The mayor of Hartford, Connecticut, Luke Bronin has been intimating for a number of months that the city may need to file Chapter 9 bankruptcy. Chapter 9 bankruptcy is a form of bankruptcy where a municipality can seek to reorganize its debts, and arrange such debts in a reduced payment over a period of years. According to reports, Hartford currently has a $65 million dollar deficit and has problems meeting its obligations, including upcoming shortfalls in revenue of $7 million in November, 2017 and $39.2 Read More +
MESSAGE FROM A BANKRUPTCY ATTORNEY IN CLEARWATER, FLORIDA PART TWO Jay Weller is a Bankruptcy Attorney in Clearwater, Florida. Jay Weller and Weller Legal Group have Law Offices in Clearwater, Port Richey, and Lakeland, Florida, and have filed over 40,000 Bankruptcies, since 1993. In order to understand this Article, please read Part One. What are the ramifications of the Supreme Court Decision in Bank of America v Caulkett? Why is its construction of the Bankruptcy Code important? Please note that the Supreme Court Decision in Read More +
Florida Statute Section 222.07 states: Upon the completion of the inventory the person entitled to the exemption, or the person’s agent or attorney , may select from such inventory an amount of property not exceeding, according to such appraisal, the amount of value exempted; but if the person so entitled, or the person’s agent, or attorney, does not appear and make such selection, the officer shall make the selection for him or her, and the property not so selected as exempt may be sold.
The Judge in Public Health v Lopez, when discussing the Florida Homestead Exemption, as a protection against Creditors, stated that the purpose of the Homestead Exemption is to promote the stability and welfare of the state by securing to the householder a home, so that the homeowner may live beyond the reach of financial misfortune.
In order for a Debtor to claim the benefit of the Florida Homestead Exemption, against a Creditor, he must be a Resident of the State of Florida. In re Bermudez, a 1992 South District Court decision held that a Debtor who has a permanent visa or green card can qualify as a Resident of Florida for purposes of the Florida Homestead Exemption. An Alien Debtor, or a Debtor illegally within the borders of the United States, and specifically Florida, cannot claim the Homestead Exemption against Read More +
If you live in the State of Florida and you own property, you may be able to claim that property as Exempt as your Homestead. Our prior Blogs discussed the requirements to establish the Homestead Exemption. In turn, a Creditor or a Bankruptcy Trustee can potentially seek to oppose your assertion of the Homestead Exemption to your property. The Creditor’s checklist includes: Is the property located in the State of Florida? Is the Debtor residing or his family residing, in the property? If the Read More +
After forty months, if a property in the State of Florida qualifies as a Debtor’s Homestead or qualifies for the Homestead Exemption pursuant to Florida Law, then the property may have an unlimited fair market value, provided such property does not exceed one-half acre within a municipality in the State of Florida and 160 acres if such property is located outside a municipality in the State of Florida.
Florida has a Head Of Family or Head Of Household Exemption that provides that the Wages of the Head Of Family are Exempt from Garnishment. That means the Wages of the Head Of Family cannot be Garnished in the State of Florida. There are some exceptions to this Law.
The Exemption for the Head Of Family is defined in Section 222.11 of the Florida Statutes. The Wages of the Head Of Family cannot be garnished in the State of Florida. There are some exceptions to this Law. Section 222.11 provides: The EARNINGS of the HEAD OF FAMILY cannot be Garnished, UNLESS The Head Of Family has DISPOSABLE EARNINGS of more than $750.00 per week AND such person AGREED OTHERWISE IN WRITING. The important terms to define are HEAD OF FAMILY, EARNINGS, DISPOSABLE EARNINGS, Read More +
Debtors Prisons In Early American History Debtor’s Prisons existed in the United States dating from the beginning of Colonization to 1850. Numerous important early political figures were incarcerated throughout the history of debtors prisons, most likely giving the Founders a perspective on the ills of the debtor prison system. William Morris, one of the signors of the Declaration of Independence, was imprisoned from 1798-1801 in a debtors’ prison in Washington, DC. One of his more regular visitors was George Washington. James Wilson, another signor of Read More +