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So far Team Flexsin has created 216 blog entries.

Cars Can Be More Affordable In Bankruptcy

Call: 888-297-6203 It is difficult to avoid car payments. A drop in the value of a used car is inevitable and thus, many people, driving financed vehicles, owe more to the lender than the worth of the asset. However, you can pay the actual worth of the vehicle rather than the amount you owe on it. According to 11 USC 722, a bankruptcy debtor is allowed to pay the secured portion of the car debt for satisfying the lien. A “Security” (physical asset) has to be given for a loan which can be exchangeable for satisfying a lien. [...]

2019-11-12T12:24:57+00:00
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Warren Bodeker Forced to Leave His Home in Bankruptcy

Call: 888-297-6203 A WWII veteran, Warren Bodeker, was forced to leave the house, which he had built for his wife and himself in 2000, because of the bankruptcy laws of Montana. The 89 years old veteran was ordered to vacate the house as the creditors did not exempt it from the collection. Many of Bodeker’s angry patriots, who had assisted him with financial contributions, had also sent numerous threats to the bankruptcy trustee of this case. But they did not know the whole story. There were two reasons due to which Warren was losing his house: He wanted [...]

2019-11-08T07:04:38+00:00
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Keeping The Non-Exempt Property In Bankruptcy

Call: 888-297-6203 Most of the people are concerned about the effects of bankruptcy on the property they owe. If you have been a resident of Florida for some time now, you will be allowed to keep the exempted property under Florida Law. A general view of the exemptions is as follows: You might keep - Personal property worth $1000. Vehicle equity worth $1000. Either equity in homestead property or an additional property worth $4000. Any other property, which does not come under exemptions, is solely left at the whim of the court-appointed trustee. The trustee takes the non-exempt [...]

2019-11-12T12:23:25+00:00
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Difference Between Secured And Unsecured Debts

Call: 888-297-6203 While filing for bankruptcy you will be required to list all the creditors (people and businesses) to whom you owe money. Secured and unsecured creditors have separate sections in the bankruptcy petition. In a secured debt, collateral is required. So, if you fail to repay the debt, your creditor can repossess your car or house to make up for the owed money. However, the debtor will be required to pay the deficiency (difference), if the creditor is able to sell the collateral for less than the money that is owed. In an unsecured debt, there is [...]

2019-11-12T12:20:15+00:00
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Evictions in Florida Can be Stopped by Bankruptcy

Call: 888-297-6203 It was determined by the Jacksonville, Florida court in 100 B.R. 579. pdf, that an automatic stay will provide protection not only against evictions but also against the damage that occurs due to evictions done in a wrong manner. A lease agreement was signed between the debtor and residential property. An eviction notice was served to the debtor, a few days before the bankruptcy filing. Despite the notice of the bankruptcy filing, the landlady had forcibly entered the debtor’s house and had placed all the belongings on the street. Before the debtor could find out about [...]

2019-11-12T12:16:15+00:00
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The Means Test in Bankruptcy

Call: 888-297-6203 One of the greatest effects of the changes in the bankruptcy code in 2005 was the Means Test. This amendment was so misunderstood and terrifying for the people that they were in a hurry to file for bankruptcy before the scheduled enactment of this amendment. Some people thought that the Means Test will make it impossible to file for Chapter 7 bankruptcy. Of course, not all the rumors were completely accurate. The Means Test takes the number of members in the debtor’s household, into account and compares the debtor’s income with the income of the average [...]

2019-11-12T12:14:22+00:00
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The Deliberate Inclination Of Some Attorneys Towards Specific Bankruptcy Chapters

Call: 888-297-6203 As a counselor, attorneys need to be honest and fair with their clients. However, when it comes to attorney practice, this idealist principle is rarely found. There are many lawyers who deliberately persuade their clients to file for a Chapter 13 bankruptcy when Chapter 7 would have served them better. This is solely done for the fees. A Chapter 13 case has almost twice the fees of a Chapter 7 case. Thus, attorneys intentionally try to convince their clients in favor of a Chapter 13 bankruptcy, in order to get double the fees. Clients don’t fall [...]

2019-11-12T12:08:40+00:00
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Citizens of Florida Can Retain Many Cars in a Chapter 7 Bankruptcy

Call: 888-297-6203 Many citizens of Florida, who are thinking about filing for bankruptcy, believe that they are allowed to keep only one of their cars in bankruptcy because the statutes of Florida have an exemption of up to $1,000 for only one motor vehicle. There is also a wildcard exemption of $1,000 and also a house or an additional wildcard exemption of $4,000, available in Florida. The debtor can use these exemptions for retaining a vehicle also. So, in case the debtors own vehicles worth less than $4,000, they can keep all of them with themselves. Remember that [...]

2019-11-12T12:06:44+00:00
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Homestead in Bankruptcy

Call: 888-297-6203 It is fortunate to have equity in the home in Florida, as it offers one of the most generous exemptions in a homestead in the United States. Although, exemptions are offered at the federal level, but the residents of a state must use their state exemptions in case their state decides to create their own exemptions. However, states like Pennsylvania have no exemption in the homestead at all. In Florida, the property should either be 1-half acre (within the municipality) or 160 acres (outside municipality) to be eligible for a homestead exemption. This benefit is largely [...]

2019-11-12T12:13:28+00:00
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Effects of Bankruptcy on Credit

Call: 888-297-6203 People filing for bankruptcy are often scared about the effects of it on their loved ones. Debtors often believe that their credit gets merged with their spouse’s credit or that the liability of their debts will fall on their children in case they are still remaining at the time of death. Such rumors are untrue and misleading. Firstly, the credit scores of the spouses are independent of each other. The credit score of one partner might be extremely good while the other’s may not. Sometimes, one spouse owes all the unsecured debts while the other has [...]

2019-11-12T12:12:27+00:00
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