Florida Bankruptcy
Florida Bankruptcy questions and answers
Learn about Florida Bankruptcy at SaysUncle Online Learning.
Q: Florida Bankruptcy?
I hold a second mortgage on a primary residence of someone that is declaring bankruptcy. What happens to my mortgage when the file the bankruptcy?? The house is also in forclosure by the third mortgage holder.
A: OK, I am not a lawyer, but I have some experience with these things.
First the BK. They look at the first mortgage and what is owed. If the amount owed, on the first, is greater than the value of the house, your 2nd is wiped out. This is uncommon.
As long as their is one dollar in equity available after the first mortgage is reviewed, then your 2nd stays intact.
If the 3rd mortgage forecloses, usually the second and first mortgage holders have an opportunity to take over that debt. It might be a good idea to contact the 3rd lienholder and try to by the note at $.15-$.20 on the dollar now.
Q: What are the laws for declairing bankruptcy in Florida?
I know that a few years back, a new law came in effect that if you declare bankruptcy, you still have to pay back. Is this true? If so, how long do I have to pay back? How does it work?
A: Chapter 7 is a liquidation you have your debts discharged, Chapter 13 is a payback plan for 3 to 5 years. If you own a home or have certain debts that are non-dischargeable under Chapter 7 you may file a ch 13. The new law among other things has a income test to make it harder to file a ch7. Each state has exemptions and TX and FL are very good for that I would direct you to National Consumer Law book on Bankruptcy, also go on-line to your Federal bankruptcy Court, there is a pro-se bankruptcy clerk to help you with questions also on-line for the BK Court.
Q: Good bankruptcy lawyers in florida? Anyone know bankruptcy laws in Fl?
Does anyone know of any good bankruptcy lawyers in Pinellas, Pasco or Hillsborough Counties in florida? And can anyone give me a summary of the fl rules, which are diff. from the other states. thanks!
A: The only difference is in regard to personal exemptions (Fla. give you $1,000 in personal exemptions from your bankruptcy estate + $1,000 in auto equity) and your homestead (a home you own & reside in) which is exempt from your bankruptcy estate (only up to $125,000 if aquired within 3.3 years before filing; unlimited after that).
Q: Can we stop foreclosure with bankruptcy in florida?
We received documents yesterday.Can bankruptcy still help us keep our house?We're In Florida. TYIA Jan
A: No, it just slows it down for a few weeks. The house will not become a gift with the bankruptcy though.
If you can manage to screw enough of your other creditors that you can afford to pay off your mortgage this will work, but you need to be able to do it right away.
Q: Has anyone recently declared bankruptcy in Florida?
My husband and I are recently separated and due to financial problems are considering bankruptcy. I feel as if we are being eaten alive by debt. We have a house with no equity, two vehicles with no equity, and about $60,000 in debts (not including home and vehicles). Currently we are not behind on any payments but we are living credit card to credit card. Our income does not cover our current bills. I understand that you can keep your house and vehicles if you declare bankruptcy. If you have recently been through this I would appreciate any information or insight into the bankruptcy process.
A: If you are serious, you should talk to an attorney. Many times they will provide the initial consultation for free or for a fixed fee. For the most part, you can keep cars and real estate, however, you will be required to reaffirm the debt and continue to pay your monthly payments. For specific information regarding Florida, check out the following...
Q: Can anyone tell me what the standards are for a means test for the state of Florida bankruptcy court./?
I have been unemoloyed for five months now, with no savings, property, or assets of any kind. I am currently living through the kindness of friends and family. Can the judge legally force me to get a job and pay my debts, or does he have the power to grant a continuance until I am more finantially sound?
A: That's a very good question. The Bankruptcy Code, as amended, certainly raises constitutional questions about "involuntary servitude". Howver, in Florida or anywhere else, a person in your position is likely eligible for chapter 7 since you have no "current disposable income" for purposes of the means test. And under these circumstances, you can't be forced to work, nor need you wait until you are more financially sound to file your case.
Q: Does anyone know the laws for Bankruptcy in Florida?
I'm 21 years old. I'm 23,000 in debt. I don't have any vehicles or property in my name my mom ran up my credit cards of 11,000 and the rest in medical bills. My mom has tried to pay them down but, now its gotten almost impossible. She also doesn't have any of the things that she has put on my credit cards. Can anyone give me any advice? Thanks a bunch!
A: These links provide good information.
http://research.lawyers.com/Florida/Bankruptcy-In-Florida.html
http://www.iambankrupt.com/
Try looking into debt consolidation, debt management, before you go the bankruptcy route. It really would be a shame at your age. Sorry your in such a predicament during times like these.
http://www.careonecredit.com/debt-management
Q: How can you file Chapter 7 Bankruptcy in the state of Florida?
Essentially, it's a question of dilemma for a friend who allowed her family to use her credit cards in promise to pay on it. As it naturally goes, her family did not pay on the credit cards. Can charge-offs be included in the bankruptcy as well? Thank you in advance.
A: Due to bankruptcy reform laws, filing Chapter 7 bankruptcy is significantly more complicated. Your friend should find an attorney in her area to discuss her options - many times the initial consultation is free.
Below is a link to a resource she might find helpful. It has information regarding Florida bankruptcy exemptions, approved credit counseling/debtor education agencies, Chapter 7 income requirements for Florida filers, and more.
Any debt (including charge-offs) owed by your friend is included in the bankruptcy filing, although certain types of debt (i.e. student loans, child support, etc.) will not normally be discharged and must still be repaid.
Best of luck to her...
Q: Do I have to pay the Property Tax for last year (2007) in Florida after Chapter 7 Bankruptcy?
I filed for Chapter 7 in Oct 07, and got the discharge in Jan 08. In the chapter 7 I chose to just turn the house over to the bank. Now, the bank is going thru foreclosure. Am I obligated to pay the property tax? How do I respond to the foreclosure to avoid paying, since I already moved out and decided to give up the house?
A: Property taxes follow the property. If you gave up the property in the bankruptcy all your chargeable personal liabilities were eliminated including any potential deficiency on the foreclosure sale.
Q: Can anyone here recommend a GOOD bankruptcy lawyer in the central florida area?
Can anyone here recommend a GOOD bankruptcy lawyer in the central florida area?
A: I don't know any bankruptcy lawyers in Florida but I did attach a lawyer search engine link that has more than enough for you to evaluate. Best thing to do is search a dozen or so sites and find those lawyers with the most experience etc. Good luck!
Q: Florida Bankruptcy - Child's prepaid college?
Hello, I live in florida and would like to get some input on my Child's prepaid college. It is a Florida 529 plan based on repayments from her 2 b-day to 18 b-day. If i file for bankruptcy will this be affected?
A: No. The prepaid college fund is untouchable during bankruptcy.
Q: Tell me your Chapter 7 Bankruptcy story - in state of Florida?
We filed for Chapter 13 to protect the house in Foreclosure. Due to unforeseen circumstances, we may have to let the house go back to foreclosure and change Bankruptcy to Chapter 7 - what happens in a 7? What can the courts/creditors take from you if you owned a home that was lost? Hubby is worried the courts can come in and take everything - like collections and TVS, etc.
Do you have a Chap 7 story to tell - good or bad?
A: They are not going to come in and take anything of yours if you switch to Chapter 7. There is nothing like that to worry about.
Q: Need to find on line public records for Northwest Florida bankruptcy court. Can anyone give me a web address?
A: There is not one court for NW florida. If that is the name of the bankruptcy firm, there were no hits on the web that i found. There just isn't enough info to really look for what you need.
Q: How do I find a list of new bankruptcy filings in South Florida?
A: United States Bankrupcy Court
District Of Florida
Q: If have lived in Florida and moved to another state can i declare bankruptcy In the state I now live in ?
even though my debt is in florida and the law suit is in florida?
A: You need to file in the state in which you have lived for the greatest part of the last 180 days, which in your situation sounds like your new state.
However, the exemptions you are allowed to take (which make a difference re. what you get to keep) may be those from the previous state in which you lived, depending on how long it has been since you moved.
Ironically, this Federal law was enacted to prevent people from moving TO Florida (where the homestead exemption is very high) from other states with lower homestead exemptions prior to filing bankruptcy (bankruptcy attorneys know it as the "O.J. provision" because O.J. Simpson moved to Fla and bought a multimillion dollar mansion before filing bankruptcy, which mansion he was able to exempt from liquidation to pay creditors).
In your situation, this provision of the 2005 bankruptcy reform act may work out in your favor.