Bankruptcy Waiting Periods

CHAPTERS WAITING PERIOD 7 TO 7 8 YEARS FROM PREVIOUS FILING 13 TO 13 2 YEARS FROM PREVIOUS FILING (CASE MUST BE CLOSED) 7 TO 13 4 YEARS FROM PREVIOUS FILING 13 TO 7 6 YEARS FROM PREVIOUS FILING UNLESS 100% OF THE UNSECURED WERE PAID IN THE PRIOR CHAPTER 13 OR AT LEAST 70% OF THE UNSECURED DEBTS WERE PAID IN THE PRIOR CHAPTER 13 AND THE PLAN WAS PROPOSED IN GOOD FAITH The above chart represents the period of time a debtor must Read More +

Florida Homestead Exemption

The State of Florida provides a homestead exemption which is designed to protect persons from the attachment or seizure of their places of residence by creditors. The homestead exemption provides protection against such creditor action to debtors who file bankruptcy and debtors who do not file bankruptcy. The homestead exemption for purposes of asset protection is often confused with the homestead exemption that provides a reduction in property tax obligations. This article will discuss the homestead exemption as it applies to debtors seeking to protect their Read More +

Chapter 9 Bankruptcy: Hartford, Detroit, Et Al

The mayor of Hartford, Connecticut, Luke Bronin has been intimating for a number of months that the city may need to file Chapter 9 bankruptcy. Chapter 9 bankruptcy is a form of bankruptcy where a municipality can seek to reorganize its debts, and arrange such debts in a reduced payment over a period of years. According to reports, Hartford currently has a $65 million dollar deficit and has problems meeting its obligations, including upcoming shortfalls in revenue of $7 million in November, 2017 and $39.2 Read More +

Chapter 7 Bankruptcy Treatment Of Secured Property

STATEMENT OF INTENTIONS IN BANKRUPTCY In a Chapter 7 bankruptcy, the debtor must complete and sign a form called the Statement of Intentions. The Statement of Intentions indicates which of the available options the debtor chooses towards his or her secured property. The primary examples of secured property are an automobile loan or a mortgage loan. In a Chapter 13 bankruptcy one manifests his or her intent regarding such secured property through the Chapter 13 plan. In a Chapter 7 bankruptcy, the Statement of Intentions Read More +

Toys R Us, The Retail Apocalypse And Mitt Romney’s Bain Capital

2017 has been a particularly bad year for many of the nation’s retailers. On September 19, Toys R Us announced its filing of Chapter 11 Bankruptcy. Chapter 11 Bankruptcy is a form of bankruptcy wherein a corporation (or an individual whose debt exceeds certain monetary thresholds) seeks the reorganization of its debt through the mechanism of bankruptcy, and usually the continuation of its operations. Toys R Us announced in a statement that it voluntarily sought Chapter 11 protection, “To achieve our financial objectives, Toys R Read More +

Taxes And Tax Liens In Bankruptcy

WHEN TAXES MAY BE DISCHARGED IN BANKRUPTCY This article discusses the treatment of taxes due to the Internal Revenue Service (IRS). Income taxes due to the IRS may be dischargeable if such taxes meet five (5) criteria. 11 USC 507 and 523 hold that taxes are dischargeable in bankruptcy if: The tax return was due more than three (3) years before the filing of the bankruptcy petition. If the debtor, received an extension of time to file the tax return, the period of the extension Read More +

Hurricane Irma And Bankruptcy

By Jay Weller Natural disasters and hurricanes and bankruptcy filings within affected areas are intuitively correlative.  One would expect that the economic and property damage incurred by a hurricane, such as Hurricane Irma, that beset portions of Florida would have an impact on the number of subsequent bankruptcies filed within the affected regions. This article will discuss the validity of this purported relation between hurricanes, natural disasters and bankruptcy filings.  The article will also discuss possible remedies for those seeking to avoid the filing of Read More +

Solar Eclipse Of 2017 Moves West To East: Houston, We Have A Problem!!

SOLAR ECLIPSE DEFINED Wikipedia defines a solar eclipse as an occurrence when the Moon passes between the Earth and the Sun, which either partially or totally obscures the image of the Sun for an observer standing on the Earth.  A total solar eclipse happens when diameter of the Moon appears larger than the diameter of the Sun.  Such occurrence blocks all direct light from the Sun, effectively turning day into night.  One can only view a total solar eclipse along a narrow range when viewed Read More +

A Brief Introduction To Lakeland, Florida

LAKELAND, FLORIDA EARLY HISTORY The Paleo-Indians came to the area known as central Florida and what is today known as Lakeland, Florida around the time of the end of the last ice age, according to Wikipedia.  It is estimated that such pre Colombian cultures existed in the Lakeland area almost 12,000 years ago.  According to this source, the Indians came to this area because they were searching for hunting and game opportunities.  The Indians stayed and their communities grew. According to such sources, when the Read More +

Bankruptcy Assistance

Bankruptcy assistance and representation in Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, and most avenues to address issues with debt, are available here at Weller Legal Group PA.  Weller Legal Group provides assistance in primarily Bankruptcy representation of debtors.  However, we offer programs to address debt outside of Bankruptcy, including Credit Counseling, Debt Settlements, Foreclosure Defense, and Credit Repair. Jay Weller founded Weller Legal Group in 1993 and quickly grew to seven offices throughout Florida, including Miami, Orlando, Tampa, Lakeland, Clearwater, Bradenton/Sarasota, and Port Richey, Florida.  Read More +