Bankruptcy Pros and Cons

The pros and cons of Bankruptcy are myriad. Among the cons of bankruptcy, is the filing of a Chapter 7 or Chapter 13 Bankruptcy will appear on your consumer credit report for a period of ten (10) years. Presently, in order to qualify for a federally backed mortgage loan, a debtor’s bankruptcy must be a least two years old. Some creditors may not extend credit to debtor’s who are still within a bankruptcy. Some creditors will extend credit to a debtor still in bankruptcy, with Read More +

Find A Bankruptcy Attorney in Clearwater, Fl

It is hard to find a good bankruptcy attorney in Clearwater, FL. However, Jay Weller at Weller Legal Group PA is here to help. Mr. Weller has practiced almost exclusively bankruptcy law since 1993. Mr. Weller only represents debtor and never creditors. Mr. Weller also practices mostly in the representation of debtors in Chapter 7 and Chapter 13 bankruptcy in Clearwater, Polk, Hillsborough, Pinellas, Pasco, Hernando, Manatee and Sarasota Counties. Since 1993, Weller Legal Group PA has represented many thousands of clients in the filing Read More +

the “means Test” in Bankruptcy (chapter 7) – Part Iii

Part III of Three Related Articles [See related articles on this blog: The Bankruptcy Abuse Prevention & Consumer Protection Act (BAPCPA), “Part I, Rationales”&“Part II, Changes in Bankruptcy Law”] After passage of the BAPCPA in 2005, anyone wanting to file for Chapter 7 bankruptcy relief was faced with the new requirement of having to pass a “means test” to determine their eligibility. The primary purpose of the means test is to help the court determine whether an individual should be allowed to file a petition Read More +

Bankruptcy Abuse Prevention & Consumer Protection Act of 2005 (bapcpa) Part Ii

Part II – Changes in Bankruptcy Law [See related articles on this blog: The Bankruptcy Abuse Prevention & Consumer Protection Act (BAPCPA), “Part I, Rationales” &Part III The “Means Test in Bankruptcy”] The enactment of the Bankruptcy Abuse Prevention & Consumer Protection Act (BAPCPA) in April, 2005, wrought significant changes in the law embodied in Chapter 7 of the United States Bankruptcy Code. Changes were also affected in Chapter 13 of the code, but such changes in that section were not as broad or as Read More +

Business Bankruptcy

A business bankruptcy can take a number of forms. In a Chapter 7, a corporation may file bankruptcy in order to seek the orderly liquidation of its enterprise. In a Chapter 7 bankruptcy, generally the corporation is liquidated and ceases its business functions. The assets of the business are sold and distributed among the creditors of the corporation. Despite the belief of many, including many bankruptcy attorneys, a corporation does not receive a discharge in a Chapter 7 bankruptcy. There are benefits for a corporation Read More +

Filing for Bankruptcy Can Help You Reinstate Your Driver’s License

There are several instances in which filing for bankruptcy can help you regain your driver’s license. In the state of Florida, if you are driving without insurance and you are involved in a car accident the Department of Highway Safety and Motor Vehicles (DHSMW) may suspend your driver’s license. However, filing for Chapter 7 or Chapter 13 Bankruptcy can sometimes help remedy this situation. If you injure someone or damage their property while driving uninsured, the other driver or interested party can sue you and Read More +

What is Chapter 12 Bankruptcy?

Chapter 12 bankruptcy is a type of bankruptcy specifically fashioned to either family farmers or fishermen seeking to reorganize or consolidate their debts through bankruptcy proceedings. The most commonly filed Chapters of bankruptcy are Chapter 7 bankruptcy and Chapter 13 bankruptcy. Chapter 12 bankruptcy is probably one of the least commonly filed forms of bankruptcy. Even Chapter 11 bankruptcy or corporate reorganization, is probably more commonly filed than Chapter 12 bankruptcy. Chapter 9 bankruptcy, which involves the reorganization of the debts of a municipality, may Read More +

Chapter 7 Bankruptcy

Chapter 7 of the Bankruptcy Code allows debtors to have their debts forgiven through liquidation. During this process, nonexempt assets are sold and the proceeds are distributed to creditors. Unlike Chapter 13 bankruptcy, where a debtor retains their property and pays back a portion of their debts, Chapter 7 bankruptcy discharges remaining debts so the debtor does not have to pay them. As the most common form of bankruptcy, Chapter 7 is also known as straight or ordinary bankruptcy. Chapter 7 bankruptcy is usually a Read More +

Chapters in Bankruptcy: A Short Primer

RE: CHAPTER 7, 11, & 13 BANKRUPTCIES This article is intended to provide background information on, and will discuss three chapters of the United States Bankruptcy Code – Chapter 7 (“liquidation” or “discharge” bankruptcy); Chapter 11 (“reorganization” bankruptcy); and, Chapter 13 (“wage-earner” bankruptcy). Chapter 7 Bankruptcy: Chapter 7 of the United States Bankruptcy Code provides for the sale of a debtor’s nonexempt property with the proceeds of sale being distributed among the debtor’s creditors. The process is called, “liquidation”. Chapter 7 bankruptcy is also known Read More +

Rookie Bankruptcy Paralegal Anthony Rodriguez

Episode 1: The Journey My name is Anthony Rodriguez. At age 33 I found myself barely making it in the San Fernando Valley located in the county of Los Angeles, California. Even making a decent income every year, I was still living paycheck to paycheck and struggling to make ends meet. Single, no kids and still struggling! I have nothing but love for California but I do not miss the struggle. In my opinion, there is no longer a middle class in Los Angeles. You Read More +