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The coronavirus has had a devastating impact on the lives of countless Americans. Many have fallen ill, and others have become unemployed and are struggling to meet their financial obligations. Congress has recently enacted new laws to help homeowners struggling to pay their mortgage because of COVID. To learn more about which option may be…
Under Florida divorce law, an “equitable distribution” of the marital assets and liabilities is required. This also includes real estate owned by the parties. The court will divide marital assets and liabilities 50/50 unless there are factors that would make an equal split inequitable. Usually, the first step is to determine if the real estate is…
Florida is commonly referred to as a no-fault divorce state. Under Florida law, you don’t need to prove adultery or reasons for a divorce. See Florida divorce law 61.052. All Florida law requires is there be irreconcilable differences to obtain a divorce. Additionally, if the parties can reach a full agreement on the terms, they can…
We cannot always plan for everything life throws at us. Sometimes events will cause us to move unexpectedly without much notice. Moving becomes even more complicated if you have a parenting plan as a result of a divorce or paternity action. Depending on the specifics of your relocation, Court approval may be needed. If court…
Chapter 7 bankruptcy is designed to eliminate debt and give borrowers a fresh start. The Chapter 7 process is the shortest termed bankruptcy that you can file. A Chapter 7 case typically takes about 90 days, depending on how many assets and creditors you have. There are a lot of potential benefits to filing Chapter…
In most cases, obtaining a discharge will be the primary reason why a borrower files for bankruptcy. If a debt is discharged in bankruptcy, the borrower will be released from all personal liability on the debt. Further, creditors will be restricted from taking any collection action against the debtor for debts discharged in bankruptcy. Creditors…
Unexpected medical bills can financially devastate a family for many years to come. The rising cost of health care is proving to be a tremendous burden on families. Most people file bankruptcy because of medical bills. A study by the American Journal of Medicine found that 62.1% of all bankruptcy cases are attributable to medical reasons. Further,…
If you are experiencing financial hardship, Chapter 13 bankruptcy may provide some much-needed relief. Chapter 13 is when a borrower consolidates their existing debts into one monthly payment. Unlike Chapter 7 bankruptcy, borrowers will not be required to sell their assets as a condition of the bankruptcy. Instead, Chapter 13 is considered a restructuring bankruptcy…
In Chapter 13 bankruptcy, there should be no risk of being forced to liquidate assets. Chapter 13 is a reorganization bankruptcy where borrowers pay debts according to a court approved payment plan. On the other hand, Chapter 7 is a liquidation form of bankruptcy. Borrowers won’t have to pay their debts, but in exchange, the…
Florida is a judicial foreclosure state. Therefore, a bank or HOA seeking to foreclose a home must receive approval from a judge. The case must be filed in the circuit court where the property is located. Under Florida foreclosure law, all mortgage foreclosure cases are to be conducted in a court of equity. Courts of equity…