What Happens After Chapter 7 Bankruptcy?

The process of filing for chapter 7 bankruptcy can be complicated, but debtors usually feel a sense of relief after discharge. But with this sense of relief also comes questions about how to move on after bankruptcy. We commonly get questions about the best ways to move forward after chapter 7 bankruptcy, and many wonder about the length of time that bankruptcies will stay on their credit report. We’ve put together a short article exploring these issues and outlining practical steps for moving forward. How Long Does Bankruptcy Take? In and of [...]

Foreclosure Rates Falling—But Jacksonville Still Among Hardest Hit

Falling behind on mortgage payments or homeowner association fees can be daunting, and the possibility of having your home go into foreclosure is something no one wants to face. The good news is that nationally, foreclosure rates for July 2019 were down 21% from last year—but there were some unexpected findings as well. Hardest Hit States and Cities Although the overall foreclosure rates are down from the previous year, Florida and 3 of its cities ranked among those with the highest foreclosure rates in July 2019. Below is a list of the top [...]

What Is the Chapter 13 Disposable Income Test?

The chapter 13 disposable income test is the court’s way of ensuring that all your disposable income is going towards repaying your debts during your repayment period. Your disposable income is what remains after you’ve deducted all living expenses such as food, clothing, housing, utilities, insurance, childcare expenses, medical expenses and insurance costs and mandatory payments. As you move forward with a chapter 13 disposable income test, it’s important to consider: Priority and Secured Debts: Priority debts such as alimony or child support, as well as secured debts such as mortgages or [...]

What Not to Do Before Bankruptcy

If you are struggling under the stress and burden of unpaid debt, it can be tempting to make rash decisions to get relief. But bankruptcy, while an effective financial solution for some, is a serious legal matter that should be carefully thought out. Unfortunately, many people rush into bankruptcy because of mounting financial pressures without considering whether they are in the best position to file. In this article, we’ll discuss a few things you should avoid before filing bankruptcy, so that you can better decide if your situation is conducive for moving [...]

Florida Bankruptcy Court Offers New Student Loan Repayment Program

It’s no secret that student loan debt is a widespread problem within the United States. With an estimated 44 million Americans owing $1.5 trillion in student loan debt, many Americans are looking for a way out and are seeking relief from surmountable debt. But as a result of Clinton-era legislation, bankruptcy doesn’t always provide relief to student loan debtors. Thankfully, a new Florida student loan program is designed to address this problem, and give debtors with student loan debt more options for relief in bankruptcy. We’ll explore more information about this new [...]

Why File for Bankruptcy?

Insurmountable debt can make life feel like an inescapable prison. Circumstances such as job loss or even medical debts can make it difficult to keep your head above water, and many people struggle to find a way out. Bankruptcy can offer relief, but for most people, the idea of filing for bankruptcy can be a scary one. It can create feelings of failure and shame, or make you feel as if you and your finances will be stigmatized for life. Bankruptcy doesn’t need to carry the stigma of shame or embarrassment. For [...]