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June 2015 Archives

Will I be able to convert my Florida Chapter 11 bankruptcy?

Chapter 11 bankruptcy in Florida may offer a welcome opportunity for a struggling Florida business to reorganize its debt and come up with a new payment plan. How does a business know that Chapter 11 is the right choice? What if Chapter 11 seems like the right choice, but upon further developments, Chapter 7 bankruptcy appears to be a better option? Fortunately, a debtor who has filed for Chapter 11 bankruptcy has a one-time right to convert the bankruptcy case to a Chapter 7 bankruptcy. Knowing that this opportunity is available may help ease the minds of some business owners.

Supreme Court decision affects Florida mortgage rights

A recent Supreme Court decision stemming from two Florida cases will affect the rights of those homeowners with a second mortgage who declare bankruptcy. The case, considered a victory for the banks, deals a tough blow to homeowners with a second mortgage. The Court ruled that even if a debtor owes more on his or her home than the home is worth, the bankruptcy filing will not void the second mortgage.

Keeping your Florida home after Chapter 13

Purchasing a Florida home is often a very proud day for a Floridian. A family's home is not only where they live, but may also be a symbol of the American dream for many. Therefore, the possibility of losing that home in a bankruptcy proceeding may be upsetting. Fortunately, however, there are ways that a family can keep their home even after filing for bankruptcy.

Many advantages of a Chapter 13 automatic stay

One of the advantages of filing for Chapter 13 bankruptcy in Florida is the issuance of an automatic stay. An automatic stay prevents a debtor's creditors from taking any further action to collect on the debt. The automatic stay starts when the debtor files the petition for bankruptcy. Judicial action is generally not needed for an automatic stay - as the name indicates, it happens automatically.