Before you file for bankruptcy, you’ll likely want to know what type of bankruptcy to file for. The reality is that you have to meet certain requirements in order to file bankruptcy at all, and you may not be eligible for either Chapter 7 or Chapter 13. If you do happen to meet the requirements
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Solomita Law Blog
by Brigitte Yuille (Originally posted on July 3, 2015 on Bankrate.com) You’ve filed for bankruptcy. Now it’s time to start rebuilding your credit. It will be hard to get credit at the start, but it won’t be impossible. The bankruptcy on your record means you will have to pay more to borrow money, since you’ll
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In recent months, bankruptcy attorneys and people considering bankruptcy have wondered how the new presidential administration might influence bankruptcy laws and the outcomes of personal bankruptcy petitions. We did, too. To gain perspective, we took a look at America First: A Budget Blueprint to Make America Great Again—produced by President Donald J. Trump’s Office of
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Bankruptcy provides relief to people weighed down by massive debt, however it is not a free pass. During a bankruptcy, debtors may be required to liquidate their assets to repay creditors. Also, they can expect to lose access to existing commercial credit because credit card companies typically close accounts when notified that a bankruptcy is
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Even before the advent of the credit card industry, pioneers, patriots and presidents alike found themselves in tough financial straits. According to Roland Gary Jones, Esq., author of Bankruptcies and Money Disasters of the Rich and Famous, Abraham Lincoln went bust running a grocery store before falling back on politics. Even as he ran for
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I joined Bold Talk Business Radio talk show host Donna Anselmo for a live stream on TalkNetworkRadio.com Tuesday, February 15. We discussed issues on the minds of people dealing with debt, especially questions relating to bankruptcy. The interview will stream again today and Friday in the 1 PM EST time slot on TalkNetworkRadio.com, or you
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When filing for bankruptcy on behalf of a client, an attorney must consider how to best protect the client’s assets. During bankruptcy proceedings, the court reviews the petitioner’s assets to determine the debtor’s ability to repay creditors. The court then may require sale of the debtor’s property to reimburse creditors and/or cover court costs. The
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PHOTO COURTESY: DREAMSTIME FREE REAL ESTATE 6 ©Jcpjr WORRY AMONG PEOPLE STRUGGLING TO SAVE THEIR HOMES OFTEN COMES FROM not knowing what to expect or if there is any way to stop a foreclosure. Take for instance the case of “Mr. Smith.” Mr. Smith is a fictitious name. The Situation of Mr. Smith After losing
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When The Wall Street Journal (WSJ) reported that Univision Communications, Inc. won a court-administered auction of assets belonging to Gawker Media Group (08.16.16), I thought this case perfectly illustrated how the Chapter 11 bankruptcy process works. For example … A Single or Series of Disastrous Financial Incidents Disrupts a Company In this case, a court
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As an attorney, I’ve heard from landlords who don’t know what to do when nightmare tenants fall way behind on rent payments, refuse to vacate, and even purposely destroy rental property. I’ve also heard from frustrated tenants whose landlords don’t respond to calls about leaky pipes, broken air conditioners and other property they are bound
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When The Wall Street Journal (WSJ) reported (08.16.16) that Univision Communications, Inc. won a court-administered auction of assets belonging to Gawker Media Group , I thought this case perfectly illustrated how the Chapter 11 bankruptcy process works. For example … A Single or Series of Disastrous Financial Incidents Disrupts a Company In this case, a
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In addition to tax savings on a primary residence, Florida’s homestead exemption can offer protection in times of severe financial distress, such as bankruptcy. Florida homeowners typically apply for a homestead exemption on their primary residence to reduce their tax burden. However, this exemption also can protect one’s home from being forcibly sold by a
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Attorney Alec Solomita, founder of Solomita Law, appeared in a recent interview with Donna Anselmo, host of BOLD TALK Business Radio, which airs on AM 1060 WMEL, Tuesdays between 1:00 and 2:00 PM EST. The show broadcasts to more than 4 million residents in Central Florida. Intrigued by Alex’s commitment to helping individuals who are
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We know that it’s not always easy to discuss personal financial matters, particularly when they involve debt. Many people struggling with debt believe there is no way out, so they avoid seeking advice until monetary situations become even more dire. Often, they can’t pay off their debts without outside help. To answer frequently asked questions
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If your mortgage loan is in arrears, your lender may pursue foreclosure options against you. If the lender is successful in its foreclosure attempt, the lender will be able to retain the property and remove the homeowners who have been foreclosed on. Bankruptcy is a tool that can be used to prevent foreclosure. If your
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If you use email, frequent the Internet, have a telephone, or open your door to solicitors, it’s likely that you will be targeted by con artists at some time in your life. If you are very active on the internet, that likelihood seems to increase daily. Con artists are sharp, believable, and creative, and they
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Not only have we just launched a new law practice, but I’m pleased to begin sharing thoughts, news, legal opinions and information with you through our new blog platform. If you like, you can share your own concerns with me, too, via the contacts form at our law practice website, www.SolomitaLaw.com. Also, feel free to
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In our prior article, Solomita Law answered three frequently asked questions about bankruptcy. This article addresses other common queries. Must I include every one of my debts in a bankruptcy filing or may I elect to pay off certain debts without applying for a discharge? All debts must be included in the bankruptcy petition. Certain
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Many people under financial duress avoid filing for bankruptcy because they don’t understand how bankruptcy works, don’t know where to turn for information, or fear that they will not be able to live a normal life after bankruptcy. In fact, bankruptcy law provides a means for recovering from excessive debt, and many (possibly even most)
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Positioning Yourself for a Fresh Start through Bankruptcy Under Title 11 of the United States Code, bankruptcy laws were established to assist financially distressed individuals and organizations with debt relief. After a bankruptcy has been granted and debts have been discharged, debtors are positioned to gain stronger financial footing, and repay debts, such as mortgage
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