• Trusts, Irrevocable Trusts, Spendthrift Trusts are they safe in Bankruptcy?

    November 2, 2011

    Back when the new BAPCPA was passed in 2005 I co-wrote an article published by the American Bar Association with attorney Alan Gassman, that deals a lot with this issue.  That article can be found on my website here:  http://www.piklawgroup.com/how-the-2005-bankruptcy-abuse-prevention-and-consumer-protection-act-affects-planning-for-physicians-and-physician-practices/ I have met with many clients and have had other attorneys ask about whether or [...]

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    National Association of Consumer Bankruptcy Attorneys Principal Paydown Plan

    October 27, 2011

    The National Association of Consumer Bankruptcy Attorney’s Principal Paydown Plan was recently lauded. While the plan is not new, it is time for consumers to be more aware of how this Plan might help them. NACBA strongly supports a cramdown process that would reduce principal balances owed on mortgages down to the values of the [...]

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    Principal Pay Down Plan is Credible and Promising

    October 27, 2011

    The National Association of Consumer Bankruptcy Attorneys has been working on and trying to get put into action their “principal Paydown Plan” which is designed to help people in Chapter 13 from foreclosure. Recently members of Congress and the Director of Federal Housing Finance Agency cited the plan as being “Credible” and “Promising”. I have [...]

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    Discharging Student Loan Debt

    October 25, 2011

    I was recently inspired to write a blog about discharging student loans after some of my fellow law school comrades struck up a discussion concerning stimulating the economy by allowing student loans to be dischargeable.  Well they are, but only in true lawyer-like fashion – “in certain circumstances”.  Now let’s see what those circumstances are. [...]

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    Median Level Income for Means Testing for Cases Filed on or after November 1, 2011

    October 24, 2011

    The Census Bureau has announced an update to the Median Level of Income that is to be used when applying for the Means Test.  Additionally, the IRS has announced updated figures for their National and Local Standards for expenses to be applied in all bankruptcy cases.       FAMILY SIZE STATE 1 EARNER 2 [...]

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    Bankruptcy Court Mandates Higher Fees in Bankruptcy

    October 21, 2011

    Bankruptcy court fees will increase beginning November 1, 2011.  Below you can find a schedule of fees that was taken from the Bankruptcy Court Middle District of Florida Website (http://www.flmb.uscourts.gov/) Petition Filing Fees* U.S. Dollars only Chapter 7 *** $306.00 Chapter 7 – to reopen $260.00 Chapter 9 *** $1046.00 Chapter 9 – to reopen [...]

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    Exemptions for professionally prescribed health aid

    October 17, 2011

    The bankruptcy laws and Florida Statutes allow debtors to protect professionally prescribed health aids.  But what qualifies for a “professionally prescribed health aid”? Clearly doctor prescribed devices necessary for mobility like wheelchairs etc. qualify, but what about vehicles?  One recent case gives us some insight: In re Dowell Case No. 8:10-bk-07228-MGW  Chapter 7 A steering [...]

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    No windfalls allowed; Banks must account for home value in filing claims

    October 17, 2011

    In re:   Case No. 8:10-bk-21924-MGW  Chapter 11 Robert E. Anson and Barbara J. Anson The debtors through an LLC obtained a second loan (the debtors personally guaranteed the loan) from Liberty Bank on their home, then later defaulted on the loan.  The debtors owed a total of $512,012.05.  The bank obtained a default judgment in the amount [...]

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    Investors purchasing underwater homes from under bankruptcy debtors

    October 15, 2011

    An interesting development has occurred in Florida. That is that investors have begun purchasing bankruptcy debtors homes.  It’s not every one, they pick and choose the good ones.  They probably pick middle to large homes in medium to  upscale communities that haven’t been thrown into the foreclosure arena yet. Here is a situation that I [...]

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    Mortgage Modifications for Chapter 13 Debtors

    October 14, 2011

    Chapter 13 Debtors in Tampa and Orlando divisions of the Middle District of Florida Can now begin conducting court ordered mediations after filing for Chapter 13.  There are some requirements: –  Only Chapter 13 Debtors can request mediation –  Mediation limited to the debtor’s primary residence (investment properties do not qualify) –  Debtor can afford to [...]

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