keep your assets in Chapter 7 bankruptcy

In a Chapter 7 bankruptcy, a debtor may be required to liquidate non-exempt assets in exchange for being released from their debts. Assets which are exempt from the bankruptcy will not have to be sold. Exempt property is property that you do not have to forfeit when filing for bankruptcy and are instead entitled to keep. It is important to have an experienced Tampa bankruptcy attorney at your side who can use the bankruptcy law to help you keep your assets in Chapter 7 bankruptcy. Depending on the circumstances of your case all of your property may be exempt from the bankruptcy. On the other hand, you may be forced to liquidate precious assets if you file for bankruptcy and your property does not qualify for an exemption. Therefore, you should speak with a bankruptcy lawyer in Tampa before taking any legal action.

Keep Your Assets in Chapter 7 Bankruptcy with Exemptions

Florida has some of most favorable exemption laws for borrowers in the country. Florida exemptions can include, but are not limited to:

  • Real estate
  • Car
  • Pension accounts
  • Wages
  • Personal property
  • Jewelry
  • Damages awarded from personal injury lawsuits
  • Annuities
  • 401K plans
  • Tools used for business

For a complete list of exemptions or to see how exemption law may affect your bankruptcy, contact a bankruptcy law firm in Tampa to schedule a consultation

Keep Your Assets in Chapter 7 Bankruptcy with Property Redemptions

Under Bankruptcy law 11 U.S.C .722, the debtor has a right to buy back the assets they used as collateral from their creditor. Moreover, the cost of buying back the collateral may be much less than the amount of money owed to the creditor. The cost of the property will be determined by a court-imposed valuation, the amount of the loan used to secure the debt will not determine the buyback price. However, this right only applies to consumer goods securing a consumer debt.  Moreover, the property must be either exempt (see above) or abandoned by the bankruptcy trustee. Further, the debtor cannot use property of the estate to pay the buyback price. For more information on how to keep your assets in Chapter 7 bankruptcy with property redemptions contact a bankruptcy lawyer in Tampa.

How Keep Your Assets in Chapter 7 Bankruptcy with Reaffirmation Agreements

Reaffirmation is another tool available to keep your assets in Chapter 7 bankruptcy. See Bankruptcy law 11 U.S.C. 524. When a debt is reaffirmed, the borrower voluntarily agrees to pay the creditor all or a portion of the money owed. A borrower will usually reaffirm a debt when the debt has collateral the borrower wants to keep, such as a car or valuable jewelry. However, debtors should consult with their bankruptcy lawyer before agreeing to reaffirm a debt in bankruptcy. If a debt is reaffirmed and the borrower fails to pay the debt, the creditor can seek repossession and engage in other collection activity.

Reaffirmation agreements are completely voluntary, meaning a borrower in bankruptcy can never be compelled to reaffirm a debt. In addition, all reaffirmation agreements must be approved by the bankruptcy court before they can become effective. Normally, a court will only approve reaffirmation agreements if:

  • It is in the best interest of the borrower
  • It is entered into voluntarily
  • The borrower has the ability to repay the debt
  • The creditor gives something of value in return for the borrower signing the reaffirmation agreement
  • The debtor is given 60 days to rescind the reaffirmation

Bankruptcy Law Firm in Tampa

If you are having a difficult time meeting your financial obligations Florida Law Advisers, P.A. may be able to help. Our Tampa bankruptcy attorneys have years of experience helping people just like you solve their financial problems and obtain a fresh start. We combine our experience and skills in the courtroom with a thorough knowledge of the law to help achieve the results our clients need and deserve. When you hire Florida Law Advisers, P.A. you don’t just get legal advice, you get experienced bankruptcy lawyers by your side every step of the way. Call us today at 800 990 7763 to speak with a bankruptcy lawyer in Tampa.

PROPERTY EXEMPTIONS:
In a Chapter 7 bankruptcy, a borrower will be required to liquidate non-exempt assets in exchange for being released from the liability of the debt. Assets which are exempt from the bankruptcy will not have to be sold. Exempt property is property that you do not have to forfeit when filing for bankruptcy and are instead entitled to keep. It is important to have an experienced bankruptcy attorney by your side who can use the bankruptcy law to minimize the assets you have to sell. Depending on the circumstances of your case all of your property may be exempt from the bankruptcy. On the other hand, you may be forced to liquidate precious assets if you file for bankruptcy and your property does not qualify for an exemption. Therefore, you should speak with a bankruptcy lawyer in Tampa before taking any legal action.

Florida exemptions laws
are some of the most favorable laws for borrowers in the country. Florida exemptions can include, but are not limited to:

• Home
• Car
• Pension accounts
• Wages
• Personal property
• Jewelry
• Damages awarded from personal injury lawsuits
• Annuities
• 401K plans
• Tools used for business

For a complete list of exemptions or to see how exemption law may affect your bankruptcy, contact a bankruptcy lawyer in your area.

PROPERTY REDEMPTION:
Under Bankruptcy law 11 U.S.C .722, the debtor has a right to buy back the assets they used as collateral from their creditor. Moreover, the cost of buying back the collateral may be much less than the amount of money owed to the creditor. The cost of the property will be determined by a court imposed valuation, the amount of the loan used to secure the debt will not determine the buy back price. However, this right only applies to consumer goods securing a consumer debt. Moreover, the property must be either exempt (see above) or abandoned by the bankruptcy trustee. Further, the debtor cannot use property of the estate to pay the buy back price.

BUYING ASSETS FROM THE BANKRUPTCY TRUSTEE:
In addition to redemption, debtors can also buy the property from the trustee. Trustees have an obligation to liquidate (sell) the property of the bankruptcy estate to the highest bidder. Thus, if the debtor is the highest bidder, the Trustee must sell the property back to the debtor. Often, debtors will be able to buy back property at costs below market. However, the debtor must be able to pay for the property in full at the time of sale with funds secured from outside the bankruptcy estate.

REAFFIRMATION:
Reaffirmation is another tool available to debtor’s interested in retaining their non-exempt property. See Bankruptcy law 11 U.S.C. 524. When a debt is reaffirmed, the borrower voluntarily agrees to pay the creditor all or a portion of the money owed. A borrower will usually reaffirm a debt when the debt has collateral the borrower wants to keep, such as a car or valuable jewelry. However, debtors should consult with their bankruptcy lawyer before agreeing to reaffirm a debt in bankruptcy. If a debt is reaffirmed and the borrower fails to pay the debt, the creditor can seek repossession and other legal actions to collect the debt.
Reaffirmation agreements are completely voluntary, meaning a borrower in bankruptcy can never be compelled to reaffirm a debt. In addition, all reaffirmation agreements must be approved by the bankruptcy court before they can become effective. A court will only approve reaffirmation agreements if:

• It is in the best interest of the borrower
• It is entered into voluntarily
• The borrower has the ability to repay the debt
• The creditor gives something of value in return for the borrower signing the reaffirmation agreement
• The debtor is given 60 days to rescind the reaffirmation

If you are having a difficult time meeting your financial obligations Florida Law Advisers, P.A. may be able to help. Our Tampa bankruptcy attorneys have years of experience helping people just like you solve their financial problems and obtain a fresh start. We combine our experience and skills in the courtroom with a thorough knowledge of the law to help achieve the results our clients need and deserve. When you hire Florida Law Advisers, P.A. you don’t just get legal advice, you get seasoned bankruptcy lawyers by your side every step of the way. Call us today at 800 990 7763 to speak with a bankruptcy lawyer in Tampa.

requirements for Chapter 7 bankruptcy

If you are struggling to keep up with your expenses, you should consider filing for Chapter 7 bankruptcy. Chapter 7 gives borrowers the opportunity to eliminate debt and regain their financial health with a  fresh start. However, bankruptcy is not right for everyone and you should consult with a bankruptcy law firm in Tampa before taking action. Additionally, there are legal requirements for Chapter 7 bankruptcy in Florida which must be satisfied in order to obtain the fresh start Chapter 7 can offer.

Liquidation Requirements for Chapter 7 Bankruptcy

Chapter 7 bankruptcy is also known as a liquidation bankruptcy because the debtor (borrower) may be ordered by a bankruptcy court to sell certain assets as one of the requirements for Chapter 7 bankruptcy. Fortunately, not all of a debtor’s assets will be subjected to liquidation by the bankruptcy court. Florida bankruptcy law provides exemptions for many of the assets a debtor might own. If an asset is exempt from liquidation the borrower will not be required to sell the asset. An experienced bankruptcy attorney in Tampa should be well aware of all the exemptions available to a debtor and limit the amount of assets a borrower may have to liquidate in a Chapter 7.

Typically, individual consumers with large amounts of unsecured debt file for Chapter 7. However, Chapter 7 is not reserved solely for individual consumers, partnerships and corporations that have a place of business in the U.S. may also be eligible for Chapter 7. See 11 USC 101. However, railroads, banks, credit unions, and insurance companies are specifically exempt from Chapter 7 relief.

Requirements to Refile Chapter 7 Bankruptcy

Bankruptcy law also restricts how often a debtor can file for Chapter 7. Under current bankruptcy law, a debtor that previously filed for Chapter 7 relief must wait eight years before being eligible for Chapter 7 again. The wait time for eligibility was increased from six years to eight years as part of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA).

Financial Requirements for Chapter 7 Bankruptcy

The BAPCPA enacted many requirements for Chapter 7 bankruptcy, including the means test. The purpose of the Means Test is to reserve Chapter 7 bankruptcy protection for individuals who truly need it. The Means Test requires that applicants earn an income below a specified amount as one of the requirements for Chapter 7 bankruptcy. The Means Test must to be completed on Bankruptcy Form 22A and signed by the debtor. Further, the Form 22A must include a verification that the information provided in the Form is true and correct under penalty of perjury. The Means Test is a multistep process that can be confusing and intimidating to debtors filing for Chapter 7 without the aid of a bankruptcy lawyer. For more information on how the Means Test works contact a Tampa bankruptcy lawyer.

Credit Counseling Requirements for Chapter 7 Bankruptcy

Requirements for Chapter 7 bankruptcy also include credit counseling classes. Chapter 7 debtors are required to complete a credit counseling class within the 180 days immediately preceding the bankruptcy filing. The class can be done on an individual basis or conducted in a group setting. Moreover, the course can take place by telephone, internet, in person, or even in your attorney’s office with your bankruptcy lawyer present. Once the course is complete the debtor will need to file a statement of compliance with the bankruptcy court. The statement should include either a certificate or a statement that the debtor received the briefing but does not have a certificate.

Bankruptcy Law Firm in Tampa

At Florida Law Advisers, P.A. we understand that filing for bankruptcy can be a very confusing and intimidating process.  That is why we work so hard to make the process as easy as possible for our clients. When you hire Florida Law Advisers, P.A., you get  an experienced Tampa Tampa bankruptcy lawyer by your side throughout every phase of the bankruptcy process. We will help ensure your rights are protected, keep you well-informed every step of the way, and help you receive the utmost protection bankruptcy can offer. To schedule a free consultation with a bankruptcy lawyer in Tampa call us today at 800 990 7763

If a police officer has reasonable suspicion that a driver is operating a vehicle while under the influence of drugs or alcohol, it is likely that the officer will ask the driver to conduct a field sobriety exercise. Field sobriety exercises are designed to test a person’s physical and mental capabilities. Field sobriety tests are agility and coordination based exercises that can be difficult to perform even if you are not under the influence of drugs or alcohol. These tests typically include the finger-to-nose test, the walk-and-turn test, the one-legged stand test, the balance test, the alphabet test, and the horizontal gaze nystagmus test (HGN). See Florida v. Meador.

Unlike chemical tests for alcohol and drug use, field sobriety exercises are voluntary and the driver can refuse to participate. Nevertheless, if you refuse to participate in the field sobriety exercise it is likely you will still be arrested for DUI. Often police officers have already decided to arrest a driver for DUI at the time they request a field sobriety test and are simply trying to obtain additional evidence they can use to bolster their case. Additionally, the State can use your refusal to participate in the field sobriety exercise as evidence of guilt. See Taylor v. Florida. It is highly recommended that anyone accused of DUI seek the advice of a DUI defense attorney, regardless of the circumstances of the arrest. There may be affirmative defenses and legal arguments a defendant is not made aware of without the aid of a DUI lawyer. Additionally, there may be legal grounds to throw the results of a field sobriety test out of court as inadmissible evidence.

Officer’s cannot mislead drivers on their right to refuse to participate in a field sobriety test. However, officers also do not have an affirmative duty to inform drivers that the field sobriety test is voluntary. See Florida v. Whelan. Field sobriety tests are considered physical tests, not testimonial evidence; therefore, they are not included in a defendant’s Miranda rights. See Florida v. Macias. Since Courts have consistently ruled field sobriety exercise are nontestimonial they are not covered by the 5th Amendment’s right against self-incrimination. Thus, most drivers are unaware of their right to refuse to participate in field sobriety exercises without first consulting with a DUI defense attorney.

Not all field sobriety tests are exempt from Miranda rights. In Florida v. Allred, the Florida Supreme Court ruled that requiring a driver to recite the alphabet or count numbers is testimony and entitled to the 5th Amendment right against self-incrimination. Further, the field sobriety test conducted was classified as an interrogation and required the defendant to be read his Miranda rights prior to conducting the test. The Supreme Court agreed with the DUI defense lawyer in this case and ruled that the field sobriety test was inadmissible in a court of law for failure to read the defendant his Miranda rights. Whether or not a field sobriety test is exempt from the 5th Amendment’s right against self-incrimination will depend on the individual specific circumstances of each case. If you were arrested for DUI you should contact a DUI defense attorney in Tampa for legal advice on your specific situation.

If you were arrested for DUI after participating in a field sobriety exercise, it is important that you hire an experienced Tampa DUI lawyer to protect your rights. At Florida Law Advisers, P.A. our DUI lawyers use their skill and experience to defend clients in all DUI matters. If you agreed to a field sobriety exercise, we can demand a copy of the videotape prior to trial and review it with you. Our DUI attorneys in Tampa are well trained in field sobriety tests and can help identify errors by the police officer and other grounds to challenge your arrest. For a free consultation with a DUI attorney in Tampa call us today at 800 990 7763

how to terminate alimony in Florida

Florida divorce law provides for how to terminate alimony in Florida. Under Florida divorce law §61.14, alimony payments may be modified or terminated by a Florida family law court if there is an unanticipated, substantial, material, and involuntary change in the circumstances of either party, that  was not contemplated for at the time the amount of alimony was set. The modification can either increase, decrease, or terminate the alimony paid to an ex-spouse. If you need assistance with terminating or preventing a change in alimony contact a divorce attorney in Tampa advice on your specific case.

How to Modify Alimony in Florida

If permanent alimony was awarded it may modified or terminated upon the death, remarriage, or when the ex-spouse enters into a supportive relationship. However, the most common reason a modification of alimony is an involuntary loss of income. Voluntary reductions in income by incurring debt is not valid grounds for a modification. See Cowie v. Cowie. When determining if a modification is justified, the court will consider the parties’ relative financial circumstances at the time of entry of the final judgment, compared with the parties’ relative financial circumstances when the petition for modification was filed. See Mastromonico v. Mastromonico. For more information on how to terminate alimony in Florida due to death, remarriage, or change in income contact a divorce law firm in Tampa for assistance.

How to Terminate Alimony in Florida due to Remarriage

Knowing how to terminate alimony in Florida due to remarriage or a supportive relationship can be tricky. If a modification of alimony is sought due to a supportive relationship, the party seeking the change has the burden of proving the supportive relationship warrants a modification. Determining whether or not the supportive relationship is grounds for an alimony modification will depend on the specific circumstances of the case. The court will consider many factors, such as:

  • The extent to which the party receiving the alimony and the person they are in a relationship with have acted as a married couple. For instance, are they using the same last name, living together, referring to each other as husband and wife, or otherwise conducting themselves as if they are in a permanent supportive relationship.
  • The extent to which the party receiving the alimony and the person they are in a relationship with have pooled their assets and income.
  • The extent of financial support provided to the ex-spouse by the person they are now in a relationship with.

A skilled divorce attorney will be able use these factors and other evidence to support their client’s position. Additionally, there are many other circumstances that a divorce lawyer can use as ammunition to persuade the court. If you are seeking a change in alimony or trying to prevent a change in alimony payments you should contact an experienced divorce attorney in Tampa.

Tampa Divorce Law Firm

The divorce attorneys at Florida Law Advisers, P.A. have years of experience in both advocating for and against alimony modifications. Our attorneys know what factors are important to Florida family law judges and can competently advocate for our clients rights. If you would like to speak with a divorce lawyer at our firm callus today at 800 990 7763.