If you owe substantial amounts of money to a creditor, you may be facing a potential wage garnishment. Some people mistakenly believe that if their wages are garnished, they will be left with virtually nothing to sustain themselves financially. That is not the case. Wage Garnishment Defined The United States...
Exempt Assets and Bankruptcy in Florida
Many people mistakenly believe that once you declare bankruptcy, you are left with nothing. This is not true. In fact, Florida law categorically classifies a class of assets that are “exempt” from the effects of a Chapter 7 bankruptcy filing. Homestead Exemptions Pursuant to Article X, Section 4 of the...
Understanding Chapter 11 Bankruptcy
If you operate a business and it is struggling financially, you may be considering Chapter 11 bankruptcy. Typically, someone who files under Chapter 11 has a business that is generating money but is having serious financial difficulties due to debt obligations that far exceed monthly revenue. Purpose of Chapter 11...
Understanding Florida’s Bankruptcy Means Test
Deciding to file for bankruptcy is not as simply as filling out a few forms and going to the courthouse. In fact, there are a myriad of rules and regulations that must be met for a Chapter 7 bankruptcy to be officially recognized by a Florida court. For example, an...
Many in Southern Florida Saddled with Medical Debt
Even though we are hearing that the economy is improving for some Americans, one area where many residents of Dade, Broward, and Monroe County still financially struggle is medical debt created by doctor and hospital bills. Report: 20 Percent In U.S. Have Unpaid Medical Bills Medical debt often comes about...
The Need to File for Bankruptcy Can Strike Anyone
Bad Financial Advice Leads Pro Hockey Player To File For Bankruptcy Relief From the outside, people often think that those who file for bankruptcy must be financially irresponsible and that bankruptcy could never happen to them. However, both of these ideas frequently could not be further from the truth. One...
Common Questions: Student Loans and Bankruptcy
The cost of education has skyrocketed over the years. Almost every student that attends any form of higher education is required to take out student loans just to pay for coursework. Some students are exiting college after four years with enough student loan to pay for two single family homes....
Treatment of Tax Refund for Those who Filed for Bankruptcy
Tax season is upon us, and, although it comes with some stress, it also comes with anticipation of receiving a tax refund. While many people may have plans regarding what they will do with their refund amounts, those individuals who are considering bankruptcy or who are currently in an active bankruptcy...