How Is Your Chapter 13 Payment Calculated?

We understand that for those just beginning the chapter 13 process, the prospect of debt repayment can bring anxiety and uncertainty. To help you feel comfortable with the repayment process, we'll shed light on how chapter 13 payments are calculated, and give valuable insight on what to expect. Understanding Repayment Length Before you can understand how chapter 13 payments are calculated, it's essential to know more about repayment length, as this is a major determining factor of your monthly payment amount. With chapter 13 bankruptcies, monthly payments are made throughout a three [...]

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 [...]