. When a company receives bankruptcy protection, the Swedish government underwrites to pay the salaries of its employees.
But with Swedish Automobile, although it has submitted its bankruptcy protection application and restructuring plans to the court last Wednesday, it failed to convince the court that it had enough financial backing to stay afloat. Swedish Automobile is hoping certain Chinese investors, namely Zhejiang Youngman Lotus Automobile Co and Pang Da Automobile Trade Co will pump in as much as $344 million to enable it to continue operations. The Chinese investors are now awaiting approval from the relevant authorities.
According to the Swedish court, it was not clear if and when the Chinese authorities would approve the agreements. In addition, other solutions presented by Saab do not appear to be sustainable, either.
Bankruptcy negotiations can be extremely complex. You need an experienced bankruptcy attorney to navigate the many challenges for you for you to be successful in your bankruptcy application. If you need a bankruptcy attorney, call us at (813) 200 4133 for a free consultation.
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Filed under Chapter 7 (Tampa) by on Sep 10th, 2011. Comment.
The federal court system assists those who are filling bankruptcy by helping them to get rid of their debt. A business or an individual can file bankruptcy and attempt to get rid of all their debt by going through the federal court system. In order to file this type of bankruptcy you must give up all of your property and sell it to pay off your debt. During a bankruptcy process an individual's assets is liquidated The state of Florida has certain bankruptcy exemptions that keep creditors from being able to take certain types of property. If you are thinking about starting a bankruptcy procedure it is important to know about these laws. Filing bankruptcy is not an easy decision but both federal and Florida state laws provide helpful exemptions.
By studying each exemption bankruptcy candidates can understand exactly what is protected by law. Most people generally wonder where they will take their family after their home is seized. The Florida Homestead Exemption makes sure your home is protected from creditors. Creditors cannot seize your home during bankruptcy procedures because it is protected by Florida state law. However, there are a few stipulations that go along with this exemption.
All property that is located in the city and it exempted cannot be larger than 1/2 acre. If these conditions are met, you, your spouse or even your child can claim the property as a debt during a bankruptcy and it is protected under the Homestead Exemption. This is how people who file bankruptcy are still able to keep their million dollar homes. Regardless of the amount of money you owe or the value of your home you are allowed to keep possession. Your pension or retirement is protected from bankruptcy proceedings in Florida.
According to bankruptcy laws creditors cannot seize your retirement, disability or any other government assistance income that you receive. Most people feel a little more comfortable after they realize that their pensions they have worked so hard for cannot be liquidated by creditors. If you receive workers compensation, alimony, child support or unemployment and have to file bankruptcy these funds will not be included in the proceedings. Creditors cannot touch these types of accounts where you have put aside money for your children's college. Accounts where you have put aside money for your child are not involved in bankruptcy proceedings. Money that you input into a Medical Savings Account is secure during bankruptcy. Anyone who is filing bankruptcy in Florida should understand their options.
A bankruptcy lawyer or even an online website can provide you with vital information before you get started. The exemptions are designed to help Florida residents so each and every resident of the state is eligible to take full advantage of them. Tampa Bankruptcy Attorney, Darrin T. Mish has been helping debtors with debt problems for over a decade. At the Tampa Bay Bankruptcy Center we really care! To get more information on your bankruptcy options visit his website at: http://tampabankruptcy.pro.
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Filed under Uncategorized by on Aug 26th, 2011. Comment.
The federal court system assists those who are filling bankruptcy by helping them to get rid of their debt. A business or an individual can file bankruptcy and attempt to get rid of all their debt by going through the federal court system. In order to file this type of bankruptcy you must give up all of your property and sell it to pay off your debt. This process is called a liquidation of assets. However, in Florida there are some exemptions in the bankruptcy process which prevent debtors from being able to seize certain items. Anyone who is contemplating filing for bankruptcy should be aware of these exemption laws. Individuals can benefit from helpful federal and Florida state bankruptcy exemptions.
Each exemption has specific rules and clearly tells you what is protected from bankruptcy. One of the main concerns when people file bankruptcy is what happens to my family and me after creditors take my home. The Florida Homestead Exemption makes sure your home is protected from creditors. Creditors cannot seize your home during bankruptcy procedures because it is protected by Florida state law. However, there are a few stipulations that go along with this exemption.
All property that is located in the city and it exempted cannot be larger than 1/2 acre. Once the conditions are met you can automatically claim your home under the Homestead Exemption and make sure it is protected during bankruptcy. Even after filing bankruptcy individuals can hold on to their expensive real estate. It does not matter how much money you owe or how much your home is worth it is safe. It is very refreshing to know that when you file bankruptcy in Florida your pension is protected.
For those people who receive a disability check or contribute to a retirement account their funds are protected from seizure. Individuals can rest a little easier knowing that their hard earned pension is not in danger. Creditors do not have access to your workers compensation, alimony or child support during bankruptcy proceedings. Parents can also rest easy knowing that if they have any Prepaid College Funds they are also except from bankruptcy. Accounts where you have put aside money for your child are not involved in bankruptcy proceedings. Money that you input into a Medical Savings Account is secure during bankruptcy. Anyone who is filing bankruptcy in Florida should understand their options.
A bankruptcy lawyer or even an online website are great places to get started when trying to find out more about bankruptcy. If you are a resident of Florida, the exemption laws are designed to help you so it is important that you take advantage of those that you are eligible for. Tampa Bankruptcy Attorney, Darrin T. Mish has been helping debtors with debt problems for over a decade. At the Tampa Bay Bankruptcy Center we really care! To get more information on your bankruptcy options visit his website at: http://tampabankruptcy.pro.
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Filed under Uncategorized by on Aug 26th, 2011. Comment.
