Puerto Rico & Bankruptcy

The island of Puerto Rico is officially a Commonwealth of the United States. Puerto Ricans are citizens of the United States who share many of the same rights and benefits of their fellow citizens living on the mainland. Until February, 1898, Puerto Rico had been under the colonial rule of Spain for centuries. In that year and month, Spain granted them a quasi-independent status. The welcome status under the rule of the Spanish Kingdom came with a constitution, voting rights, and a theretofore unknown sense Read More +

Home Owners’ Association Dues in Bankruptcy

Homeowners’ Associations are a fact in Florida, from the Deed-Restricted Communities to the Condominium Associations and Co-ops, many Floridians pay Monthly, Quarterly or Yearly Assessments to enjoy the benefits of architectural uniformity, common grounds maintenance and security. Adhering to community standards in turn helps maintain the appeal of the development, thereby increasing property values, and leading to happy homeowners. But sometimes, homeowners fall behind in their dues. This is a brief overview of how these back fees and assessments are treated in Bankruptcy. What is Read More +

Bankruptcy, Layoffs and Likely Sale – the “fate” of A Pulitzer Prize-winning Newspaper

One of West Virginia’s oldest newspapers, the Charleston Gazette-Mail announced on Monday, January 29, 2018, that a Chapter 11 Bankruptcy filing “is imminent”. The actual filing of bankruptcy pleadings has not been confirmed. Informed sources say the plan was to file the requisite Chapter 11 bankruptcy paperwork on Tuesday, January, 30th.If a Chapter 11 filing is commenced, West Virginia’s largest newspaper could be sold coming out of bankruptcy or otherwise liquidated. The report of the pending bankruptcy filing included news that the parent company of Read More +

Chapter 13 Bankruptcy Protection of Tax Refund the Matter of in Re Gibson

In Chapter 13 Bankruptcy the Chapter 13 Bankruptcy Trustee will often attempt to seize or attach the tax refund of the Chapter 13 Debtor. The position of the Chapter 13 Trustee is that the tax refund received by the Debtor is additional disposable income that ought to be contributed to the Chapter 13 Bankruptcy Plan. Even in jurisdiction in which a tax refund is considered exempt, or for which there are available exemptions to protect the tax refund, the Trustee will likely argue that the Read More +

Valuation of Assets in Bankruptcy

Valuation of property or assets in bankruptcy is an important element of any bankruptcy, including Chapter 7 and Chapter 13 bankruptcy. The proper standard of valuation has been the subject of considerable debate and litigation. Some of the controversy surrounding valuation of assets in bankruptcy has been ameliorated by the passage of the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA). The standard usually applied in determining the value of an asset for purposes of bankruptcy is the price a retail merchant would charge Read More +

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 +

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 +

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 +

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 +