Articles Posted in Chapter 13

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Bankruptcy Filings for Older Floridians Increase


Florida has seen bankruptcy filings for older Floridians increase in recent years. A bankruptcy filing is the term used when an individual or company cannot repay their debts and asks a Court for relief. A Jacksonville Bankruptcy Petition filed with the Court begins the bankruptcy filing. Older Floridians refer to individuals who are 65 or older and primarily live in Florida.

Bankruptcy filings for older Floridians have tripled over the last 25 years. This is a trend seen across the entire U.S. In 1991, only 1.2 out of every 1,000 Americans between ages 65 and 74 filed bankruptcy. By 2016, that increased to 3.6 out of every 1,000 Americans. Interestingly, while bankruptcy filings have increased for older Americans, bankruptcy filings have decreased among young Americans.

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Florida has seen bankruptcy filings increase for older Floridians in recent years. A bankruptcy filing is the term used when an individual or company cannot repay their debts and asks a Court for relief. A Bankruptcy Petition filed with the Court begins the bankruptcy filing. Older Floridians refer to individuals who are 65 or older and primarily live in Florida.

Bankruptcy filings for older Floridians have tripled over the last 25 years. This is a trend seen across the entire U.S. In 1991, only 1.2 out of every 1,000 Americans between ages 65 and 74 filed bankruptcy. By 2016, that increased to 3.6 out of every 1,000 Americans. Interestingly, while bankruptcy filings have increased for older Americans, bankruptcy filings have decreased among young Americans. Continue reading →

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Means-Test-150x150After a client has decided to file bankruptcy, their next question is always what information is needed to file bankruptcy in Jacksonville, Florida. Since Federal Law requires 100% full disclosure of a person’s assets, debts, and income, getting together the information needed to begin your bankruptcy can be very overwhelming at first. But, as with everything else, the information required can vary from person to person based on the number of debts and assets you might have. Here is a list of the most common documents your Bankruptcy Attorney might need to adequately prepare your bankruptcy petition.

Questionnaire: Your bankruptcy attorney will most likely begin by asking you to fill out a fairly extensive questionnaire. Not only will the questionnaire ask you to list all of your debts, income, and assets, it will ask many questions about many different types of assets you might have held and transactions you have done in the past two to five years. The questionnaire will give your attorney a very good overall picture of what your financial profile really looks like and will help them determine what other types of information is needed to file bankruptcy in Jacksonville, Florida. Continue reading →

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Bringing your mortgage current though Bankruptcy in Jacksonville, FL might be a possibility. But you must first take into account your income, how far behind you are on you mortgage payments, as well as all of your other debts. Bringing your mortgage current through Bankruptcy in Jacksonville, FL is a three to five year commitment that comes with its own challenges.

In order to bring your mortgage current through Bankruptcy, you must first file a Chapter 13 Bankruptcy even if you qualify for a Chapter 7 Bankruptcy. A Chapter 13 Bankruptcy is a reorganization of your debts through a 60 month payment plan; referred to as a Chapter 13 Plan. Based on your income and family size, you make payments to a trustee. The trustee then distributes these monthly payments proportionally to your creditors. Whichever debts have not been paid off at the end of the 60 months are discharged.  Continue reading →

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As a very last resort for debt relief, many people look to bankruptcy after identity theft in Jacksonville, Florida. Identity theft is a major issue throughout the United States and can leave the victim with a mess to clean up. One of the biggest results of being the victim of identity theft is having to deal with debt collectors and having a bad credit score for debts you did not acquire; even after filing a police report. After filing a police report, it is almost impossible to actually locate the individual who stole your identity. This leaves you with very few options as to how to get away from the debt that is not yours. This is also all too often the case even after you have contacted each credit card company, informed them that the account is due to identity theft and provided them with proof that the debt is not yours (including a police report). These debts can even remain on your credit report, causing a bad credit score, after disputing each indebtedness with all three credit bureaus. Continue reading →

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How to rebuild your credit score after bankruptcy is a question I get asked from just about all of my clients. It is one of the most important unanimous concerns clients seem to have going into bankruptcy and it should be. In fact, the toll filing bankruptcy can take on your credit score is probably one of the most common reasons why many people in Jacksonville, Florida look at bankruptcy as a very last resort and avoid it all costs. Unfortunately, most are falsely under the assumption they will not be able to use any credit for seven to ten years after filing bankruptcy. But this is not always the case. If you start taking steps to rebuild your credit score after your bankruptcy is concluded, you could have a great credit score in just one to two years.

Here are a few simple steps you can take to rebuild your credit score after bankruptcy quickly. Continue reading →

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I have written many blog posts over the years concerning the MEANS test in Jacksonville, Florida and the deductions that can be used. To jog your memory, the MEANS test is required when your income is above the median income in your state for your household size. It is meant to prohibit high-income households from filing a Chapter 7 bankruptcy. The MEANS test allows you to deduct specific expenses that can help you qualify. The MEANS test is also used to determine your disposable income in a Chapter 13 Bankruptcy, which in turn determines your Chapter 13 Plan and your monthly payments. But what types of expenses can be deducted on the MEANS test?

First, it is important to note that some expenses have predetermined amounts. Expenses such as food, utilities, housing and other necessary monthly expenses are predetermined by IRS local and national standards unless you have extenuating circumstances. Continue reading →

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CreditReportGraphic-150x150Bankruptcy does not have to be a dead end. Instead, it can be the beginning of something so much better. Unfortunately, most people do not see bankruptcy this way and instead equate bankruptcy with utter failure. Bankruptcy allows you relief from bad financial decisions or just poor luck and an opportunity for a fresh start. By using your mistakes as a lesson on what not to do, you can have a lot of success coming out of bankruptcy. Here are some tips for being successful after bankruptcy.

  1. LEARN: As already mentioned, the most important thing to do after bankruptcy is to learn from your past mistakes. It is important to identify which financial decisions led you into bankruptcy in the first place and make sure you do not repeat those mistakes. However, try not to be too hard on yourself. The decision to file bankruptcy is hard enough and comes with enough emotions already. Of course, there are most likely factors that were outside of your control, and there is nothing you can do about that.
  2. PLAN: Create a budget that your income can support and stick to it! Knowing what you can actually afford to spend and sticking to a budget is definitely a formula for success.
  3. GOALS: Set goals and work them into your budget, such as trying to save a certain amount of money each month.
  4. CREDIT: Reestablish your credit, BUT slowly. I always recommend that my clients get a new credit card shortly after receiving their bankruptcy discharge. However, use it for a particular purpose, such as just for gas or food, and pay it off each month and on time. With each payment, your credit will start to rebuild itself. However, keep in mind that the credit terms for this first credit card might not be very favorable. The interest rate will mostly be high and the credit limit low. However, as you use it every month and pay it off, the limit should slowly increase. After a while, apply for a second credit card and it should have more favorable terms after you have started reestablishing your credit.
  5. STAY POSITIVE: Going through bankruptcy can be a very difficult time in one’s life. However, it is important to also focus on the positives of bankruptcy such as the ability to start over again and build something great. If you let your despair keep you down, you will not be any more successful after bankruptcy than you were before. If necessary, seek support or advice. But do not let your despair keep you down!

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When filing for bankruptcy, many consider the IRA (Individual Retirement Arrangement) and 401K exemption as the most well-known of the exemptions. This exemption allows individuals who must file bankruptcy the ability to keep their treasured retirement accounts out of their bankruptcy estate and safe from their creditors. In turn, this allows the individual to emerge from bankruptcy with their retirement accounts still 100% intact and en route to a fresh start.

But what happens if the IRA was not originally yours? What if it was inherited? Is it still safe from your creditors in bankruptcy? The answer is yes and no. If you inherited your IRA from your spouse, then it will still have the same protections as if the IRA was originally yours. However, if you inherited the IRA from someone other than your spouse, then it will not qualify for the exemption. Thus, it will be considered part of your bankruptcy estate and subject to the claims of your creditors. Continue reading →

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Winn-Dixie has been a staple in Jacksonville, Florida for decades! Being based in Jacksonville has even made it a landmark for those traveling down Interstate 10. However, Southeastern Grocers, the parent company of Winn-Dixie, Bi-Lo, Harveys Supermarket and Fresco Y Mas, made the enormously difficult decision to file for Chapter 11 Bankruptcy in hopes of remaining afloat. The decision was announced Thursday, March 15, 2018. Winn-Dixie’s president and chief executive officer, Anthony Hucker has been quoted saying “[t]his course of action enables us to continue writing the story for our company and our iconic, heritage banners in the Southeast.” Southeastern Grocers operates stores in Alabama, Florida, Georgia, Louisiana, Mississippi, North Carolina and South Carolina. This announcement comes right after Amazon’s entry into the grocery business, just a few short months after the online retail giant obtained Whole Foods Market. Continue reading →

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