Chapter 7 Category Archives — Page 3 of 5 — Securities Fraud Lawyers Blog Published by Securities Fraud Attorneys

Avoid These Temptations When Filing for Chapter 7 in Tampa

Published on: July 31, 2015 | by Savage Villoch Law, PLLC

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, it’s imperative that you consult with a competent Tampa Chapter 7 lawyer.

That said, here are 3 things you don’t want to do before you file:

Don’t try to hide your assets: hiding assets, say by selling a relative a house or a car at far less than market value, is a definite “no-no”, and in some circumstances can even be a crime. Even selling off assets at fair market value can create enough suspicion that it damages your case. If you have any questions about property you want to sell, consult with your attorney before taking any action.

What Florida Bankruptcy Can, and Cannot, Do For You

Published on: July 23, 2015 | by Savage Villoch Law, PLLC

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 owe it, or that he owes only part of it. Although bankruptcy is the best legal means of “eliminating (or ‘discharging’) most, or all, of your debt,” there are certain things bankruptcy can, and cannot, do for you. Bankruptcy is able to:

1) Stop home foreclosure and vehicle repossession, while you “catch up on missed payments” –Bankruptcy can even make creditors return property which they’ve already confiscated.

2) Stop wage garishment and debt collection calls,

An Overview of Chapter 7 Bankruptcy

Published on: July 16, 2015 | by Savage Villoch Law, PLLC

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 will cancel most if not all of your debts. During this time, the trustee may sell some of your property to repay your creditors.

Three Things You Need to Know Before Filing for Bankruptcy

Published on: June 25, 2015 | by Savage Villoch Law, PLLC

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 behind this occurrence is what’s known as “financial stress,” and we all go through it. Regardless of whether we make millions or simply survive from paycheck to paycheck, we are all definite candidates for bankruptcy if things go awry.

Three Tips to Help You Prepare for a Smooth Bankruptcy

Financial stress or not, you need to proceed with caution. Before you even think about getting started, be sure to arm yourself with strong team of professionals. You could be doing irreparable damage to your case and not even know it. A good attorney will always give you detailed instructions on the dos and don’t of filing for Chapter 7 or Chapter 13 bankruptcy. However, there are some basic things everyone should know before moving forward.

When filing bankruptcy do I have to sign a reaffirmation agreement?

Published on: June 18, 2015 | by Savage Villoch Law, PLLC

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 effect an agreement that you owe a lender money. One of the things that many bankruptcy filers are unaware of is that when they file bankruptcy, the promissory note portion of the mortgage is part and parcel of the bankruptcy. If you do not sign a reaffirmation agreement, and later have trouble paying your mortgage, the lender cannot hold you accountable for the debt. This also means if your home is sold for less than what you owe, the lender cannot successfully pursue a deficiency judgment.

Bankruptcy: It Can Happen to Anyone

Published on: June 4, 2015 | by Savage Villoch Law, PLLC

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 for bankruptcy as anyone else in their age bracket.

What I take from this, is that anyone can find themselves in a bankruptcy situation. Financial security is not static and it may be harder to amend fluctuations on your own than you think. If you find yourself asking whether bankruptcy is right for you or your business, it is best to find an experienced professional to discuss your bankruptcy options.

Do you want to liquidate your assets and start fresh?

What Are the Main Reasons People Have to File For Bankruptcy?

Published on: May 28, 2015 | by Savage Villoch Law, PLLC

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 for Chapter 7 bankruptcy. You can easily become overwhelmed with credit card debt, especially when you consider the interest, late fees and other penalties, and ever-increasing minimum monthly payments. High credit card balances are one type of debt usually discharged or eliminated by filing a Chapter 7 bankruptcy.

In addition, when you file for bankruptcy, the court places a stay of protection on you that stops all debt collection attempts. That includes phone calls, letters, and lawsuits.

Choosing the right bankruptcy lawyer

Published on: May 7, 2015 | by Savage Villoch Law, PLLC

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 bills, a mortgage they can no longer afford, the kids’ college tuition, or maybe just from poor money management – whatever the reason, their financial boat is under water. Creditors are threatening to take the few assets they’ve managed to keep and they’re facing utter ruin. At this point they need to find the best bankruptcy lawyer they can – the best one for them, specifically.

To this end, they must ask qualifying questions of their prospective lawyer:

What kind of bankruptcy should I file: Chapter 7 or 13, or is my situation more complex than that?

What is bankruptcy?

Published on: April 26, 2015 | by Savage Villoch Law, PLLC

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 creditors must stop all collection efforts. If the creditors continue to call, send letters, file lawsuits, etc., those creditors are in violation of bankruptcy law and could be fined or required to pay sanctions. This automatic stay gives the bankruptcy filer (or debtor) a breathing spell.

There are different chapters of bankruptcy depending on your needs or factual situation. There are Chapters 7, 9, 11, 12, and 13. The most common chapters for everyday consumers are Chapters 7 and 13.

Chapter 7 provides a discharge of certain debts if the debtor agrees to give up all of his or her non-exempt property to a trustee for sale for the benefit of the debtor’s creditors. Most people will find that there are very little to no assets available for creditors after the exemptions. For example, in Florida, a person’s home can be exempt, retirement accounts can be exempt, up to $1,000 of a person’s vehicle can be exempt, property held jointly with a non-debtor spouse can be exempt, etc.

Why is divorce often cited as a reason for bankruptcy?

Published on: April 13, 2015 | by Savage Villoch Law, PLLC

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 to pay. Some start having to pay new expenses such as child care, and others will find their expenses increased because no longer are they splitting bills and living expenses with their former partner.

A particular trigger for bankruptcy is the former marital home and the mortgage. When a married couple owns a house, typically one spouse keeps possession and the other spouse will agree to make or help out with the mortgage payments. Unless the couple refinances the mortgage, both partners will remain legally responsible for the mortgage debt. The problem arises when, for whatever reason, the mortgage goes unpaid and falls into default. This drags the co-obligor – who doesn’t even live in the home – into a foreclosure lawsuit and starts to severely damage that person’s credit score. One spouse can file for bankruptcy, leaving the other spouse adrift and fully responsible for the mortgage.