Chapter 7 bankruptcy debtors who surrender upside down real estate in Chapter 7 bankruptcy sometimes are surprised by liabilities that arise after the bankruptcy filing. A common example is the debtor’s liability for HOA dues that accrue in the months after the bankruptcy petition is filed. Continue reading
I have been asked more than once whether filing bankruptcy can adversely impact the debtor’s security clearance with a private business or government agency. Continue reading
There are two types of “people” in the credit card world that are frequently confused. These people are the “co-applicant” and the “authorized user.” Client I encounter in Orlando, Florida, often ask me if they are personally liable for someone else’s credit card when they have themselves previously used the card. Continue reading
I follow a blog called The Points Guy because he informs readers of incentive reward programs for new credit cards and recommends the best credit cards for different consumer needs. His blog occasionally reports on credit scoring as it affects people’s ability to get new credit cards. Continue reading
Where may a business file bankruptcy? The president of a small family business based in Georgia called me to ask whether his business could file a Chapter 11 bankruptcy in Florida. The business was a Georgia corporation with offices in Atlanta, Orlando, and Tampa. The caller preferred to file bankruptcy in Florida because he thought doing so would reduce the publicity and his own embarrassment in Atlanta where the president resided. In addition, the president maintains a personal residence in Orlando where he lives half the year.
I was reading post on a Florida domestic partnership law blog which brought to mind the fact that I have represented several bankruptcy debtors who are part of same-sex couples. These debtors typically are living together in some form of…
Some people are ineligible for Chapter 7 based upon their income and cannot file Chapter 13 because they have debts above the Chapter 13 ceilings. Many other people are advised by a bankruptcy attorney not to file bankruptcy because they have assets which are not exempt in bankruptcy. I sometimes wonder what happens to people facing judgments who are told by a bankruptcy attorney that they cannot file, or should not file, bankruptcy.
A husband and wife consulted with me about a pre-bankruptcy plan. They jointly owned a homestead which had equity. They maintained individual bank accounts and other financial assets. They had over $150k of joint unsecured debt. They wanted to start a new business which would provide their livelihood. The husband was reluctant to file bankruptcy because he may need bank financing; he could obtain financing with his debt level but not with a bankruptcy on his record.