Articles Posted in Debt Settlement

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A short sale is when you sell your property for less than you owe on the mortgage, creating a deficiency amount that you still owe on the loan. If you are planning to file for bankruptcy, a short sale is usually not in your best interest. Here are some reasons why:

1. A short sale will damage your credit. You will be defaulting on a contract, and so the mortgage company will report on your credit that you settled for less than the actual amount owed. This can oftentimes have the same negative effect as a foreclosure. If you are going to file for bankruptcy, then you do not need an additional negative report on your credit.

2. The short sale will not alleviate any liability issues. If you are filing for bankruptcy and surrendering the property, then you probably will not be liable for the deficiency amount anyways. In a bankruptcy, you almost always surrender the property in full satisfaction of the debt, so a short sale does not get you away from any problems that the bankruptcy itself does not handle.

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A reaffirmation agreement is an agreement between you and the creditor that holds a secured lien on collateral that you have previously purchased. This reaffirms the debt that you owe the creditor. So if you own a car and you file Chapter 7 bankruptcy, you can either surrender the collateral (give it back to the creditor), redeem the collateral (refinance through another company), or you can reaffirm the collateral by signing a reaffirmation agreement with the creditor and filing it with the court. This reaffirmation agreement basically says that you will be responsible for the debt just as you were before you filed the bankruptcy. If you do not do one of the above options, the creditor can repossess your vehicle.

As for your home, In re: Linderman dictates that you must also do one of the above options for your real property. So if you file a Chapter 7 bankruptcy and want to keep your home, you must sign a reaffirmation agreement with your mortgage company.

If you need help with your bankruptcy or want to know how to file a reaffirmation agreement, contact a Jacksonville Bankruptcy Attorney today.

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No, there is not a minimum amount of debt that you must have in order to file a bankruptcy. You can file with any amount owed to any creditor. However, you will want to analyze whether a bankruptcy is in your financial best interest. Meaning that if you have a very low amount of debt with only a few creditors, it may be in your best interest to negotiate with those creditors to try to lower your amount due to them. A Jacksonville Bankruptcy Attorney can possibly negotiate a debt settlement with your creditors for you. If the creditor has already filed a lawsuit against you, the Jacksonville Bankruptcy Attorney can defend the suit on your behalf and try to reach an amicable solution between you and your creditor.

Contact a Jacksonville Bankruptcy Attorney at 904-685-1200 today for all your consumer law needs!

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A means test dictates what chapter of bankruptcy you qualify for. This is a very important part of your case, and a Jacksonville Bankruptcy Attorney will make sure that it is done correctly. The attorney will input your income for the prior six months and then take deductions for the things allowed by law. Knowing what deductions can be taken and how to accurately calculate them is extremely important, as this will lower your disposable monthly income amount.

Your disposable monthly income number is one of the most important things in your bankruptcy case. This number dictates whether you can file for a Chapter 7 bankruptcy or if you must file for a Chapter 13 bankruptcy. Also, if you file for Chapter 13 bankruptcy, your disposable monthly income number will dictate how much money you must pay to unsecured creditors in your Chapter 13 Plan.

The means test can be very tricky, you really need to know what you are doing to get an accurate test. If it is not done correctly, the trustee will file an objection in your case. We offer means testing here at Law Office of David M. Goldman. Contact a Jacksonville Bankruptcy Attorney today for your free consultation.

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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.

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The Middle District of Florida has Divisional Locations in Jacksonville, Ocala, Orlando, Tampa, and Ft. Meyers. Bankruptcy filings within the Middle District of Florida have dropped 17.2% between January and June, 2011, compared with the same time frame in 2010. Although this seems to be good news for the economy, many people are still faced with outstanding debts that they just cannot handle. Filing for bankruptcy can get you a fresh, new start. If you would like to talk about your options, contact a Jacksonville Bankruptcy Attorney today for a free consultation.

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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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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.

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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.

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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.

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