If you have filed for bankruptcy protection under Chapter 13, you have committed to making monthly payments to the trust to fund your repayment plan. How long does a chapter 13 bankruptcy last? A Chapter 13 plan lasts for three to five years, so many changes in your life can occur during this time. What...Read More
All debtors are required to attend a meeting of creditors, as required by Section 341 of the Bankruptcy Code. It is normal for you to feel nervous about appearing before the trustee and your creditors to answer questions under oath about your finances, but a seasoned bankruptcy attorney will make sure you are fully prepared...Read More
If you are considering filing an individual Chapter 7 or Chapter 13 case, it is important to understand all of the pros and cons associated with bankruptcy. How will my credit score be impacted by bankruptcy? One of the primary concerns debtors have is how it will impact their credit score. The answer differs for...Read More
Many individuals believe that a Chapter 7 or 13 is the only bankruptcy relief available to them. However, a Chapter 11 isn’t only used for corporate restructures, it can allow an individual debtor to take advantage of a meaningful debt restructuring as well. When to Consider Chapter 11 You may be ineligible to file a...Read More
Sbarro, the popular pizza chain, filed Chapter 11 bankruptcy three months ago and has shown that the process can work. The company’s pre-packaged Chapter 11 plan, which reduces Sbarro’s debt by approximately 85%, has been approved and it took effect on June 2, 2014. Moving locations to reduce expenses Sbarro will be moving its company...Read More
South Florida Multispecialty Associates, LLC, with offices located in Miami Beach and Aventura, has filed a voluntary Chapter 11 bankruptcy. The medical practice has 50 employees and reportedly sought bankruptcy protection after a medical malpractice plaintiff won a garnishment on its bank accounts. The medical group was apparently unable to make its first $100,000 payment...Read More
Our nation is facing an overwhelming amount of student loan debt – estimated to be approximately $1 trillion – and it is having a serious impact on the economy. While several markets are being affected, the housing market is feeling it the most. Recent college graduates, formerly one of the largest sources of new home...Read More
If your company is considering filing bankruptcy and you deal with several vendors, it is important to understand what is meant by the term “preferential transfer.” A preferential transfer is a payment (in money, goods or other) that is made to a creditor within the 90 days preceding the filing of the bankruptcy petition that...Read More
The Eleventh Circuit recently held that a debtor is allowed to “strip off” an unsecured junior mortgage in a “Chapter 20” bankruptcy case. While Chapter 20 bankruptcy is not a valid chapter in the Bankruptcy Code, the term refers to a debtor who files back-to-back Chapter 7 and Chapter 13 bankruptcy cases. What is a...Read More
The United States Bankruptcy Court for the Middle District of Florida, as well as the other districts of the state, has initiated the Mortgage Modification Mediation (MMM) program (also referred to as the Loss Mitigation Mediation program) in an effort to assist individuals with obtaining mortgage modifications. The program allows debtors who own an interest...Read More
