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Bankruptcy Florida Courts

July 10, 2010 By 9 Comments

... Courts: Alabama, Georgia

Four chapters of bankruptcy

Author: JD Kamat

Bankruptcy is meant to give you some relief from your debts and pave a way towards a better life. When a person declares bankruptcy he gets rid of all his debts. There have been many cases of bankruptcy that relate to different people and different circumstances. There are a number of chapters under which bankruptcy can be filed. Amongst all these chapters, there are four chapters that are very common. There are two that apply to majority of the people but all these four listed chapters see many cases. Here are those four chapters.

Chapter 7 remains to be the most taken of all the chapters. It relates to liquidation. In this process, when the person declares bankruptcy, his assets are sold and the amount is distributed between the lenders. This chapter does not protect the person who is involved in a fraudulent loan or credit.

Second in row is the chapter 13. The best part about this is that the debtor gets to pay back his amount of loan in a reorganized way. You can get a repayment plan for yourself and get rid of the debt easily. This chapter is for people who have a regular income. This way you can prevent foreclosures as well.

Chapter 12 too has a number of takers. This applies to family farmers. Under this chapter the farmers can pay back the lenders in the future by taking up an organized plan. After these three chapters comes chapter 11. This applies to business organizations. Although it may apply to every business but there are certain pre-requisites for filing bankruptcy under this chapter. The debtor presents the lenders with a repayment plan and all the lenders give their vote for it. If the lenders accept it the plan is started.

It may be difficult for you to know which of the chapters is the most suitable for your case. Come to bankruptcy intro and fill up our free evaluation form. After evaluating the situation, we would refer your case to an expert lawyer. He would then help you further and advice you on filing bankruptcy. We have a wide network of lawyers that are dedicated to serve you. If you need any assistance, come to us and let our lawyers guide you through this process of bankruptcy.

Article Source: http://www.articlesbase.com/bankruptcy-articles/four-chapters-of-bankruptcy-1179148.html

About the Author

JD Kamat is a owner of BankruptcyIntro.com. We’ve all heard of large companies filing for bankruptcy or “going bankrupt” and most of us would think that particular company must be in trouble.



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Bankruptcy Florida Exemptions

July 8, 2010 By Leave a Comment

Bankruptcy California Exemptions

Author: JD Kamat

California is the most populated state in the United States with an estimated population of over 36 million people. California alone comprises of almost 12 percent of the entire United States population. The bankruptcy law in California does not vary from bankruptcy law in other states because bankruptcy falls under US federal law. What does vary however, are the bankruptcy California exemptions as do the bankruptcy exemptions in all other States.

If you are seeking to file for bankruptcy in California, you should be aware that there are 2 options for bankruptcy California exemptions. It should be noted that the 2 bankruptcy California exemptions options cannot be combined or can you take one allowable exemption from one and another from the other.

If you are filing bankruptcy in California under one option you are allowed a homestead of up to ,725. You may keep an automobile with a value of up to ,300, jewelry up to ,350 and any tools of your trade up to ,350. Personal property consisting of furniture, clothing, appliances, household goods, books, crops and pets can be retained up to 5 per item.

To file for bankruptcy using the other option of Bankruptcy California exemptions, you would be entitled to a homestead of up to ,000 if single, ,000 if you are a family member with no other member claiming and 0,000 if 65 or over or disabled. Also 0,000 if you are single plus 55 or older and you earn less than ,000 per year. The 0,000 also applies if you are married and 55 or older and earn less than ,000 per year. Filing for bankruptcy using this option would allow you to retain furniture, clothing, appliances and health aids. Additionally up to ,700 is exempt for home buildings and up to ,750 is exempt for jewelry. If you file for bankruptcy, under this option, the exemption for your automobile is up to ,550.

Filing for bankruptcy in California with all these options and exemptions in general can sound extremely confusing. If you are thinking of how to file bankruptcy to take advantage of the best option, you should consult a Bankruptcy Attorney that practices in California. Only a Bankruptcy California Attorney can clearly and simply answer each and all of your bankruptcy questions and explain the best option for your particular situation of filing bankruptcy.

Article Source: http://www.articlesbase.com/law-articles/bankruptcy-california-exemptions-1367249.html

About the Author

Jay King is a owner of BankruptcyIntro.com. We’ve all heard of large companies filing for bankruptcy or “going bankrupt” and most of us would think that particular company must be in trouble.



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Bankruptcy Florida Homestead

July 2, 2010 By 7 Comments
Broward attorney Ron Luzim ...

Bankruptcy Florida Exemptions

Author: JD Kamat

The State of Florida falls as the 4th most populated State in the United States. It has an estimated recorded population of over 18 million. Florida lies in the 11th circuit of US Bankruptcy courts.  In 2007 Florida had a total of 41,462 bankruptcy filings.  In 2008 there were 67,649 bankruptcy filings, an increase of 63.2%. Florida makes up almost 6 percent of the population of the United States. Bankruptcy Law in Florida is not different from bankruptcy law in the other US states because bankruptcy is regulated under US federal law. However what is different are the Bankruptcy Florida exemptions.  Bankruptcy exemptions in general differ slightly from State to State.

If you are looking to file for bankruptcy in Florida, Bankruptcy Florida exemptions are relatively simple to understand compared to other states where they can be rather complicated.

If you are filing bankruptcy in Florida you are allowed an unlimited homestead if your property is under a half acre in the city or 160 acres outside the city. To file for bankruptcy using this homestead rule however you must be aware that Bankruptcy Florida exemption for this homestead is limited to 6, 875 if the property was acquired within 1,215 days of filing for bankruptcy.

If you file for bankruptcy in Florida, the Bankruptcy Florida exemption for your automobile is up to ,000. Under Florida bankruptcy law, the exemption for your personal property is up ,000 and Health Aids are considered exempt. Filing for bankruptcy in Florida also allows you Tools of Trade as an exemption but they must be included in personal property.

Filing for bankruptcy in Florida, in regards to it’s exemptions, may be more straight forward then some other states but can still be somewhat confusing. If you are thinking of how to file bankruptcy to take advantage of the allowable Bankruptcy Florida exemptions, you should connect with a Bankruptcy Attorney that practices in Florida. Only a Bankruptcy Florida Attorney can clearly and simply answer each and all of your bankruptcy questions and explain the best way to take advantage of the allowable exemptions for your particular situation of filing bankruptcy.

Article Source: http://www.articlesbase.com/bankruptcy-articles/bankruptcy-florida-exemptions-1367245.html

About the Author

Jay King is a owner of BankruptcyIntro.com. We’ve all heard of large companies filing for bankruptcy or "going bankrupt" and most of us would think that particular company must be in trouble.



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Chapter 11 Bankruptcy

May 20, 2010 By Leave a Comment

Closing of Circuit City in Norman, Oklahoma by Travel Aficionado

The Advantages Of Chapter 11 Bankruptcy

Author: Joseph Seagle

Chapter 11 bankruptcy was originally designed for businesses but individuals may also file under this chapter. Those individuals who exceed the debt limits of chapter 13 bankruptcy are required to file under chapter 11. The current debt limits for chapter 13 is $1,010,650 for secured debts and $336,900 for unsecured debts. The debt limits appear to be low for those individuals who own more than one property whose values have dropped significantly.

There are many advantages of being in chapter 11 as opposed to chapter 13. When individuals file for chapter 7 or chapter 13 bankruptcy, they are subjected to a means test. Those debtors who are above the median income limit for their household size cannot file under chapter 7 and if they file under chapter 13, they are required to make payments in a five year plan. However, the means test does not apply to the individual debtors in chapter 11 cases so they may propose repayment plans that are less than five years and therefore, they will end up paying less of their disposable income to unsecured creditors.

In chapter 11, the debtors can modify their secured debts such as car loans and mortgages. There is a time restriction in chapter 13 cases where the debtor must have financed the vehicle more than two and half years ago before the loan can be reduced to the value of the car. However, in chapter 11 cases there is no time restriction so if you purchased a vehicle a year ago and if the loan is more than the value of the car, you are only required to pay back what the car is worth and not the original balance. In both chapter 11 and 13 cases, the debtors can modify the mortgages on their rental properties. For example, if the value of the property has dropped below the outstanding mortgage, you are only required to pay back the amount based on the current value of the property. The only caveat is that individual debtors are not allowed to modify their primary residence.

Once the values on the secured properties have been established, the debtor will then propose a plan of repayment of the secured and unsecured debts. The plan duration can be controlled by the debtor such as a three year or longer plan. The debtor must submit the plan to the creditors for a vote and if the case is to proceed forward, the debtor must receive at least one vote from the creditors. The remaining creditors that object to the plan can be forced to accept the plan by the court which is called a

Article Source: http://www.articlesbase.com/law-articles/the-advantages-of-chapter-11-bankruptcy-1917867.html

About the Author

Joseph Seagle, Bankruptcy Attorneys Orlando, Florida

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Bankruptcy Attorneys in the Bronx

March 23, 2010 By Leave a Comment


The Bronx is New York City’s northernmost borough, located northeast of Manhattan. The population of The Bronx is estimated at over 1.3 million which ranks fourth of the five boroughs. Located on the US mainland, The Bronx is separated by The Hudson River from New Jersey to its west and the Harlem River which separates it from the island of Manhattan to the southwest and the East River which separates the Bronx from Queens to the southeast.

The Bronx includes several small islands in the East River and Long Island Sound, most notably Rikers Island in the East River is home to the Rikers island jail facility. City Planning has 49 neighborhoods in the Bronx; notable Bronx neighborhoods include the South Bronx, Little Italy on Arthur Avenue in the Belmont section, and Riverdale.

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