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 +

the Pros and Cons of Filing for Bankruptcy

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There are many pros and cons of filing for bankruptcy. One of the biggest cons to doing so is that when you file for either a Chapter 7 or a Chapter 13 bankruptcy, it’ll show up on your consumer credit report for anywhere up to the 10 years of your life. Another thing that you’ll want to take into consideration is that if you want to file for a federally backed mortgage loan, some creditors won’t approve you for credit while you’re still in bankruptcy. Read More +

Chapter 13 Bankruptcy Treatment of Automobile Accidents

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If a Debtor is in an automobile accident, either before the filing of the Chapter 13 Bankruptcy or after the filing of Chapter 13, proceeds from any personal injury or property settlement arising out of the accident, are included in the Bankruptcy Estate. In Chapter 13 Bankruptcy in which the Debtor uses the Florida Bankruptcy Exemptions, there is no Exemption that specifically protects such proceeds arising from the accident. Most of our clients in Chapter 13 Bankruptcy, who are involved in an automobile accident, suffer 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 +

Relationship with Credit Card Companies After Bankruptcy

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One of the common myths circulating about bankruptcies is that after you have filed for bankruptcy, it will not be possible to use the services of credit card companies again. But keep in mind that there are thousands of credit card users out there, that filed for bankruptcy. Yet they are getting new offers. You can very well find new offers even after filing for bankruptcy. The bankruptcy filing can be an opportunity for rebuilding the creditworthiness. There is no need to avoid credit cards Read More +

Are You Responsible for A Family Member’s Credit Card Debt?

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If you click on any of the advice columns related to family relationships, you will discover several queries about relationships that got strained due to money. Various members of a family put each other to shame talking about the financial decisions they did not approve of. Poorer relatives do not like the wealthy ones because they are not generous with them, especially, for repaying credit card debts. In most cases, the eagerness of a family member to insert the chip or swipe the card doesn’t Read More +

Tampa Bankruptcy Court Leads All Divisions in Middle District of Florida in Filings

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The Tampa Bankruptcy Court consistently leads all other divisions in the Middle District of Florida in bankruptcy filings. There are four divisions that comprise the Middle District of Florida. These four divisions include Tampa, Jacksonville, Orlando and Fort Myers. For the months of January to September of the calendar year 2021, 5,227 cases were filed in the Tampa Division, whereas Jacksonville received 2,388 cases, Orlando 4,542 cases and Fort Myers 1,309 cases. For the current month of September 2021, Tampa received 528 filings, Jacksonville 232 Read More +

Comparing Credit Cards and Debit Cards

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Plastic money or cards be it credit or debit are among the most preferred modes of payment after cash. Over the last few years, there has been a substantial increase in the usage of both types of cards to pay for products and services. Although the debit card has no debt liability, credit card debt is something users need to manage while using for payments. Offered in a range of colors and patterns, they have replaced checkbooks that were widely used a few decades ago. Read More +

Legal Versus Equitable Interests in Bankruptcy

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When one files bankruptcy, a bankruptcy estate is created. The bankruptcy estate consists of all legal or equitable interests the debtor possesses in any property, at the time of the filing of the bankruptcy petition [See USC 541(a)(1)]. In bankruptcy, one may have a legal interest in property, or an equitable interest in property. A legal interest is represented by ownership in property that is generally more recognizable by law. If one buys an automobile and titles the automobile in his or her name, then Read More +