Archives: FAQs
Chapter 13 gives homeowners the opportunity to modify their home mortgage. In addition, it may provide up to five years to catch up on missed mortgage payments without additional interest charges. Chapter 7 does not include either of these options.
No, you will first have to comply with the terms of your bankruptcy case. You must also satisfy all conditions for discharge that are required under bankruptcy. Otherwise, the discharge may be withheld.
In 2005, Congress implemented the means test as a requirement for Chapter 7 bankruptcy. The means test requires Chapter 7 debtors to earn below a specified amount of income to be eligible.
Typically, in a collaborative divorce there is no mediator. Instead, the parties and their attorneys work together to negotiate terms. A mediator can be used in collaborative divorces but is generally avoided to help reduce costs.
In an uncontested divorce, the parties agree on the terms of the divorce prior to filing the case. Florida is a “no-fault” state, therefore; you won’t have to provide evidence of adultery or abuse for a divorce. Florida law only requires you to allege the marriage is irretrievably broken.
When a divorce is filed, the court will order an “equitable distribution” of marital assets and liabilities, including the house. Generally, the court will divide the marital assets and liabilities 50/50 between the couple, unless there are factors that would make an equal split inequitable.
Florida is a “no fault” state, therefore; you won’t have to provide evidence of adultery or abuse for a divorce. Florida law only requires you to allege the marriage is irretrievably broken.
Often, after a foreclosure auction, there will not be enough funds from the sale to pay the loan in full. In cases such as these, the bank may sue the borrower for the remaining balance (deficiency). Additionally, the bank will usually add interest, late penalties, and legal fees onto the balance. However, a Chapter 7…
Yes, homestead property (primary residence) is protected in both Chapter 13 and Chapter 7 bankruptcy. Therefore, you may not have to lose your home as a condition of bankruptcy. Additionally, you can apply for a mortgage modification or force the bank to give you 5 years to pay the past due amount with Chapter 13.
Florida is a “no fault” state, therefore; you won’t have to provide evidence of adultery or abuse for a divorce. Florida law only requires you to allege the marriage is irretrievably broken.