Articles Posted in Chapter 13

Filing Bankruptcy in JacksonvilleBefore filing bankruptcy in Jacksonville, you’re required to complete credit counseling. The Federal Trade Commission states that you must complete this credit counseling from a government approved agency within 180 days of filing. You must also complete a debtor education course after filing in order for your debts to be discharged.

Why is Credit Counseling Required?

The main purpose of credit counseling is to help you evaluate your financial situation and ensure that bankruptcy is a last resort. Through counseling, you’ll determine if there’s a feasible way to handle your debts outside of bankruptcy without increasing what you owe.

filing bankruptcyMany people worry about what happens after they make the decision to file for bankruptcy. While preparing your paperwork is half the battle, it’s important to be prepared for what occurs after you’ve signed your petition. Here’s what you can expect after filing bankruptcy.

The Automatic Stay is Put in Place.

An automatic stay is a federal court order that goes into effect the moment a bankruptcy case is filed. It prevents creditors from making any effort to collect on debts you owe. You’ll be assigned a case number by the court, which you should give to any creditors that try contacting you. If they persist, they will have to answer to the bankruptcy court.

How to Reduce Debt in JacksonvilleThe primary reason people file for bankruptcy is to get rid of their debt and have a fresh start. But while many of your debts will be discharged in bankruptcy, some debts may remain after filing. Read on to learn more about how to reduce debt by filing for bankruptcy.

Debts Not Discharged with Chapter 7

When you file Chapter 7 bankruptcy, many of your debt will be discharged. There are some debts, however, that will not be wiped out. Some of these debts may be subject to denial or successfully objected by the creditor. Others are never dischargeable, meaning that they fall under a predetermined list of non-dischargeable debts. These include:

filing bankrputcy with Parker & DuFresneMany people are concerned with the negative stigma that surrounds bankruptcy. They want to know who will find out if they decide to file. While a bankruptcy is publicly recorded, typically only creditors or bankruptcy attorneys will actually view this information. You probably shouldn’t worry too much about your friends, neighbors, or others in your social circles finding out.

What’s Included in My Bankruptcy Record?

The information on file will include copies of any documents related to the filing. Values of assets, creditors’ claims and information on any funds exchanged in the process will be listed. It will also include notes about meetings and phone calls.

Filing bankruptcy in FloridaBankruptcy is the federal court procedure offering a person or business the opportunity to eliminate or restructure their debts. Debts that can’t be paid may be forgiven, and creditors may get some amount of repayment depending on the filer’s ability to pay. Filing bankruptcy in Florida can be a difficult decision, but it provides the opportunity to start with a clean slate.

The Bankruptcy Process in Florida

Most of the bankruptcy process is governed by federal bankruptcy laws. This means that filing bankruptcy in Florida is much like filing in other states. There is some Florida-specific information that you’ll need to submit. There are also Florida exemptions to be aware of. The basic process of filing in Florida follows these steps.

filing chapter 13 bankruptcy in JacksonvilleIt can be devastating to lose your home in a foreclosure. Fortunately, filing Chapter 13 bankruptcy is an excellent option that can save your home. Chapter 13 can give you the opportunity to reorganize your debt to make it more manageable. This debt includes payments you are making on your mortgage.

What is Chapter 13 Bankruptcy?

Chapter 13 is also known as a wage earner’s plan. You will be able to determine a plan to repay all or part of your debts. With the help of an experienced Jacksonville bankruptcy lawyer, you propose a plan to repay your creditors. The amount you are required to repay is based on several factors, including your income. The time-period for this repayment plan is typically three to five years.

filing for bankruptcy
If you and your spouse are contemplating filing for bankruptcy, you may wonder if you are required to file jointly. Married couples can, in fact, file separately. When filing for bankruptcy in Jacksonville, married couples have the following options when choosing to file for Chapter 7 or Chapter 13:

  • One spouse files individually
  • Both spouses file individually

will bankruptcy stop irs garnishmentFalling on hard times financially can also lead to falling behind on your taxes. When your tax debt becomes extremely delinquent, the IRS may issue a garnishment on your wages. This garnishment, or levy, allows the IRS to take part of your wages each pay period. A garnishment will continue until you: A. make other arrangements to pay off your tax debt; B. your debt has been paid in full; or C. the levy has been released. Overwhelmed by the thought of losing your wages, you may wonder if filing for bankruptcy will relieve you from an IRS garnishment.

Filing for bankruptcy can in fact offer some relief from the stress of an IRS garnishment. Once you file bankruptcy, a court ordered automatic stay will immediately go into effect. This stay will stop any type of debt collection, including garnishments and seizures, for the duration of the bankruptcy case. However, since bankruptcy will not get rid of most tax debts, how your garnishment is affected after the case is over will depend on which type of bankruptcy is filed: Chapter 7 or Chapter 13.

In a Chapter 7 bankruptcy filing, all of your dischargeable debts will be wiped out. Since most tax debts are not dischargeable, they will remain. The IRS garnishment will, however, be temporarily halted due to the automatic stay while your bankruptcy case is processed. When your case is over, you will still owe on your tax debt. For this reason, while Chapter 7 can offer a window of relief, it does not offer a long-term solution to the situation.

refuses to pay child supportDealing with a former spouse who is not paying their court-ordered share of child support can be an unfortunate hassle. Left with this financial and emotional burden, you may feel like you’ve made every attempt to collect but just aren’t getting anywhere. You may even be at the point where you’re asking yourself, “is withholding visitation an option?”

The answer to that question is no. You cannot refuse visitation if your ex is not paying child support. While you may be able to have your ex-spouse’s visitation rights modified in court, withholding visitation rights is considered custodial interference. Child support and visitation rights are two separate issues that should not be confused.

  • Child support is determined in court, and must follow the guidelines of the Child Support Enforcement Act. These guidelines vary from state to state. The factors that are looked at include the child’s needs (health care, education, child care, etc.), the income and needs of the custodial parent, the paying parent’s income and the child’s standard of living before the divorce or separation.

student loan bankruptcyIf the debt from your student loans is overwhelming you, you’re not alone. According to the Institute for College Access & Success, an independent non-profit organization, 68% of students who graduated from both private and public colleges in 2015 had student loan debt. The debt average had risen 4% since 2014 to a whopping $30,100 per borrower in 2015.

While it can be challenging, it is not impossible to have student loan debt discharged in bankruptcy. In order for your student loan to be discharged, you must be able to prove that it is causing undue hardship. Courts use certain tests to make this determination. The most common is called the Brunner Test, in which courts will look for you to meet the following three criteria:

  1. You are unable to maintain a minimal standard of living for you and your dependents if you are required to continue paying your student loans.