Top reasons people file for bankruptcy
What are the top reasons people file for bankruptcy?
What are the top reasons people file for bankruptcy?
Secured debt is collateralized (secured) by property. A lender that owns the secured debt has the right to repossess or foreclose on the property. What is unsecured debt? An unsecured debt is when you agree to pay a creditor for a loan that was taken out by you, but you have not pledged any […]
A priority debt is a creditor that is entitled to receive payment before other creditors. They “stand in line first,” so to speak, when money is being distributed. The Bankruptcy Code 11 U.S.C. §507 defines priority debt as follows:
A Chapter 7 bankruptcy is where a trustee examines your assets to determine if any property is available to be sold or recovered for the benefit of your creditors. Most if not all your property will be “exempt” under Florida law, meaning you keep it. If there are no assets to liquidate, you are considered […]
There are different types of bankruptcies, which are referred to by their chapter in the U.S. Bankruptcy Code. https://www.usbankruptcycode.org/. Individuals usually file a Chapter 7 or a Chapter 13 bankruptcy, depending on their situation. A debtor will file a Chapter 7 bankruptcy if they have insufficient income to pay a portion of their debts and there is […]
Bankruptcy Petition – What is it? After your bankruptcy petition is completed, it will be emailed to you for your approval. You will be required to read petition to ensure it is accurate and sign the document, attesting under penalty of perjury, it is accurate. Any changes or corrections need to be brought to your […]
With over 30 years of experience in bankruptcy and workers’ compensation law, I’ve helped thousands of Floridians navigate some of the toughest moments of their lives. I write this blog to share insights, legal tips, and real-world advice based on the cases I’ve handled and the people I’ve had the privilege to represent. My goal is simple: to help you understand your rights and feel empowered through knowledge.
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