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Helping You Through the Financial and Legal Challenges You are Facing

Save Your Small Business – SBRA / Subchapter 5 in Chapter 11

Help your Clients Get Relief from Personal Guarantees on Business Debt thru the SBRA. More and More Small Business Owners are struggling with debt not only on their business but personally as well. That’s because almost all small business debt is personally guaranteed by the owners, either on bank loans, or personal credit cards they use to fund and operate the business. As a result, these Owners, mistakenly believe they are hopelessly trapped …

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Chapter 12?

Most people think Bankruptcy falls under either Chapter 7 or Chapter 13. These are the basic consumer formats. Chapter 7 is basically a straight …

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Non-Dischargeable Debts

Filing for Chapter 7 Bankruptcy can be a great way to start again with a clean slate. Such procedures will help relieve the burden of debt for those …

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No Money Down Bankruptcy?

No money down bankruptcy? It is not commonly known that, as many as 70% of Chapter 13’s fail. Because of the limited budget allowance demanded by the …

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4 Ways to Keep Your Stuff

Confirm a chapter 11 or chapter 13 plan under §1123 & §1129(a) although both are ride with too many complications to address here. Redeem it. Special rules …

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No Money Down?

It is not commonly known that, as many as 70% of Chapter 13’s fail. Because of the limited budget allowance demanded by the Bankruptcy code, …

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Financial Slip-ups to Avoid.

Raiding your 401(k). Don’t think of retirement savings as “now” money. It’s money you’ve got to save for later. “Some people use their IRAs, and win …

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Are We There Yet?

Parents are familiar with the question posed above by their children who have lost all patience with the long range journey. The same question comes to mind …

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Courage on All Fronts

Each month I teach a class on bankruptcy at Cummings Library in Palm City as part of the Southern District of Florida’s Federal Bankruptcy Court’s “Pro Se” …

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Mortgages, Student Loans & Bankruptcy Mortgages

Two of our local judges recently posted an article regarding their travels through the Real Estate Collapse and resulting Foreclosure Crisis. Their analysis reassembles four chapters in a yet unfinished volume. Some of this insight follows: In the first chapter the...

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What Allows Discharge of Student Loans in Bankruptcy?

Bloomberg Business recently published an article that pretty much shows the reality of how much “hardship” is required under the “undue hardship” standard when determining if a debtor can discharge student loans in bankruptcy. The Headline read: “Courts Rule That...

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Top 3 Reason NOT to Reaffirm a Mortgage in Bankruptcy

1. Truth is, if the lender is not going to report to the credit bureau, the debt to income ration should be minimized by not reaffirming the mortgage. 2. Borrower‘s struggling through a Chapter 13 have a hard time making mortgage payments on time; thus the likely hood...

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4 Misconceptions About Credit Card Debt

You only need to pay the minimum each month. Your credit-card bill will show the total amount you owe and a minimum payment, typically about 4% of your bill. Paying at least the minimum payment by the due date keeps you current and helps your credit score, a key way...

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Ten Things Bankruptcy Court Won’t Tell You

1. Personal bankruptcy is not just for the poor. Linda Johnson, an entrepreneur in Georgia, built a life around her six- figure income. But when her new business collided with the credit crunch, Johnson found herself facing a financial fate she never anticipated....

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8 More Financial Slip-ups to Avoid

Raiding your 401(k). Don’t think of retirement savings as “now” money. It’s moneyyou’ve got to save for later. “Some people use their IRAs, and wind up in bankruptcy,anyway.” Even if you end up having to use it post bankruptcy, it will go a lot further towards...

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Other Don’ts in Preparing to File Bankruptcy

1.    Don’t leave out bank, checking, savings, brokerage,  credit union accounts.2.    Don’t use your credit cards.3.    Don’t take credit cards cash advances.4.    Don’t use convenience checks.5.    Don’t make balance transfers.6.    Don’t pay debts to family.7.  ...

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4 Ways to Keep Your Stuff

1. Confirm a chapter 11 or chapter 13 plan under §1123 & §1129(a) although both are ride with too many complications to address here. 2. Redeem it.  Special rules apply to certain vehicles but essentially the debtor is entitled to buy the property from the estate...

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Supreme Court Justices Hear Lien Stripping Cases

On March 24th, The Supreme Court heard oral arguments in the cases of  Bank of America v. Caulkett and Bank of America v. Toledo-Cardona. Ever since the 11th Circuit turned Chapter 7 lien stripping on personal residences on its ear, Bank of America has been desperate...

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Ten Dumbest Things NOT to Do Prior to Filing Bankruptcy

1. Don’t tap your retirement funds.  One frequent mistake made by people in financial trouble is to take money out of a 401k plan or IRA in order to pay things like credit card debt. Retirement funds like 401Ks and IRAs are protected from both creditors and bankruptcy...

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Plan confirmation and Res Judicata

A confirmation order may only be revoked if it was procured by fraud. 11 U.S.C.§ 1141. And as long as creditors knew or should have known of the treatment they would receive under the plan, and the plan conclusively determines how the claims in question will be...

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Five Signs You are Headed for Bankruptcy

1. Denial.  It’s been tough, but looks like we made it!” Really? Take a look around. Have you taken any time to think about the future and what it might contain?  What contingency plans do you have if your situation suddenly goes very wrong? Bankruptcy is never a...

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Twelve Myths About Bankruptcy

1. Everyone will know I’ve filed for bankruptcy. Unless you’re a prominent person or a major corporation and the filing is picked up by the media, the chances are very good that the only people who will know about a filing are your creditors. While it’s true that...

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