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How long does a judgment last in FL?
In Florida, a judgment is valid for 20
yeas, but must be re-recorded after the first 10
years. The re-recording of the judgment can keep
it on your credit report for the additional 10
years. |
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How long does a foreclosure last on my
credit report?
A final judgment of foreclosure is a judgment, soup to 20 years. |
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What is a judgment lien under Florida law?
A judgment lien is a court ordered lien that is
placed against the home or property when the
homeowner fails to pay a debt. |
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When is a student loan dischargeable in
Florida?
A. Generally speaking, never. However
there is an “undue hardship” exemption. There
are three parts of the undue hardship test each
of which the debtor must establish by a
preponderance of evidence. |
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I. The debtor must show that based on his
current income and expenses he cannot maintain a
‘minimal’ standard of living for himself and his
dependents if forced to repay student loans.
II. The
debtor must establish circumstances indicating
that his financial state of affairs is likely to
persist for a significant portion of the loan
repayment period. |
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The
debtor must show he will be unable to pay
student loan debt in the future for reasons
outside his control. The debtor must demonstrate
circumstances that strongly suggest an inability
to pay the loan over an extended period of time.
III. The debtor must show he has made a good
faith effort to repay the student loan. |
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When is IRS debt dischargeable in
bankruptcy? |
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A. These are the basic rules to see if your IRS
debt is dischargeable in bankruptcy:
I. Taxes are more than 3 years old;
II. If filed late, the taxes were filed 2 years
before the bankruptcy filing;
III. The tax liability was assessed more than
240 days prior to filing of the bankruptcy
petition |
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IV. The taxpayer did not attempt to evade or
defeat the tax, nor was the tax liability due to
a fraudulent tax return. |
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How much personal property can I keep in a
bankruptcy in Florida?
A. Florida Statute 222.25 states that debtors
can claim $1,000 in personal property. This
includes clothing, furniture, money, and any
other personal property. However, this $1000
applies only to those who own homestead
property. If you rent or do not own any
homestead property the exemption increases by
$4000. All personal goods are valued at
replacement value, not retail. |
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