Jacksonville Bankruptcy Lawyer Blog

December is often a hard time for families to pay their bills. Often in January, people begin to think about filing bankruptcy. This can be a problem because one of the things that must be done prior to filing a bankruptcy is to have filed all previous tax returns including the current year. It is virtually impossible to file your tax returns in January for most people. To reward those who file by the end of the year, we are offing a $500 discount on Chapter 13 Bankruptcy filings. Court fees and costs are not included and generally run $281. To find out more about filing bankruptcy contact a Jacksonville Bankruptcy Lawyer or visit our Jacksonville Bankruptcy Lawyer Blog.

The Law Office of David M. Goldman has decided to do 12 great specials for our new and existing clients. Some of the specials will only be valid for the day they are mentioned, but we will honor this special as long as you contact us about it by December 25th and pay for it by the end of the year.

If you want to be the first to find out about the special offers by the Law Office of David M. Goldman for the remaining 12 Laws of Christmas, be sure to check this blog daily or subscribe to our blog updates.

When people are in desperate situations, they often have desperate thoughts. One of those thoughts that often comes to light in my office is the idea of hiding assets from the trustee. Sometimes it’s money, sometimes it’s your great grandfather’s old service revolver. Either way, these items must be listed in your bankruptcy petition as they are your property. Declaring them does not necessarily mean that you have to lose them, as certain amounts of personal property is exempt in bankruptcy.

18 U.S.C. §152 makes it a federal felony to knowingly and fraudulently conceal any property belonging to the estate of the debtor from the United States Trustee or from creditors. The penalty for this crime is a fine up to $250,000, up to five years in federal prison, or both.

The easiest thing to do is not hide assets in the first place. The Federal Bankruptcy Code is there to provide relief to those who need it. It allows for certain amounts of exempt property so that those who need it can attempt to restart their lives and get out of desperate situations. The best way to deal with property you don’t wish to lose in a bankruptcy is to attempt to exempt it properly. If you would like to meet with an attorney who understands how the Florida bankruptcy exemptions work, contact a Jacksonville Bankruptcy Attorney or call us at (904) 685-1200 for a free consultation.

A recent Jacksonville case allowed a debtor to pay for a mortgage in his sister’s name on a house in which he had a 50% ownership interest. As long as the debtor has a legitimate ownership interest in the property, the debtor can pay any lien on the property (including any arrears on that lien) in a Chapter 13 repayment plan.

This case occurred when a sister executed a mortgage on her home, transferred that home to her mother only to have the mother die shortly thereafter. Because the mother died intestate, the ownership in the house was then split amount her ten children evenly. One son wanted to live in the home and because the sister had not paid on the mortgage in some time, four of the other siblings transferred their interest in the house to that son. He then had a 50% interest on a home that was now facing foreclosure. In an effort to cure his sister’s arrearage no the mortgage, he filed a Chapter 13 case and submitted a payment plan that included his sister’s mortgage.

The sister, for unknown reasons, filed an objection to her brother paying off her mortgage. She argued that because the mortgage was not in his name, he could not pay it. Interpreting the bankruptcy code, the Judge ruled that the debtor had the ability to pay on any lien encumbering property in which the debtor had an interest. As a result, the son was able to pay his sister’s mortgage through a Chapter 13 case.