- Double wide mobile home (12 months of payments left);
- 5 acres of land in a rural part of county in Florida (paid for);
- $30,000 in a retirement fund;
- a vehicle - owed $25,000, worth $17,000; and
- significant debt on credit cards and medical bills.
Monday, June 23, 2014
People you usually of the mindset to do everything possible to pay all your bills, liquidating everything possible to try to avoid filing bankruptcy, and then, as a last resort, file bankruptcy. Bankruptcy should be a last resort, referring to a financial plan, and doing things according to the plan, not just doing things to do things. Last resort does not mean do everything you can think of, regardless of what it is.
You have heard the phrase you should do things Smart, not just Busy.
The thing about the bankruptcy code, it does not necessarily make logical sense. Often one can do something whereby they think they are helping themselves, just to find out later they were actually hurting themselves, both financially and emotionally. And all because they did not take advantage of a free bankruptcy consultation.
The following is a general scenario that is not uncommon given the following general facts:
One other small fact, a recent downgrade in jobs; lower income.
Does this sound remotely familiar?
After liquidating retirement funds, refinanced the home to include the land for some money to pay bills. Later ran low on money, vehicle repossessed, and the real property sold at a Short Sale.
A bankruptcy consultation would have revealed the retirement funds could have been saved, and the home probably could have been saved. The car, depending on income and equity in the vehicle, could have probably been saved. Credit card and medical debts, most probably discharged in bankruptcy.
This is an example of waiting too long to receive a consultation so one can plan their affairs around the filing of a bankruptcy.
Please keep in mind, no 2 cases are the same. Every case is different, and you should seek the advise of a local bankruptcy attorney in your area.
Thursday, June 12, 2014
The Wall Street Journal recently reported that Bank of America Corp. is in talks to pay at least $12 billion to settle civil probes by the Justice Department and a number of states into the bank's alleged handling of shoddy mortgages, an amount that could raise the government tab for the bank's pre-crisis conduct to more than $18 billion. At least $5 billion of that amount is expected to go toward consumer relief — consisting of help for homeowners in reducing principal amounts, reducing monthly payments and paying for blight removal in struggling neighborhoods. As the negotiations with the government heat up, the bank is being pressed to pay billions more than the $12 billion it is offering. The North Carolina bank's total tab to end government probes and lawsuits related to its conduct in the runup to the financial crisis is increasingly likely to surpass the record $13 billion that JPMorgan Chase & Co. paid last year to settle similar allegations. Bank of America has already struck a $6 billion settlement, by the Justice Department's measure, with the Federal Housing Finance Agency.
Tuesday, June 10, 2014
As of August 1, 2014, Volusia County is being removed from the jurisdiction of Jacksonville Division of the Middle District of Florida, and being reassigned to the Orlando Division. To view all the counties assigned to the various divisions within the Middle District, please review Local Rule 1071-1 as amended.
To view the local rule amendments taking effect on August 1, 2014, Click Here