Category: Bankruptcy

Are you thinking about declaring bankruptcy or already in the process? If so, it’s vital to understand how a successful bankruptcy petition can affect your credit score and your financial future. For starters, bankruptcy can significantly impact your credit score, and it may be difficult to obtain credit or loans in the future.  However, bankruptcy can also provide much-needed debt relief and a fresh financial start. In addition to bankruptcy protection, other debt-relief options are possible, like a debt consolidation loan, debt negotiation, debt settlement, and debt collection lawsuit defense.  These debt relief options can help you to repay debts… Read More

Are you overwhelmed with seemingly endless debt? You’re not alone. According to the American Bankruptcy Institute, year-over-year bankruptcy filings are on the rise across the U.S. If you owe money you can’t afford to pay back, it may be in your best interest to consider different debt relief options, like a credit counseling course, debt consolidation, debt repayment plan, debt settlement, or even initiating bankruptcy proceedings. This article will focus on everything you need to know about eligibility for declaring bankruptcy. Continue reading to learn: What is Bankruptcy? What Are the Most Common Types of Bankruptcy What is Chapter 7… Read More

Have your debts pilled up so much that it would take most, if not all, of your current monthly income to cover them? If so, it may be in your best interest to consider Chapter 7 bankruptcy to discharge eligible debts. However, before filing for bankruptcy under this chapter, a consumer must pass the means test to determine if they qualify for Chapter 7 bankruptcy. Generally, the means test investigates a few important factors to determine whether filers (i.e., debtors) can pay back some of their debts and if they are eligible to file. These factors include your annualized monthly… Read More

An estimated 41% of Americans have some form of unpaid medical debt. Further, the Consumer Financial Protection Bureau (CFPB) reported there was $88 billion in medical debt on the credit records of consumers. However, a recent study from Stanford University suggests that it might be much worse (at least $140 billion). With that in mind, millions of U.S. citizens face medical collections activities and negative information on their credit reports due to an inability to pay medical bills. At Ziegler Diamond Law, our debt relief lawyers understand the devastating financial impact a medical bill could have on your credit score,… Read More

If you are considering filing for bankruptcy and are receiving disability benefits, no doubt one of your biggest questions is whether or not your disability payments will be protected. Normally, you will be able to keep them. They will be protected from the bankruptcy trustee, but all are not treated the same. There are basically three types of disability benefits: Social Security Veterans Private The Three Categories In a Chapter 7 dissolution bankruptcy, assets that are not exempt may be sold by the bankruptcy trustee for the sake of creditors. In a Chapter 13 reorganization bankruptcy, the trustee cannot sell… Read More

If you are thinking of filing for a consumer Chapter 7 bankruptcy, you probably have a lot of questions. One of the most important for many people is whether or not they will be able to rent an apartment after filing for bankruptcy. The reality is that it is often (though not always) more difficult to rent after bankruptcy. After all, the bankruptcy may stay on your credit report for seven to 10 years. But it is certainly not impossible and in some cases may even be easier than it would have been before your bankruptcy. This is because you… Read More

If you are considering either a Chapter 7 (liquidation) bankruptcy or a Chapter 13 (restructuring) bankruptcy, you should be aware of the impact of lookback periods. Bankruptcies are federal actions but they are governed by both federal and state law. A bankruptcy lookback period in Florida is no different. A lookback period is a range of time in which the bankruptcy court or trustee can look back over your finances and transactions in order to make decisions that will impact your bankruptcy. They vary in time according to the situation and factors involved. If you performed a transaction that is… Read More

One of the primary concerns most individuals have about declaring bankruptcy is what they could lose.  Often clients ask if their 401k’s will go to creditors if they declare bankruptcy. If you live in Florida, your 401k is protected in two different ways. In fact, if you file for either Chapter 7 (a dissolution) or Chapter 13 bankruptcy (a reorganization), in most cases your retirement plan money will be safe from your creditors. Individual Bankruptcy Background Before we get into whether or not you can declare bankruptcy and still keep your 401k, let’s review the basics. When you declare bankruptcy,… Read More

How a Creditor Gets a Default Judgment Against You If a creditor is unable to collect a debt from you, eventually they will file a complaint against you in court. The court issues a summons notifying you of the suit. The plaintiff must then properly serve you with the summons and complaint within the procedures set out by Florida law. In Florida, once you have been served, you have 20 days to file a response with the court if you want to avoid a default judgment. Should you miss that deadline, the plaintiff will then request the court to order… Read More

There are many financial requirements you must meet to be discharged in bankruptcy in Florida.  But there are also requirements that govern where to file for bankruptcy. Keep in mind that bankruptcy actions are established under federal law. You will not file bankruptcy in state court, but rather in federal bankruptcy court. The federal district where you file determines where your case will be heard. What is the Basis for Where to File for Bankruptcy? When filing a bankruptcy petition, these three factors may govern where you file. For a consumer bankruptcy, normally you will file in the same district… Read More