Will A Personal Swimming Pool Loan Be Included in Bankruptcy?

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A bankruptcy lawyer will tell you that individual advances from acquaintances, family members, a bank, or a credit union are liabilities that may be dismissed in insolvency. A dismissal excuses the person borrowing funds from the legitimate responsibility to repay previous liabilities. Some instances of liabilities that may be dismissed include swimming pool loans, charge cards, doctor bills, past due utility bills, returned checks, and court of law costs that aren’t thought to be deceitful. There are 19 types of debt that may not be Read More +

A Short History of Bankruptcy

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The etymology of the term “bankruptcy” is commonly believed to derive from a combination of two Latin words: “bancus” (table or bench) and “ruptus” (broken). The theory suggests that a public banker, upon failing to meet financial obligations, would have his bench—where transactions took place—broken as a symbol of his inability to negotiate and fiscal failure. This practice was widespread in Medieval Italy, leading many to attribute the term “bankrupt” to the Italian phrase “banco rotto,” translating to “broken bank.” Alternatively, some attribute the origin Read More +

Tips to Help with Early Retirement

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Everyone’s definition of retirement is unique, and there is no one definition that’s correct. However, the one thing that everyone can agree on is that the first step toward being able to retire early is debt management. Clarify your early retirement goals. There’s no single retirement strategy that works for everyone. This is why it’s crucial to determine what your vision of retirement is. You might be able to change your spending and saving habits by understanding how your current financial situation relates to your Read More +

Popular Tax Breaks Not Being Extended

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Many changes regarding the tax code will be occurring over the next couple of years. Along with a massive end-of-year spending bill, lawmakers also modified the treatment of retirement savings. Unfortunately, they didn’t give any tax credits. Therefore, there are four tax breaks that won’t be extended. The Child Tax Credit Currently, most parents receive a tax credit of up to $2,000 per year for each child. This became more generous throughout the first half of Biden’s term, which was viewed as successful by most Read More +

Tampa Bankruptcy Court Decision Relating to Tax Refunds

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A Bankruptcy Judge in Tampa delivered an important decision regarding tax refunds in Bankruptcy. On July 20, 2022, Bankruptcy Judge CJ Delano rendered a decision regarding whether a debtor may retain a portion of a tax refund received in the amount of $5,500. The debtor claimed $3,750 of such refund as exempt. The debtor’s argument was that portion of the refund should be exempt because it represented monies that the debtor withheld from his social security benefits. Social security benefits are exempt from levy, attachment, Read More +

5 Tips When Preparing to File for Bankruptcy

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Filing bankruptcy could be one of the biggest financial decisions you ever take. It can have significant implications for your finances and your personal life over the next few years and beyond. Therefore, it’s important to consider what is involved with filing bankruptcy and what you can do in order to prepare better for this big financial step in Clearwater. Let’s consider some of the top tips that could help you when preparing to file for bankruptcy. Spend Time Researching It’s important to know what Read More +

Does Dismissal of A Bankruptcy Dismiss Any Adversary Proceedings?

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If a debtor files Bankruptcy, whether a Chapter 7 or Chapter 13 Bankruptcy, does an adversary proceeding filed against the debtor, subsequently result in the dismissal of the adversary proceeding? Some debtors who file a consumer form of bankruptcy, such as a Chapter 7 or Chapter 13, may expectantly or unexpectantly find themselves a defendant in an adversary proceeding. An adversary proceeding is an action filed in the bankruptcy court in which a creditor objects to the dischargeability of a certain debt based upon either Read More +

Treatment of Child Support Arrears Owed to Bankruptcy Debtor

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How may the Bankruptcy Court treat child support arrears owed to a Debtor who files Bankruptcy? In such an instance, the Debtor or the Bankruptcy Attorney, on behalf of the Debtor, may engage in an analysis of two important concepts in Bankruptcy. The first question is whether child support or child support arrears are even to be included in the Bankruptcy Estate. How the property or asset in question is treated in its inclusion or exclusion from the Bankruptcy Estate, has a primary effect on Read More +

in Which Courthouse Should I File Bankruptcy?

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Under Title 28, Section 1408, cases under Title 11, are filed in the District Court for the District in which the person or entity filing Bankruptcy has for the prior one hundred eighty (180) days or the longer portion of the prior one hundred eighty (180) days, maintained either one’s domicile, residence, principal place of business OR principal assets. Although “residence” and “domicile” are not specifically defined in the Bankruptcy Code, one’s residence is generally held to be where one lives, or dwells, whereas a Read More +

What You Need to Know About the Foreclosure Process

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There are many financial responsibilities involved in owning a home. If you find yourself in a position where you can’t make the mortgage payments anymore, you face the risk of foreclosure. Fortunately, this is a process that you can halt anytime if you take the proper actions. Understanding How the Process Works You’ve received a letter from your bank stating that they’re foreclosing on your home. Unfortunately, you may not even understand the process and all it entails. Here are a few basic things that Read More +