Jacksonville Bankruptcy Lawyer Blog

Under a Chapter 13 bankruptcy, you cannot incur new debt without permission of the trustee or the court. Your Jacksonville bankruptcy attorney can do this by submitting a Request to Incur New Debt with the trustee of your case. If the trustee signs off on the request, you can buy the vehicle. The trustee should approve the request unless he or she decides that you cannot afford the new payment. If the trustee denies request, your Jacksonville bankruptcy attorney will file the Request to Incur New Debt with the court and ask the judge to override the trustee's denial. This dictates whether you can buy the car or not. If neither the judge nor the trustee will approve the Request to Incur New Debt that your Jacksonville Bankruptcy attorney files, you cannot purchase the vehicle. If you disobey the order and enter into a contract to purchase the vehicle, the Court can sanction you or dismiss your case.

Yes, if you can afford them. You can reaffirm the debt on all real property by filing a Statement of Intentions indicating your desire to reaffirm in your bankruptcy. If you owe arrearages on these properties, you will probably want to file a Chapter 13. A Chapter 13 will let you cure your arrearages over time and so bring your balance current with your mortgagor. You do not have to give up any real property, but depending on your exemptions, you might have to pay extra money through your Chapter 13 Plan to keep any property that is not exempt. Contact a Jacksonville Bankruptcy Attorney now to find out about what exemptions you qualify for.

The original foreclosure mills are starting to drop like flies. The Florida Foreclosure Defense Lawyers Blog has an article on the fate of the latest victim of the foreclosure fraud crisis, Ben-Ezra & Katz who is shutting down its operations. While not as large as the David J Stern firm who shut down a few months ago Ben-Ezra & Katz had almost 600 employees. The company's demise began in February when the company lost all of its foreclosure business from Fannie Mae due to the mishandling of Fannie Mae's foreclosure files.

The Senate Judiciary Committee has approved a legislative proposal that would authorize bankruptcy courts to order mediation between homeowners and lenders before proceeding with the foreclosure process. The potential legislation, titled the Limiting Investor and Homeowner Loss in Foreclosure Act, passed by a slim 10-8 margin and would give the federal bankruptcy judges the ability to order the homeowners and their creditors to mediation in an effort to open the lines of communication between the two sides in hopes that the sides will survey options other than foreclosure.

The legislation would not give bankruptcy judges the authority to modify mortgages of write-down or "cram-down" mortgage principle like other foreclosure prevention measures that have failed gain approval over the last few years. The bill is modeled after a similar law being used in Rhode Island. The Rhode Island bill does not require settlement, just "good faith negotiation". To date, the law has been credited with saving at least 120 homes from foreclosure.

It seems as though the members of the House and Senate are now hearing the cries of struggling homeowners and are beginning to do something about it. If you are facing a Florida Foreclosure Lawsuit, contact a Jacksonville Foreclosure Lawyer or a Florida Foreclosure Defense Lawyer today to see what foreclosure alternative options may be available to you.