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An Imprisonment Of 5 Years, Supervised Release Of 3 Years And Fine Of $250,000 For A Bankruptcy Fraudster

Call: 888-297-6203 A resident of Massachusetts, John Pregent, was found guilty to one count of bankruptcy fraud in the bankruptcy case of his business, Technical Fabrications, Inc. (TechFab). He was found guilty of scheming to defraud creditors. He had filed for a Chapter 7 bankruptcy (only Chapter 7 and 11 can be filed for by businesses) on July 26, 2010, in the Massachusetts District Court, with the intention of getting the debts of the business discharged. Normally there wouldn’t have been any problem, but before filing for bankruptcy, Mr. Pregent had sold the valuable assets of his company, [...]

2019-11-12T12:43:18+00:00
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Co-Debtors And Authorized Users In Bankruptcy

Call: 888-297-6203 It often happens that people filing for bankruptcy jointly owe debts with other people. Whether these people are Authorized users or Co-debtors, determines their rights and obligations. A co-debtor is a person who signs a debt with another person. This means that a co-signer is a co-debtor. There is a separate section for co-debtors in all the bankruptcy petitions. In bankruptcy, your personal liability on a debt can be removed but the liability of your co-debtor remains the same. Thus, the co-debtors get a notice when a bankruptcy is filed and their obligation to pay remains [...]

2019-11-12T12:42:32+00:00
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MERS In Trouble With The New York Court Of Bankruptcy

Call: 888-297-6203 When a bank wants to repossess or foreclose a property from a bankruptcy filer, it must be relieved from the automatic stay (given by 11 USC §362) by the court. The lenders can resume their collection activities once they get permission from the court. Select Portfolio Servicing (SPS) wanted to foreclose a mortgage on a property of a Chapter 7 debtor which was in the trust hold of First Franklin Mortgage Loan Trust. The debtor had objected to the SPS’s motion for automatic stay relief, saying that the Mortgage Electronic Registration System (MERS) was unable to [...]

2019-11-12T12:41:22+00:00
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No Requirement Of Debt To File For Bankruptcy

Call: 888-297-6203 People of Jacksonville, Florida, are often confused about the amount of debt that they must owe in order to qualify for bankruptcy. However, there is no particular amount of debt required to be eligible to file for a Chapter 7 or a Chapter 13 case, though there is an upper limit in Chapter 13 (over a million dollars). One of the first questions which a bankruptcy attorney might ask you on meeting you for the first time is that why do you think you need bankruptcy? You will then have to answer some general questions regarding [...]

2019-11-12T12:39:42+00:00
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Bankruptcy And Personal Property

Call: 888-297-6203 Filing for bankruptcy in Jacksonville, Florida, exempts a certain amount of the filer’s personal property from the collection by creditors. Normally, debtors are allowed to keep the personal property worth $1000, vehicle equity worth $1000 and then either a homestead or an additional personal property worth $4000. A property needs to be under half-acre, if it is in a municipality, and up to 160 acres, if it is in an incorporated area, for it to qualify for a homestead. The value assigned to the property should be its approximate auction value, i.e., the value which you [...]

2019-11-12T12:38:35+00:00
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Your Family Size Matters In A Bankruptcy

Call: 888-297-6203 When you file for bankruptcy, the Jacksonville Bankruptcy Court, considers the person who lives with you and the treatment of that person differs depending on the bankruptcy chapter you file for. This does not imply that the person’s character matters. The thing that actually matters is the dependency of that person on you for most of his or her care, and if he or she isn’t dependent on you, his or her regular household contributions will matter. Any money paid to or on behalf of the filer of bankruptcy is treated as a regular contribution to [...]

2019-11-12T12:37:12+00:00
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Does A Raise Affect Your Bankruptcy?

Call: 888-297-6203 The effect of a raise on your bankruptcy depends on the bankruptcy chapter you file for and also on the amount of raise. In the legal world, the term “Material” is often referred to. In a legal sense, it means “Significant”. The term “Material Witness” can be used for describing a raise. A raise can affect your case if it is big enough to have a “material” effect on your income. To qualify for Chapter 7, apart from a few exceptions, you will have to prove that your income is less than the average income for [...]

2019-11-12T12:35:54+00:00
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Aggressive Collection Practices of Chapter 7 & 11 Trustee

Call: 888-297-6203 The trustee’s compensation (chapter 7 & 11) is determined to be 25% of the first $5,000, 10% from $5,000 - $50,000, 5% from $50,000 - $1,000,000 and 3% of any turned over monies in a bankruptcy case, under 11 USC 326(a). Consequently, the trustees collect all of the debtor’s property with zest. In bankruptcy, the debtor lists all the property he or she claims to be exempt. The trustee must then object (with measurable facts) to these claims within 30 days, otherwise, the claims stand. Usually, the trustee states his disagreement with the assigned value of [...]

2019-11-12T12:34:27+00:00
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Pre-Bankruptcy Payments can be Undone by Florida Trustees

Call: 888-297-6203 The trustees in Jacksonville, Florida, can recover the funds made to the creditors by the debtors within 90 days of the bankruptcy filing, under the theory of “Preferential Payment”. This is done so that there is an equal distribution of those funds among all the existing creditors, which was earlier given only to one preferred creditor by the debtor. In case the creditor is considered to be an “inside” (a relative or a friend) of the debtor, the 90 days period extends to 2 years. This 2 year period can also be extended in case an [...]

2019-11-12T12:33:08+00:00
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Using The Head Of The Family Exemption In Bankruptcy

Call: 888-297-6203 In Chapter 13 bankruptcy, the head of the family exemption to garnish the wage is also applicable. According to this statutory exemption (Fla. Stat. Ann. § 222.11(1) (c)), any individual providing more than half of the support for child or for another dependent is considered to be the head of the family. This allows an exemption for all of the earnings of the head of the family from attachment or garnishment, providing their disposable earnings is not more than the statutory amount. Moreover, the exceeding disposable earnings might not be garnished without the individual’s consent in [...]

2019-11-12T12:28:14+00:00
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