Planning Tips

Protection Against Post-Bankruptcy Real Estate Liability

09/19/13

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.

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Exemption of Unemployment Compensation After Debtor’s Receipt

04/29/13

Can a Florida Chapter 7 bankruptcy debtor exempt money in his bank account that represents deposited unemployment compensation? A Florida bankruptcy court recently reviewed this issue which had not previously been considered by any Florida court.

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Bankruptcy’s Effect On Federal Security Clearance

03/14/13

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. Most creditor lawyers state that a bankruptcy actually improves security clearance. The typical employer wants to make sure that financial problems do not lead to more serious personal problems affecting employment such as drug use, alcohol, or high interest borrowing. Bankruptcies solve financial problems, relieve stress, and usually improve concentration and performance at work.

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Who Is Liable on Your Credit Card Debt? Applicants vs. Users

11/20/12

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. In bankruptcy, if a debtor is legally liable on someone else’s card is important to know in order to list the card as a debt and name the primary owner as a co-debtor.

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Disputing Items On Your Credit Report

09/19/12

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.

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Business Bankruptcy Location: Where Can A Business File?

08/06/12

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.

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Pre Bankruptcy Planning Can Include New Debt For Proper Purpose

06/04/12

A common question during a pre-bankruptcy meeting with a bankruptcy client is whether a debtor can incur any new debt between the time he first meets his bankruptcy attorney and the filing date. The answer has two parts.

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Bankruptcy Issues In Florida Domestic Partnerships

05/20/12

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 domestic partnership. Because Florida does not recognize same sex marriages these couples have to find their own paths to estate planning and debt planning. 

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Personal Bankruptcy's Effect Upon Debtor's Small Business

03/19/12

Many people who file Chapter 7 bankruptcy are self-employed owners of a small business. The business is not doing well, and the owners have accumulated substantial personal debt to support the business and pay personal living expenses while the business could not support them. In many of these bankruptcy situations the debtor would like to keep the business after bankruptcy. They want to know what will happen to their business if they file personal bankruptcy. 

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Can Joint Bankruptcy Filing Claim Entireties Exemption When Spouses Have Separate Debts?

07/13/11

I interviewed a married couple wanted to file joint Chapter 7 bankruptcy. Each spouse had separate credit cards and no joint unsecured debt. They have assets owed jointly free and clear of debt. My first thought was that their joint assets would not be protected in a joint bankruptcy. Joint marital assets owned as tenants by entireties are protected from the debts of either spouse provided the spouses do not have joint unsecured debts.

Then, I considered the point that a joint bankruptcy does not mean joint debt.

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