Bankruptcy

couple

Marriage doesn’t create a personal obligation on behalf of both spouses to be liable for a debt. Liability for credit cards and home loans arises by agreement and is incurred by those who sign the loan or credit application. An exception is that the filing of a joint tax return…

questioning man

All consumers filing a bankruptcy case must complete Form 22A-1 (Chapter 7 cases) or Form 22C-1 (Chapter 13 cases), more commonly known as the “means test,” and submit it with their bankruptcy petition. This “test” is actually a simplistic measure of a bankruptcy debtor’s capacity, i.e., the amount of money,…

empty wallet

Florida is still one of the leading states for foreclosed properties. To deal with foreclosure, many bankruptcy debtors utilize “lien stripping” to avoid second mortgages, secured lines of credit, and homeowner association liens on their real property. Once a lien is stripped or avoided, the bankruptcy debtor’s personal liability for…

car keys

Chapter 13 debtors may keep motor vehicles that are the collateral for a loan in a Chapter 13 bankruptcy case. Debtors that are current may continue to make monthly payments on the loan inside or outside of their Chapter 13 repayment plan. Debtors that are not current may pay any…