Florida Law Provides for the Use of the Florida State Exemptions and Not the Federal Exemptions in Bankruptcy Proceedings

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Florida Statute Section 222.20 provides:   In accordance with the provision of s. 522(b) of the Bankruptcy Code of 1978 (11 USC s. 522(b)), residents of this state shall not be entitled to the federal exemptions provided in s. 522(d) of the Bankruptcy Code of 1978 (11 USC s. 522(d)). Nothing herein shall affect the exemptions given to residents of this state by the State Constitution and the Florida Statutes.   HOWEVER, IN SOME CASES, A DEBTOR IN A BANKRUPTCY COURT IN FLORIDA, MAY USE Read More +

the Us Bankruptcy Code and Student Loans

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The US Bankruptcy Code And Student Loans: Constructing The Plain Meaning Of The Bankruptcy Code In Attacking Student Loans  Part II In Series by Jay Weller   Editors Note: In Part One in our Series on Student Loans, the writer offered an Equation in determining whether Student Loans can be Discharged in Bankruptcy. The Equation should properly state:   UNDUE HARDSHIP + (NOT A OR B OR C) = STUDENT LOAN DISCHARGE   For the Second Portion of our analysis of Student Loans, the analyzer Read More +

Dischargeability of Student Loans

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Dischargeability Of Student Loans Interpreting Bankruptcy Code Section 523(a)(8) Constructing The Plain Text Of The Bankruptcy Code In Determining Whether A Student Loan Can Be Discharged Or Eliminated In Bankruptcy Part One of A Series By Clearwater Florida Bankruptcy Lawyer Jay Weller Please refer to the Text of the prior Post which repeats, word for word, the Text of the Bankruptcy Code as its applies to Student Loans. Section 523(a)(8) of the Bankruptcy Code defines when Student Loans can be Discharged or eliminated in Bankruptcy. Read More +

What Section of the Bankruptcy Code Applies to Student Loans?

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What Does Bankruptcy Code Specifically Say About Student Loans? By Jay Weller Section 11 USC 523(a)(8) of the US Bankruptcy Code is the operative Section in regards to Student Loans. Section 523(a)(8) States STUDENT LOANS ARE NOT DISCHARGED UNLESS: Unless excepting such debt from discharge under this paragraph would impose an UNDUE HARDSHIP on the debtor and the debtor’s dependants, for- (A)(i) an EDUCATIONAL OVERPAYMENT or LOAN MADE, INSURED, or GUARANTEED by a GOVERNMENTAL UNIT or NONPROFIT INSTITUTION; or made under ANY PROGRAM FUNDED in Read More +

Treatment of Automobiles in Bankruptcy

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Here Are Your Options By Jay Weller Many of the Clients of Weller Legal Group have difficulties presented by their Automobile Loans. Loss of income, or unexpected financial circumstances sometimes leaves a Client delinquent on his Automobile Loan and in danger of Repossession. Sometimes, the monthly payment is too burdensome for the Client to pay, with the attendant other Debts he may have. Bankruptcy can help these Clients in numerous ways. In a Chapter 13 Bankruptcy, or what is referred to as a Debt Consolidation, Read More +

Discharge of Second Mortgages in Bankruptcy

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An Explanation Of The Mechanisms Of Lien Stripping By Jay Weller One tool used by knowledgeable Bankruptcy Attorneys is a process called Lien Stripping. Lien Stripping in Bankruptcy permits the Bankruptcy Attorney, on his Client’s behalf, to eliminate or Discharge Second and Lesser Mortgages, meaning other than the First Mortgage. In order to Lien Strip a Second Mortgage, the Fair Market Value of the Debtor’s Homestead must be less than the Balance of the First Mortgage. In such a circumstance, the result is that the Read More +

in Re Lisowski: Florida Bankruptcy Court Decision Grants Separate Exemption for Mobile Homes

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In Re Lisowski: Florida Bankruptcy Court Decision Grants Separate Exemption For Mobile Homes An Opinion By The Great Bankruptcy Judge, The Honorable Paul M. Glenn By Jay Weller A 2008 United States Bankruptcy Court Decision by the Honorable Paul M Glenn, held that Florida’s Modular Home Exemption which permits Debtors who own a mobile home that is used as their Residence, and is located on leased land, does not implement the Florida Homestead Exemption, but is a separate Exemption, and can be applied under the Read More +

the Coming Crisis – Part Vii

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Pension Plans And The Detroit Bankruptcy    The Centre for Retirement Research (CRR) report found that in the United States, the States pensions for its employees are 27% underfunded. The total amount of obligations that are underfunded amount to about one trillion dollars. To calculate the one trillion dollar shortfall, CRR used the mathematics used by most States wherein the State uses an annual discount rate of 7.5% to 8%. The discount rate is an assumption that the pension plan monies that are invested will Read More +

the Coming Crisis – Part Vi

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Pension and Health Plans in Detroit This is part VI in our series on the Detroit bankruptcy, and pension and health plans for governmental retirees. The approach to the bankruptcy in Detroit has important significance not only to the city of Detroit and its inhabitants, but to the bond market that finances much of many American cities efforts, and to pension plans and other benefits that governmental retirees receive nationally. Detroit is the largest city in the United States to ever file for bankruptcy. The Read More +

the Coming Crisis – Part V

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Pension Plans And The Detroit Bankruptcy Please refer to the earlier parts of this series to better understand the context of this article. The City of Detroit is in bankruptcy. Detroit is probably one of the most visible of the cities in the United States that have entered or filed bankruptcy proceedings. The primary issue confronting Detroit and many other large cities are the unrealistic pension and medical benefits with its police, fire and other governmental unions, negotiated with the governmental agencies or politicians that Read More +