Bankruptcy and Your Retirement Funds: Safeguarding Your Future

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Bankruptcy is a challenging financial situation that can impact all aspects of your life, including your long-term savings. However, if you are considering filing for bankruptcy in Tampa, it’s crucial to understand how this decision might affect your retirement funds and what steps you can take to protect your financial future. Understanding Bankruptcy and Retirement Funds Bankruptcy is a legal process that helps individuals or businesses who cannot pay their debts get a fresh start by liquidating assets to pay their creditors or creating a Read More +

Festive Finances: Celebrating Wisely While Filing for Bankruptcy

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The holiday season can be a challenging time for individuals considering bankruptcy. The decision to file for bankruptcy before or after the holidays depends on various factors, including financial circumstances, personal priorities, and the timing of legal processes. 1. Timing Considerations The timing of a bankruptcy filing is crucial, especially during the holiday season when government offices and legal professionals may operate on reduced schedules. This can lead to delays in the bankruptcy process and impact the resolution of financial issues. It is important to Read More +

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 +

Money Saving Tips

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It’s a common misconception that you need everything to be perfectly aligned before you can start saving money, but this is not the case. In fact, if you wait for the “right time,” it’ll never happen. That’s why the best time to start saving money is right now. Fortunately, there are a lot of straightforward strategies that you can use to save money. Here are some that you may not have even thought of before. Cut down on your grocery budget.After you put together your Read More +

Why DIY Bankruptcy is A Bad Idea

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Bankruptcy is a complex legal process that has a lot of laws and procedures that may feel overwhelming if you aren’t properly trained to deal with them. Nevertheless, some people are still choosing to file for bankruptcy without help from a lawyer. This is known as “pro se” or DIY bankruptcy. While a DIY bankruptcy may appear to be a great option (especially if you want to save money by not paying for a bankruptcy attorney in Tampa), you need to understand the risk you’re 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 +

How to Deal with Bankruptcy

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Experiencing bankruptcy is typically a substantial financial hurdle, profoundly impacting the lives of those who go through it. You and your family may be going through this difficult experience and trying to find coping strategies and ways to make it more manageable. While there are often things that could have prevented bankruptcy, this is not always the case, and there are various external factors that often come into play. Whatever the circumstances, dealing with bankruptcy and its challenges can be difficult, and there are various Read More +

Tampa Bankruptcy Court Decision on Discharge of Construction Contractor Debt to Customer

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The Bankruptcy Court in Tampa rendered an important decision on whether a contractor employed to perform construction or repair services to a customer could Discharge such debt in Bankruptcy. In the case of Hollman v Morales (In re Morales) an individual hired the debtor, a handyman, to conduct repairs on his mobile home. The customer paid $25,000 for such services to be performed. Evidently, such services were not fully performed, and the handyman, and subsequently, the debtor, in the Bankruptcy, argued that the mobile home 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 +

Tampa Bankruptcy Court Important Decision Regarding Discharge of Income Tax Debt

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A Bankruptcy Judge in the Tampa Bankruptcy Court delivered an important decision regarding the Discharge of Income Tax Debt in Bankruptcy on August 23, 2022. The debtor filed what is referred to as an adversary proceeding seeking to Discharge numerous hundreds of thousands of dollars in tax debts. The Internal Revenue Service responded and argued that such debt should not be discharged pursuant to Bankruptcy Code 523(1)(C) based upon the premise that the debtor had willfully attempted to evade the payment of such taxes. Bankruptcy Read More +