Debt & Bankruptcy - Florida

STOCK

cwmax2000 — Thu, 19 Nov 2009 10:54:56 GMT

I am going to have to file chapter 7...I have a small amount of stock... that I always told my dasughter that it was hers.. we would track the progress to help her learn about stocks.... can I assign it to her or should i sell it? if i sell how long until i should file?

Thx Cwmax2000

Can you re-open a chapter 7 after the discharge??

GA Landlord — Wed, 18 Nov 2009 19:51:05 GMT

In May of this year I had a tenant file chapter 7. I was in the process of evicting him. At that time he owed me about 2 months rent(Apr, May). He listed me on his bankruptcy as a creditor. This stopped everything. He lived in my house for another three months and did not pay any rent. In August (while he was still in the house) I filed another eviction based on the rent not paid (June, July, Aug) after the filing in May. I received judgement and he moved out on his own. His chapter 7 was discharged in October. I filed a garnishment after the discharge for the judgement I received for the 3 months rent after he filed chapter 7. He told his employer that it was included in the bankruptcy so we have a hearing in Magistrate court at the end of Nov to discuss.

My question is...He told me his bankruptcy attorney recommended to him to re-open the chapter 7 case and add my new debt to it. Can you re-open a discharged case? and could he add this new debt to it?

Thanks.

Filing personal bankruptcy if part-owner of a business

jess0511 — Tue, 17 Nov 2009 15:57:14 GMT

My husband and I are to the point of needing to file for bankruptcy, the only problem is we're not sure if we can. He, along with his brother and step-father, is part-owner of a fire/security business. We got a copy of the loan papers, which state that the 'borrower' cannot file for bankruptcy without puting the loan in default. Our question is, does 'borrower' mean each individual or the business itself? We don't want to raise any flags with the bank, so asking them is out of the question. Thanks for any help!

Chapter 7...

sweetpotato2k — Sun, 15 Nov 2009 13:05:47 GMT

1. Can an equity loan be included in a Chapter 7?

2. Can they still take your home in a Chapter 7 even if you are current on your payments? One lawyer

&nbs... if you have enough equity in the home, they will, otherwise they allow you to keep it. Another

lawyer stated they cannot take your home. Do not know who to believe.

3. Two autos are paid off and are worth over $2,000. Can you keep if you use them for work?

Personal Property Appraisal as part of BK proceedings? HELP

Blue_Butterfly — Thu, 17 Sep 2009 12:02:57 GMT

Our bankruptcy has been plagued by difficulty. First we were selected for a random audit, which our lawyer says, rarely happens (We passed). Now we are being singled out for a personal property appraisal, which, our lawyer tells us, also rarely happens.

We are only allowed $1,000 each for a total of $2,000 worth of personal property exemptions. Well, we are a family of 5 living in a 2 story house. Although we don't own anything valuable, we own a LOT of stuff. I'm worried that the appraier is going to say we own more than $2,000 worth of stuff, just becaue of the amount of stuff. Our lawyer tells us this is "no big deal," but of course it's not a big deal to him, he doesn't risk losing anything. This is a very big deal to us. Our lawyer says we will have the opportunity to "buy back" anything over the $2,000 exemption. Unfortunately, my husband's salary was just cut significantly. Between his salary and mine, we barely have enough to pay the bills and living expenses, plus we have a baby due in January. We couldn't afford to buy back anything, nor could we afford to replace anything that was seized. Is there anything we can do to avoid this? Can we get some sort of hardship appeal?

Between our first and second mortgage, we owe $232,000 on our house. According to zillow.com, it's worth $239,000. So our Homestead Exemption is only protecting about $7,000 worth of equity. Can we increase our personal property exemption base on this?

We didn't want to file bankruptcy. We filed bankruptcy because we had no choice. We thought we could protect our assets and get a fresh start. Now we have to live through the humiliation of having our modest homegoods appraised and potentially seized for an auction to be sold for pennies on the dollar?! Any money made by the sale of our stuff wouldn't even be a drop in the bucket of our debt (roughly $75,000). None of our creditors contested the BK. So what is the point of torturing us and leaving us with an empty house?

We are terrified.

Any advice, suggestions, similar stories, ideas on what to expect from this process?

Thanks!

First Starting

itslinda18 — Fri, 13 Nov 2009 15:08:46 GMT

Can I keep everything in my trust account if I am filing for Chapter 7 or 13?

another question about chapter 13 v chapt 7

MaryT8M — Wed, 11 Nov 2009 18:44:34 GMT

I feel more confident that we will be able to file chapt 7 even though the lawyer kept saying chapt 13 (thanks again for the link to the means test) We have another motorcycle (2001) that our son has in Jacksonville. It's value is about $11,000 and is paid in full. Our son uses this as his transportation. How can we save it? Is there any legal way to do this before we actually file? I want to do things right, but also want to use the law in our favor.

Bankruptcy - Keeping Credit Card

RaoulC — Wed, 11 Nov 2009 15:41:44 GMT

If you file a chapter 7 bankruptcy, can you keep at least one open credit card account?

And, if you file a chapter 13, do the payments have to come from garnishment of salary or can you set up payments to the system directly?

Why Chapt 13 instead of Chapt 7?

MaryT8M — Wed, 11 Nov 2009 15:55:14 GMT

My business has just failed, and while our personal credit was good (not perfect) we have debt that we are the personal guarantors on (SBA loan, minimum franchise royality, building lease). Several other people who owned the same franchise in Fl have been able to file chapt 7, but our lawyer, at the first meeting just jumped into saying we have to file chapt 13. My husband works, but it just barely covers our personal bills. He has had to sell his motorcycle to even pay payroll at the end. Now I find out we may be penalized for selling the motorcycle. I bought a new 2009 car under the cash for clunkers (no money down) when my cars (2001 ford) transmission broke. My husband drives a 2001 dodge truck that is about on it's last leg

I'm 58 and haven't taken a salary in 3 years, so have not paid into payroll taxes (medicare) then the lawyer told me not to get a job, but if I have to wait 5 years to have the end of Chapt 13 I will be virtually unemployable (in my field).....no work history for 8 years, and my medicare will be messed up too.

Can anyone explain why we'd have to file chapt 13? I have a call into the attorney that we have already paid $1000 to, but as of today no response

Avoiding a deficiency judgement and or tax implications (FL)

mister_n — Mon, 09 Nov 2009 16:00:30 GMT

I own a rental property in FL due to a job relocation (NC - where I currently rent). My mortgage is an 80/20 split and is currently underwater. Every month I struggle to pay the several hundred dollars it takes to make up the difference between the mortgage + fees and the rental income--the rental market has dramatically decreased over the past couple years. After reviewing my financial future, I cannot see a way out of this mess unless I either foreclose or somehow convince the lenders that a short-sale is the best for all parties. My principle lender is currently working towards a loan modifcation, but my fear is that any modification will be just a bandage job on an inevitable foreclosure as I cannot afford for the property to be vacant for even a month (wages have been severely cut at work). I have never been late on a payment and plan to stay current with all of my other debts. I'd like to know what the best path to take would be??

Headed for bankruptcy

jess0511 — Sun, 08 Nov 2009 06:27:56 GMT

My husband and I are most likely going to be filing for bankruptcy as soon as he gets clarification on the loan terms for a joint business loan. My biggest concern, though, is the cost of the bankruptcy itself. Can anyone give me a ball-park figure as to how much the whole process will cost? Right now we barely have money for bills and food, adding a few thousand dollars to file bankruptcy just isn't an option. From what I understand, there is no legal aid for bankruptcy, is this right?

Also, we were recently served with lawsuit papers from a creditor. Will filing for bankruptcy slow that process down, or how does that work? Any help is really appreciated!

Help with an Important Decision

Robb2aa — Thu, 05 Nov 2009 00:41:52 GMT

Hello to the forum,

I'd like to have a little advice on an issue. Basically, I am facing non-payment on a credit card due to job loss and the fact that after 1 late payment, the interest rates shot up from 7% to 29% in no time flat, therefore putting the minimum payment out of my reach immediately (They want the total due right now). I explained that I became recently unemployed through no fault of my own, but of course, it's like talking to a wall. So, I am still unemployed and facing the wrath of the cc company with the prospect (soon to follow) of time in court. My question is, should I face the slam dunk or should I file for bankruptcy before it happens? Any advise would be well appreciated.

Mortgage Foreclosure

silverado1500 — Sun, 01 Nov 2009 16:55:42 GMT

I was served a summons not including a Notice of Lis Pendens on a mortgage foreclosure. I was under the impression that in Florida that a Lis Pendens was required to be filed as well to start the foreclosure procedure. Thank you

SSI or Social Security Disablity payments in Florida

silverado1500 — Fri, 30 Oct 2009 18:45:41 GMT

I receive SSI and as soon as my Disability wait time is up (5 months) it will convert to SS Disability and I am also a resident of Florida. I have a number of judgements against me. What should I do to protect my benefits from being garnished? For now I have direct deposit to a checking account and the only money going into that account is SSI/SSDI. Thank you for your assistance.

Forclosure on primary residence

CHRIS1961823 — Thu, 29 Oct 2009 13:54:05 GMT

W are thinking of having our house forclosed on. We have only the original mortgage on it.

Can the Bank come after our savings and assets, after it's forclosed on, the house is only worth about 1/4 of the loan amount. we don't plan on filing bankruptcy?

Car ownership and judgments in Florida

silverado1500 — Wed, 28 Oct 2009 20:36:28 GMT

If you are a resident of Florida and have judgments&nb... you what can you do to protect the car you want to buy from being being "taken" by the courts to cover the judgments? I currently own a very old car that is about to die and I heard that it is best to title the newer car in my name and someone else's name as well. Thank you

I am a Creditor in a Ch. 11 Case

127135 — Wed, 28 Oct 2009 02:57:13 GMT

I'm an employee of a (Florida) company that declared Chapter 11 in late September. I am owed about $2,400 in Paid Time Off that was never used. A few questions, and if anyone can help, it would be greatly appreciated:

do I have to attend the meeting of the creditors to indicate that I want to seek the monies owed to me?
how hard is it for a debtor to get a discharge of PTO wages?
what are the chances I'll ever see this money stolen from me!?

2nd Mortgage Foreclosure

silverado1500 — Mon, 21 Sep 2009 22:16:04 GMT

I live in Florida. I have a 1st mortage on a mobile home and a 2nd mortage on the same mobile home as well as the property that the mobile home is on. I am current with the 1st mortage but running late on the 2nd mortage. The 2nd mortage holder is sending me letters stating that they will foreclose if I don't bring the mortgage current. Can the 2nd mortage holder foreclose if all is well with the 1st mortage holder?

Do it Yourself on line Bankruptcy Companies

jburns127 — Mon, 19 Oct 2009 19:36:43 GMT

Can anyone recommend or discuss experiences with DIY bankruptcies companies??

Bankruptcy, chapter 7 and social security

jburns127 — Tue, 13 Oct 2009 10:47:27 GMT

In Florida, does social security benefits and retirement income count as disposable income when filling chapter 7?

Does Chapter 7 really protect you?

clearhouse — Sat, 10 Oct 2009 19:18:17 GMT

I have a personal judgment (by default) in Switzerland, because I didn't show up to a civil trial. The plaintiff domesticated this foreign judgment in Florida. If I file chapter 7 and notify the creditor in Switzerland, get a discharge of all debts in Bankruptcy; what prevents the creditor to go after me in the future? I know that I would be protected in Florida, but how about if I move to Canada and creditor tries to domesticate the Swiss judgment in Canada. Would the US bankruptcy laws protect me in the future? What procedure would I need to complete to get the Swiss judgment removed in Switzerland in the US bankrupct case? I know that I should consult an attorney in Switzerland, but has anyone had some experience with other countries or similiar cases?

Filing ch 7 and a new job offer

ruc38 — Fri, 09 Oct 2009 00:42:53 GMT

I reside in Florida. I was recently offered a new position and will be hired based upon completing a background check. I'm worried that I recently filed for ch 7 bk and am fearful the employer will run my credit report and find that I'm in the midst of filing. What do I do if I'm turned down from the job offer? What are my options if any, do I need, in these economic times? If it affects this job, how long will it be "safe" for me to get hired again?

There IS life after Bankruptcy

lioraflr — Thu, 20 Aug 2009 23:46:16 GMT

For all of you out there contemplating bankruptcy or in the middle of filing, I wanted to give you a message of hope that this is not the end of youe life. First off, I must say that the quidelines given on this board are excellent; they give good advice pay attention to it. Next, I will say that my bankruptcy, which took 3 months, was "painless" because a) i had my paperwork in order making it easier for my attorney b) i had proof that i tried to sell my house for two years and could not, c) i did not lie about anything and d) only divulged what was asked of me...don't give information if no one is asking for it! Yes, I still wear the veil of bankruptcy but i managed to hold onto one credit card which i use and pay back on time each month. i have car payments...aslo paid on or before due date. Ironically my FICO score is now 710 which is great in the real world. I have a roof over my head, a job, beautiful children and yes life can begin again after bankruptcy...don't give up hope!

In the process of filing Ch 7 (meeting Nov 5)

ruc38 — Mon, 05 Oct 2009 15:04:54 GMT

Why do creditors i.e.(credit card companies) keep sending me monthly statements late fees and interest rates still accruing even though I closed my accounts and they are aware of my bk filing? This seems illegal? I asked my bk atty and she said she didn't know why? Do I have any legal recourse?