Articles Posted in Cars & Vehicles

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Famous singer Toni Braxton filed for relief under Chapter 7 Bankruptcy in September of 2010, listing luxurious personal property items, such as a Porsche, lavish household contents, and expensive jewelry. She claimed around $1.6 million in assets. The judge in her case has now granted her a discharge. This means that she will no longer be liable for certain debts. This is her second bankruptcy preceding since 1998.

To see what assets of yours you would get to keep after filing for bankruptcy, contact a Jacksonville Bankruptcy Attorney today to discuss your specific situation.

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bankruptcy-thumb-250x186-1907.jpgThere are many reasons that it would be advantageous to file for bankruptcy, but here are some of the most common reasons:

1. The first reason to file for bankruptcy is to stop a foreclosure sale. Filing for bankruptcy immediately stops a halts a foreclosure suit against you. This can give you time to reorganize your finances, try to sell your home, negotiate a modification, or find another place to live. Your chapter 13 Plan can let you catch up on your arrearages over a 5-year time span and so cure your default. If your home has been foreclosed upon, bankruptcy might be a good option for you.

2. Filing for bankruptcy not only stops a foreclosure suit, it halts almost all legal actions taken against you, such as a garnishment or auto repossession. If your auto is in danger of being repossessed, filing for bankruptcy will keep the creditor from doing so. You can value your auto in the bankruptcy and pay only fair market value to the creditor. This means that if you owe $20,000 on your auto and it is only worth $10,000. you can pay the $10,000 to the creditor through your bankruptcy and own the vehicle outright after your Plan is completed.

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A lot of people give their 16 and 17-year old children cars to drive. But in Florida, a minor child cannot own property. So the car must be titled in the parents’ name. If this is the case, this asset might be unexempt property, or at risk of being taken to pay your creditors. However, a recent case from the Southern Division of Florida clarified how one could keep this from happening. The court said that the parent could own a car as trustee for the minor child and keep this asset away from creditors in a bankruptcy. To find out how to hold the car in trust for the child, or for any other bankruptcy questions, contact an Jacksonville bankruptcy attorney now to discuss your situation.

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You must list all of your assets in your bankruptcy, but the trick is getting all the exemptions that you can for your possessions. By saying that your item is exempt means that the creditor cannot take it to pay for your debt. Which items are exempt? This answer varies state by state. Bankruptcy is technically a federal program, as it stems from the US Constitution. However, Congress allows states to opt out of the federal exemptions and make up their own.

You cannot simply pick and choose which items you want to keep out of bankruptcy. In Florida, you can exempt your homestead, certain insurance plans, alimony, child support payments, certain pensions, some of your wages, a certain amount of automobile equity, and a certain amount of your personal property. An Orange Park consumer law attorney will help get you the most exemptions that you are eligible for, letting you keep the most amount of your property. Call us today at 904-685-1200 to discuss your specific case.

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NO. When you file bankruptcy, an automatic stay is put into place that blocks creditors from trying to collect from you. A creditor cannot call or write you to ask for you to pay a bill and they cannot repossess your property. A Jacksonville bankruptcy lawyer can probably get your vehicle back for you. If the creditor knew about the bankruptcy, which is likely, then your bankruptcy attorney can actually sue the creditor for monetary damages due to FDCPA violations.

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You should have filed bankruptcy before your car was repossessed. If you had filed before the repossession, a Jacksonville Bankruptcy Lawyer could have saved your auto from being taken back by the creditor. This is a perfect example of why it is so important not just to ignore your bills, but to be proactive in finding out your options when you find that you cannot pay your bills any longer. This is when legal advise from an attorney who has experience in bankruptcy and consumer law is so important. If a legal repossession happened before the bankruptcy was filed, there is little chance in getting it back.

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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.

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