Filing for bankruptcy can impact existing and future car leases. Depending on how up-to-date you are on your lease payments can determine what happens when you file bankruptcy. A professional bankruptcy attorney can help you find the options that best fit your situation.

Automatic Stay and a Trustee’s Choices

An automatic stay halts any collection action by a car lessor, including efforts to repossess a vehicle. However, if you are behind on payments, the lessor may file a motion to have the automatic stay lifted. If this happens, the lender may pursue collection of the debt.

If you’ve been convicted of a criminal offense, bankruptcy can better help you deal with the associated fees. Laws surrounding how bankruptcy affects fines differ between states. However, a Jacksonville bankruptcy lawyer can help you with charges in Florida. Different convictions determine whether the debt associated with a fine can be discharged. Even if it cannot completely free you of fines, bankruptcy might still be a helpful option.

Determining Whether a Fine Can Be Discharged

The government refers to fines in different ways: penalties, forfeitures, tickets, tolls, and surcharges. Generally, fines are owed to a government unit (municipal, state, federal, etc.). Whether or not a fine is able to be discharged depends on if it was a penalty or reimbursement.

Custody AgreementSplitting up can incite a lot of emotions for all parties involved. When disputes arise an individual may unintentionally break their custody agreement. However, how does one know if they are violating a custody order? A Jacksonville child custody attorney can tell you whether or not you would be violating an agreement.

Frequent Custody Agreement Violations

Here are some common custody agreement violations:

Credit-repair-101-300x200Filing bankruptcy is a powerful tool you can use to get free of debt and give yourself a fresh financial start. Part of this is the opportunity to repair your credit going forward. While your credit will take an initial hit right after filing, there are many ways to restore it. Bankruptcy stays on your record for 10 years in most cases. If you don’t take action to increase your credit score during this time, you might find it difficult to lease an apartment or buy a car. It is important that you move as soon as possible to start restoring your credit after you file bankruptcy.

Track credit score/reports

If you file bankruptcy in Jacksonville, consider why you had to in the first place. Was it due to overspending? Medical expenses? Loss of employment? Figuring out the cause of your situation will help you in making an effective plan moving forward. After figuring that out, create a budget to keep track of your expenses. This will help you avoid unnecessary spending that will hinder your goals of credit restoration. When you have a solid budget in place, get free annual credit checks to keep track of your score.

December-31-270x300President Trump signed the Tax Cuts and Jobs Act in December of 2017, overwriting a decades old tax law. The old rules allowed alimony to be tax deductible by the spouse paying. The spouse receiving the alimony payments was required to record them as taxable income. After the new law takes effect on January 1, 2019, alimony paid is no longer be deductible. If you are going through a divorce, you should consider finalizing it before the end of 2018.

How Will this Affect Those Going Through a Divorce?

The new tax law comes into effect on January 1, 2019. When it does, wealthier couples or couples in which one partner earns significantly more than the other will be affected the most. Because alimony will no longer be tax deductible, the spouse paying alimony will see smaller returns. Meanwhile, the spouse who received alimony might see less money coming in. This is mainly because the main incentive to pay more, the tax exemptions, will be removed.

A hand holds 3 burning billsGoing through a divorce is rarely easy and often stressful. A trusted Jacksonville divorce attorney can help guide you through the process, but the clients still have to keep certain things in mind. Divorce often brings up concerns about finances and children. It can be an emotional process that leads to many financial errors that make things difficult for everyone going forward. Here are 4 money mistakes to watch out for during a divorce.

Rushing Without Taking Everything into Account

No one wants to have to go through the hassle of a divorce. However, it is very important to avoid rushing, as it can cause you to miss important details such as:

A Street Sign Saying Debt Relief Just Ahead
Bankruptcy is a powerful tool for debt relief. It can provide a fresh start for people who have been living with the burden and stress of debt for years, and allow them to finally move forward. Unfortunately, there are many myths and misconceptions about bankruptcy that can scare people off before they learn about its benefits. When you work with an experienced bankruptcy attorney in Jacksonville, they can help you pick the right option that will have the best impact on your financial future.

Some Common Misconceptions About Bankruptcy

Misconception 1: You’ll Lose Everything

Wood blocks spelling small business and a cup of coffeeThere are more than 2.4 million small businesses in Florida, employing more than 3.2 million people. If you are one of them, you might be wondering if bankruptcy is an option to reduce your debt. Depending on how your business is legally categorized, you’ll be able to file a Chapter 7, 11, or 13 case. An experienced bankruptcy attorney in Jacksonville can help you determine if bankruptcy is your best alternative. Because Florida is a homestead exemption state, there may be some other things to keep in mind as well. Each of these can have different effects on your business.

What Types of Bankruptcy Can I File?

In the US, there are a few different types of bankruptcy filing categories, called “Chapters.” Chapters 7 and 13 are usually used by individuals for personal filing. Chapter 11 is used for businesses. These can all mean different things for a small business in Florida.

woman hiding money behind her backUnfortunately, divorce can be a very difficult affair that sometimes brings out the worst in people. One of the ways this happens is when one spouse attempts to hide their assets. There are many reasons why someone would keep certain assets hidden. They may simply want to hide money, or they could be trying to protect certain property that they do not want to risk losing. Though it may not be a criminal offense, hiding assets in a divorce in Florida can still lead to serious legal consequences.

What Are the Consequences for Hiding Assets in a Divorce?

The state of Florida practices equitable division of assets in the cases of divorce. However, this does not always mean an even 50/50 split. In some cases, the court may rule in favor of one spouse receiving more than the other. If the court finds that your spouse has been hiding assets, they will face various penalties, including:

chapter 7 bankruptcy vs chapter 13 bankruptcyFiling for bankruptcy can be a powerful tool for debt consolidation and relief. It can help you get out from under the financial burden weighing you down. If you’re considering filing for bankruptcy, you may be wondering whether you should file Chapter 7 bankruptcy or file Chapter 13 bankruptcy. The right choice depends on your current income, assets, debts, and your future financial goals.

What are the Major Differences Between Chapter 7 Bankruptcy and Chapter 13 Bankruptcy?

Chapter 7 bankruptcy can be a relatively quick way to wipe out general, unsecured debt like medical bills and credit cards, and it requires no repayment. It is designed for people with little to no disposable income available to pay back debt. Although it wipes out most debts, it doesn’t clear particular types of debt such as taxes, student loans, or unpaid child support and alimony. When you file Chapter 7 bankruptcy, your nonexempt property is sold to pay back your creditors. The “means test” will help determine if you’re eligible to file Chapter 7 bankruptcy. If you make more than the median income of your state and have some disposable income to pay off debt you may be forced to file Chapter 13 instead.