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Chapter 13 bankruptcy payment plan

If you are experiencing financial hardship because the income you receive is not enough to pay your monthly bills Chapter 13 bankruptcy may provide some much needed relief. Chapter 13 is a form of bankruptcy in which a consumer consolidates their existing debts into one monthly bill that is paid to a bankruptcy trustee.

legal separation in Florida

No one enters into a marriage with the expectation that it will end. However, people and circumstances change over time and a once-thriving marriage may find itself in turmoil. When this occurs, often couples will decide to separate before filing for divorce.

Florida divorce with a home

Under Florida Statute §689.115, when a married couple jointly purchases a home or other personal property it is presumed that the property will be held as a tenancy by the entireties. In a tenancy by the entireties, the property is owned by the marital union, rather than by the individual spouses. Each party to the marriage will have a half interest in the marital union, which in turn owns the property. The parties to the marriage will jointly be entitled to any profits, rents, or liability from the property held as a tenancy by the entireties.

How to Transfer Assets Before Bankruptcy

If you are thinking about filing for bankruptcy you should meet with a bankruptcy lawyer to discuss your case before taking any legal action. Without competent legal advice you may be unaware of bankruptcy laws that prohibit you from making transfers of property or incurring certain debts prior to filing for bankruptcy. Under current bankruptcy law, the Trustee has the right to bring an action to prohibit the discharge of debts or avoid transfers.

annulment in Florida

To create a valid marriage in Florida, a couple must secure a marriage license and then solemnize the marriage in a formal ceremony. The marriage license must be issued by either a Florida county court judge or clerk of the court. The issuing officer is required to issue the marriage license so long as the requisite fee is paid and there are no impediments to the marriage.

preferential transfer in bankruptcy

If you are considering filing for bankruptcy, you should consult with a Tampa bankruptcy lawyer as soon as possible. Without competent legal advice you may be unaware of bankruptcy laws that prohibit you from making specified purchases, payments, or transfers of property prior to filing for bankruptcy.

common law marriage in Florida

Common law marriage is a marriage that has never been formally registered with the state, there was no official ceremony or marriage certificate issued. All that is necessary is a consent by the parties to the relationship, coupled with some outwardly visible action, such as living together.

eliminate a 2nd mortgage

Lien stripping is a very useful tool for borrowers seeking bankruptcy protection. Lien stripping may allow you to eliminate a 2nd or 3rd mortgage on your home and reduce your car loan to the car’s current market value. If the lien is stripped down to the market value, the remaining loan balance will be treated as an unsecured claim in bankruptcy and subject to discharge.

Student loans in a divorce

When a couple gets a divorce the court will order an “equitable distribution” of the martial assets and liabilities. 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. The first step in reviewing a case to determine the distribution of assets is to classify each asset and debt as either marital or separate property.

median income

The U.S. Trustee’s Office recently announced changes in the median income used in the Chapter 7 bankruptcy means test. This is significant since all Chapter 7 petitioners must pass the means test in order to qualify for Chapter 7. If an individual does not pass the means test their only bankruptcy option will be to file for either Chapter 13 or Chapter 11. The U.S. Trustee will typically change the median income figures twice a year, the recent changes became effective May 1, 2014. The next adjustment to the median income figures are expected to be announced in October or November of this year.