Child support and alimony receive nearly the greatest level of protection when you file bankruptcy. Although child support is considered “unsecured debt,” which is typically dischargeable, the Bankruptcy Code provides special treatment for this domestic obligation. See bankruptcy law 11 U.S.C. § 507(a). Child support and alimony will be the first of the unsecured claims to be paid among all your other unsecured creditors
A term you will often hear, whether you file Chapter 7 or Chapter 13 bankruptcy, is “exemption.” This is special protection that the Bankruptcy Code provides for a certain amount of value in your personal property. See 11 U.S.C. § 522. There are federal and state exemptions, and the state exemptions are different from state to state. The difference in federal and state exemptions is the dollar amount of certain pieces of property that are protected from becoming property of the bankruptcy estate.
automatic stay is in place. See bankruptcy law 11 U.S.C. § 362(a). In most cases, the automatic stay will remain in effect until your bankruptcy case is discharged. The automatic stay is available under both Chapter 7 and Chapter 13 bankruptcy. If you are unsure about which Chapter is right for you speak with a bankruptcy attorney in your area. Florida Law Advisers, P.A. offers a free initial consultation for bankruptcy clients, to speak with a bankruptcy lawyer in Tampa click here.
Generally, your Social Security benefits are protected under Chapter 7 and Chapter 13 bankruptcy, meaning that the funds belong to you and the trustee cannot take them. See bankruptcy law 11 U.S.C. 522. The monthly benefits that you receive in Social Security are exempt from being seized or garnished. However, it is important that, prior to filing bankruptcy, you keep your Social Security income in a separate bank account from your regular funds.
Alimony, which is also commonly referred to as maintenance or spousal support is payment from one ex-spouse to the other. The fundamental principal behind an award for alimony is the disparity in financial resources of the two parties. However, disparity in financial resources alone is not enough to justify an award for alimony.
Florida is a judicial foreclosure state, that means a party seeking to foreclose a home must go to court and receive approval from a judge before a home is sold at a foreclosure action. This includes not just banks, homeowners associations (HOA) must also go through the court process before foreclosing on a home located in Florida.
Many people who choose to file Chapter 7 do so because they can no longer afford to stay in their home, and/or want to be relieved of their car loan. In Chapter 7, you have three options when it comes to your secured debt, and you must file a statement of intention as to those secured debts within 30 days of filing your bankruptcy petition. See bankruptcy law 11 U.S.C. § 521. It is highly recommended to consult with a bankruptcy attorney prior to completing you statement of intentions. Without competent advice you may accidentally limit the amount of relief bankruptcy can provide. For information on how to treat debt in a specific case contact a bankruptcy law firm in your area.
If a debt is discharged in bankruptcy the borrower (debtor) will be released from all personal liability on the debt. Further, the bankruptcy discharge prohibits a creditor from taking any collection action against the borrower. In most cases, obtaining a discharge will be the primary reason why a borrower files for bankruptcy. However, there are many nuances of bankruptcy law which can prevent a discharge of certain debts. Therefore, it is important to seek the advice and counsel of a bankruptcy attorney when pursuing relief from Chapter 7 or Chapter 13. For instance, debts are treated differently under bankruptcy law depending on the type of debt.
Debt is categorized into two types: secured and unsecured. First, think of secured debt as something tangible (i.e., a home or a car).
If you are overwhelmed with debt, filing for bankruptcy may help bring some much needed relief. However, bankruptcy is not right for everyone and you should consult with a bankruptcy attorney before taking action. If you decide to move forward with bankruptcy there will be some requirements you have to satisfy prior to the bankruptcy court accepting your petition. For more information on the process for filing a Chapter 7 or Chapter 13 bankruptcy contact a bankruptcy law firm in your area.
Whether you want to file chapter 7 or chapter 13, you must complete a “credit counseling course” within 180 days prior to filing your bankruptcy petition. Bankruptcy judges are very strict with this requirement. If you take the course more than 180 days prior to filing, the court will make you take the course again.
Each parent of a child has a duty to provide for the basic needs of his or her own child. That duty exists regardless of the existence of a marriage between the parents of the child. Upon a couple separating who has children together a court will grant a child custody order that may contain a child support order. A child support order issued in Florida (or any other state) is a legally-enforceable court order requiring one parent to make a periodic payment of support to the other parent for purposes of supporting the child or children. The amount and duration of the child support payments will be based on Florida’s Child Support Guidelines. For assistance with the Guidelines contact a family law attorney in your area.
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