Income tax can, in some instances, be discharged in a personal bankruptcy. In order for income taxes to be dischargeable, the tax returns had to have been filed at least two years prior, and the same amount of time would have to have gone by before they can become dischargeable.

Income tax can, in some instances, be discharged in a personal bankruptcy. In order for income taxes to be dischargeable, the tax returns had to have been filed at least two years prior, and the same amount of time would have to have gone by before they can become dischargeable.

What Are The Exemptions For Bankruptcy In Florida?

In a Chapter 7 case, in order to obtain the benefit of the discharge, meaning the wiping out of the debt, the tradeoff that the federal government has set is that a consumer is limited on the amount of assets they can keep. The exemptions are the list of property that comes from state and federal law, which says which things you are allowed to keep. In Florida, the abbreviated list includes your homestead or primary residence, a certain allowance of personal property, which includes basic household goods, a limited allowance of vehicle equity, retirement funds, and some other assets. In cases outside of Chapter 7, such as Chapter 13, you are allowed to keep all of your assets, but the exemptions may affect your monthly repayment plan.

What Should People Know About Foreclosure Defense In Florida?

If you have a mortgage and are behind on your payments, you are in danger of being foreclosed on. However, just because a foreclosure action has been initiated doesn’t mean you do not have recourse. It is important to be aware of your rights throughout the process.

Notice of Default

You have the right to be notified of your default in payments. Generally, your mortgage will have a provision that requires your lender to provide a “Notice of Default” prior to initiating a foreclosure action in court. This Notice often requires certain information and disclaimers, such as the right to cure your default, the amount needed to cure the default and a date by which the default must be cured.

Notice of Assignment

Borrowers generally have the right to be notified if their mortgage is assigned to a new lender or servicer. The notification should be done in writing and provided to the borrower within a reasonable time after the assignment has occurred. If there are any changes in your payments or your loan due to this assignment, you should be made aware.

Statute of Limitations

Your lender only has a certain amount of time to file a lawsuit for foreclosure. In Florida, your lender has five (5) years from the date of acceleration to file suit. The date of acceleration should be noted on the Notice of Default initially provided. If your lender fails to file suit within that time period, their action is barred by the statute of limitations and should be dismissed.

Alternative Options to Foreclosure

Even if your lender has initiated foreclosure proceedings, you still have a right to seek refinancing options and/or list your property for sale on the open market. By doing so, you can potentially obtain alternative financing to pay off your mortgage that is in foreclosure and start over with a new lender.

To find out whether any of the above rights have been violated by your lender, consider consulting with an experienced foreclosure attorney.

Clearwater: (727) 538-4188 Tampa: (813) 225-3111

Mt. Dora: (352) 600-1326

What Should People Know About Foreclosure Defense In Florida?

Notice of Default

Notice of Assignment

Statute of Limitations

Alternative Options to Foreclosure

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