Creditor - Secured Category Archives — Page 5 of 7 — Jacksonville Bankruptcy Lawyer Blog Published by Jacksonville, Florida Bankruptcy Attorneys

Published on: September 19, 2011

My Mother Died. Am I Responsible For Her Debt?

After the death of a friend or loved one, it can be very confusing what to do with their finances. When an individual dies, sometimes the debt they leave behind must be paid by their estate, other times it does not. If the deceased had a co-signer on a debt, then that co-signer is still legally responsible for that debt. In some states, a spouse may also still be liable for certain debts such as health care expenses.

Oftentimes, a relative is NOT liable for the debts of the deceased. But a creditor may call you and imply that you are responsible or try and guilt you into paying. This may be illegal and our Jacksonville Consumer Law Attorney may be able to make the creditor stop their collection activities against you and sue the creditor for any damages.

Before you pay for these debts, contact a Jacksonville Consumer Law Attorney to discuss if you must pay the debt or not.

Published on: September 14, 2011

NFL Star In Trouble In His Chapter 7 Bankruptcy

By David M. Goldman

NFL Star Rick Sanford initially filed for Chapter 7 bankruptcy in February 2009 in South Carolina. Sanford did not list all his assets, however. He failed to disclose his interest in a Colorado condo, which later sold, netting him $70,000.00. When the trustee in Sanford’s case challenged his listing of assets, Sanford withdrew his bankruptcy petition. He was subsequently charged with fraud and plead guilty. The court sentenced him to 2 years probation, 30 days home confinement, and 100 hours of community service.

When filing for bankruptcy, it is very important to be honest and list all of your assets. Oftentimes, your Jacksonville Bankruptcy Attorney can exempt your assets so you can keep them away from creditors.

Published on: September 13, 2011

Toni Braxton Receives Bankruptcy Discharge

By David M. Goldman

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.

Published on: September 12, 2011

My Home Has Been Foreclosed And There Is A Sale Date. What Can I Do?

By David M. Goldman

Filing for bankruptcy will stop the future sale date of your home, even if there has been a final order foreclosing the property. This is due to an automatic stay that is immediately put into place upon filing for bankruptcy. Under the automatic stay, a creditor cannot take any action against you to try and collect a debt. So your foreclosure suit will halt immediately and your sale date will be cancelled; no more action will be taken in the case until the automatic stay is no longer in place.

The automatic stay will be effective until the conclusion of your bankruptcy. In a Chapter 7, this will probably be a short amount of time, around 4-6 months. But this extra time may give you the opportunity to catch up on your mortgage, achieve a modification, or sell your property. However, in a Chapter 13 bankruptcy, your case will not be concluded until after your Plan payments are finished. This will be anywhere from 3-5 years. Within those years, your Plan will allow you the opportunity to catch up on arrearages and so cure your deficiency with your mortgage company.

There are many ways in which a bankruptcy might be in your financial best interest. Help with mortgages that are in default is just one way a Jacksonville Bankruptcy Attorney can help you. Call us today at 904-685-1200 to schedule a free consultation.

Published on: September 9, 2011

Mortgage Help In Bankruptcy

By David M. Goldman

Many people find that bankruptcy is the right option for them if they are having problems paying their mortgage. First, a Chapter 13 bankruptcy can give you time to catch up on the arrearages that you owe through a Chapter 13 Plan. Also, your Jacksonville Bankruptcy Attorney can file a motion within your bankruptcy requesting that your Judge order the mortgage company attend mediation, where your Jacksonville Bankruptcy Attorney can negotiate on your behalf to reach an amicable resolution. Finally, if you feel that you cannot or do want to catch up on your mortgage and are ready to walk away from your house, surrendering the property in your bankruptcy will shield you from any liability from a deficiency judgment.

If you are behind on your mortgage, contact a Jacksonville Bankruptcy Attorney today to discuss your options.

Published on: September 8, 2011

What Should I Do If I Receive a Summons From A Collection Agency?

By David M. Goldman

If you receive a summons from a collection agency, you have two options: respond or do not respond. If you do not respond, you will get a default judgment against you. This opens you up for garnishments or liens on your property. The better option is to respond to the complaint filed against you. This will give you the opportunity to defend yourself and/or negotiate a settlement. You only have a certain amount of time to respond to the summons, so you must do so in a timely manner. The time limit that you have should be listed on your summons, it is usually between 21 and 30 days.

If you have received a summons and would like to speak with Jacksonville Bankruptcy Attorney call 904-685-1200 today.

Published on: September 7, 2011

Am I Still Liable For A Bill That Is Eight Years Old?

By David M. Goldman

In Florida, a statute of limitations puts a limit on the amount of time for which you are liable for a debt. For an oral contract, the limit is 4 years. For a written contract or promissory note, the limit is 5 years. On a revolving balance contract, such as credit card, the statute of limitations is 4 years.

If you think that you do not owe a debt because the statute of limitations has run out, contact a Jacksonville Consumer Law Attorney at 904-685-1200 for a free consultation to find out.

Published on: September 6, 2011

How Long Will It Take Me to Pay Off My Debts With A Chapter 13 Bankruptcy?

By David M. Goldman

When you file for Chapter 13 bankruptcy, you will pay off your debts through a Chapter 13 Plan that lasts anywhere from 3-5 years. A Chapter 13 Plan allows a debtor to catch up on most any debt, including mortgage arrearages, owed taxes, missed payments on vehicles, HOA dues, legal fees, fines owed to the city or state, and more.

Your unsecured creditors might also get some payments through the Chapter 13 Plan. If they will and how much will they receive is determined by your means test and the amount of unexempt property that you have. Any amount of unsecured debt that you have over this amount will be discharged at the successful conclusion of your Chapter 13 bankruptcy. For example, if you owe $20,000 in unsecured debt and your case only dictates that you must repay $5,000 to unsecured creditors, the $15,000 balance gets discharged or forgiven when you successfully complete your Chapter 13 Plan. If your case dictates that no money must be paid to unsecured creditors, then the entire balance of $20,000 would be forgiven.

To see how a Chapter 13 Plan would be structured for your specific situation, contact a Jacksonville Bankruptcy Attorney today for a free consultation.

Published on: August 30, 2011

I Received A Discharge In Bankruptcy, But The Creditor Keeps Contacting Me. What Should I Do?

By David M. Goldman

If the debt was properly listed on your bankruptcy schedules and subsequently discharged, the creditor no longer has the right to collect that debt from you. If the creditor is continuing to harass you, you should have your Jacksonville Bankruptcy Attorneywrite a cease and desist letter to the creditor. This usually cures the problem and the creditor will stop contacting you. If, however, the creditor continues to try and collect the debt, this is illegal and your Jacksonville Bankruptcy Attorney will file a complaint against them for possible discharge violations, FDCPA violations, FCCPA violations, and/or FDUTPA violations. Often times attorneys will take these cases on a contingency basis, meaning that you and the attorney would each get a share of the monies recovered, so that you would not have to pay any legal fees up front. If a creditor is harassing you, contact a Jacksonville Bankruptcy Attorney today to discuss your options.

Published on: August 29, 2011

What Does it Mean to “Strip A Lien”?

By David M. Goldman

In a Chapter 13 bankruptcy, a Jacksonville Bankruptcy Attorney might be able to strip a lien for you. This means that the lien would be considered unsecured, so that a creditor cannot take your collateral if you do not pay it. Most often, this is done with a second mortgage. If you owe more on your first mortgage than the house is worth, you can strip the second mortgage in a Chapter 13 bankruptcy. Then, the debt becomes unsecured. The amount of money you must pay to unsecured creditors is determined by your means test and the amount of unexempt property that you have. So any amount that you owe to unsecured creditors beyond this amount simply gets discharged in the bankruptcy and you do not owe it anymore. In saying, the amount you must pay to unsecured creditors through your Chapter 13 bankruptcy is not dependent on the amount of money you owe to unsecured creditors or the amount of any unsecured claims in your case. So it is of great value to you if you can strip the second mortgage in your bankruptcy and no longer owe this debt. If you would like to learn if you are eligible for your second mortgage to be stripped, contact a Jacksonville Bankruptcy Attorney today to discuss your particular situation.