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Miami Bankruptcy Law Blog

How will Chapter 7 bankruptcy affect me?

With the holiday season right around the corner, it is easy to overspend and end up in serious debt. Last week, we talked about how credit card debt can wreck havoc on your life. We discussed some ways to rein in holiday spending. Some of our Florida readers might be past the point of reigning in holiday spending. Those readers might be contemplating bankruptcy. Chapter 7 bankruptcy is one option that is on the table for some people. This type of bankruptcy has some very specific points that you must consider prior to filing.

What does Chapter 7 bankruptcy do to my property?

Don't let your holiday budget land you in bankruptcy court

The countdown to the holidays has begun. A major reason that Florida residents consider filing for bankruptcy is out of control credit card debt. Below are some ways to keep a tight rein on your holiday spending.

-- Set a budget and stick to it. Calculate how much you will be spending on the holiday meal, decorations, gifts and libations ahead of time so you're not tempted to wear out your plastic charging extras. Live holiday trees can be quite costly in south Florida; consider purchasing an artificial tree that can be used again.

You have options to stop foreclosure on your home

In our Nov. 12, 2014 blog post, we discussed some of the points surrounding a judicial foreclosure. That post might have some of our readers wondering what they should do if they find out that their home is facing a foreclosure. The truth is that there are several options available for homeowners who are facing foreclosure. Which option is the best for one person might not be the best for another, so anyone facing foreclosure should understand all his or her options.

One option for homeowners is that they can let the foreclosure proceed. That isn't something that most homeowners want to do. Most people don't want to see their largest asset go back to the mortgage holder. For those people, exploring the other options is necessary.

The basic terminology of consumer bankruptcy

If you are going through a bankruptcy in Florida, you may find that you are hearing terms for the first time and are unsure exactly what they mean. Below are some common terms used in consumer bankruptcy proceedings and their definitions.

-- Automatic stay: This is an injunction thatstops all action in foreclosures, garnishments, collection activities and lawsuits against debtors who have filed a petition for bankruptcy.

What is a judicial foreclosure in Florida?

We have often discussed foreclosures in Florida. Those blog posts might have some of our readers wondering how the foreclosure process works in the state. Knowing a little bit about foreclosures might help you to make decisions about how you should handle a foreclosure.

What are the two types of foreclosure?

Medical debt can force consumer bankruptcy

When Florida residents contemplate filing bankruptcy, often it is because they are struggling to pay off a looming mountain of medical debt.

Statistical data from a Harvard study shows that annually one in five adults in the United States are unable to pay their medical bills. All it takes is one catastrophe like a major auto accident or cancer diagnosis to set off the chain reaction likely to result in a consumer bankruptcy when the debtor runs out of options.

Getting out of debt in Miami with Chapter 13 bankruptcy

We often talk about different kinds of bankruptcies on our blog because people are always looking for ways to put the housing crisis behind them. While this crisis is currently in the process evolving into a time of greater prosperity for some, others are still trying to find their way.

One of the most effective ways is filing a chapter 13 bankruptcy but having to do so can leave some people with feelings of negativity. In today's post, we will explore some of these feelings in the hopes of helping you and others like you feel better about your overall situation during bankruptcy.

Consumer bankruptcy may be answer to creditors calling repeatedly

Dade County residents who have fallen behind on their bills may be feeling stressed out over creditors calling them and confused over the best path back to financial solvency.

The first thing they must do is get an accurate picture of their finances. To do this, it's necessary to list all necessities of life -- housing, food, utilities, health insurance and car expenses. Cable is not a necessity, and expensive foods like steak and seafood should not be on the grocery list when facing financial difficulties. Entertainment, too, takes a back seat until the financial picture is rosier.

From bankruptcy and beyond in Florida

For many people, filing for bankruptcy is something they liken to being straight out of a nightmare. They might have visions of having everything they own being taken away from them in short order once they file. That, however, isn't necessarily the case for people who file for bankruptcy.

Yes, people who file for bankruptcy do stand to lose a lot. They can lose the stress of having debts that are overwhelming. They can lose the constant phone calls from people who are demanding money. They can lose the fear of going to the mailbox because it might be full of collection letters. Filing bankruptcy, however, doesn't necessarily mean that you will have to lose your home or your car.

Changes could bring about more foreclosures

The chairman of the Federal Housing Finance Agency, which is the agency that oversees the two government-sponsored enterprises Freddie Mac and Fannie Mae, gave a recent speech at the yearly conference of the Mortgage Bankers Association. He suggested that mortgage bankers may begin loosening their underwriting standards in order to increase home sales.

The speech was another example of the mortgage industry's attempt to raise the housing market's bottom that was a major factor in the near-total collapse of the American economy only six years ago.

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