Filing for Chapter 7 bankruptcy is a difficult decision for anyone, and usually a scary one. Too often, people make rash decisions in an effort to get as much as they can in their case. Word to the wise: before you make any decisions regarding your finances prior to filing,…
In most bankruptcies in the State of Florida, the filer does not have to appear in court. He, or she, only has to attend a “meeting of creditors,” which also includes a “bankruptcy trustee.” Appearing before a judge usually occurs if the filer is challenging a debt and claims he does not…
Bankruptcy happens to people from all walks of life, and deciding to file is often a difficult decision. If this is something you are considering, read on to learn about filing for Chapter 7. What is Chapter 7? This is also called “straight” or “liquidation” bankruptcy and means that the trustee…
Filing for bankruptcy does not necessarily mean you are an irresponsible person or an untrustworthy consumer. In fact, studies conducted at the National Bureau of Economic Research found that even those well-paid Tampa Bay ball players you love were filing shortly after they retired their jerseys (actually, more than 78% of them). The reason…
During a bankruptcy filing, most people wish to keep their home and vehicle. In some cases, secured creditors will ask people filing bankruptcy to sign a reaffirmation agreement. In nearly all cases, this is not a good idea for a number of reasons. What is a reaffirmation agreement? Reaffirmation agreements are in…
I bet that up until this point, you haven’t given much thought to the financial security of celebrities. I also bet that a recent article in the Washington Post reporting on the bankruptcy rates of NFL players may change your mind. According to the research, football players are just as likely to file…
The decision to file for bankruptcy is a personal one for you and your family. There are many reasons to consider bankruptcy, and here are some of the most common: Getting out of credit card debt: Credit card debt is one of the main reasons why people in America today consider filing…
Choosing to go through bankruptcy is usually a final attempt by people in a difficult financial situation, who are trying to salvage what they may of their lives. They are sinking – due to the market collapse, a job loss, business going under, unexpected medical emergencies and the attendant sky-high…
Bankruptcy is a federal law that allows people and businesses (even cities and municipalities) to manage or eliminate debt. Bankruptcy is available to most everyone, and you do not even need to be insolvent to file. Bankruptcy is important because it imposes an immediate “automatic stay” on all creditors, and these…
By Alfred Villoch, III, with Savage, Combs & Villoch, PLLC Divorce is often the catalyst for bankruptcy. After divorce, finances are stretched. There are new budgetary constraints. One partner might lose health insurance or the insurance might become more costly for the ex-spouse. Alimony and child support become additional expenses…