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Chapter 13 BankruptcyA

Submitted by Anonymous (not verified) on Thu, 03/07/2013 - 22:49

Chapter 13 Bankruptcy
A chapter 13 bankruptcy is also called a wage earner's plan. It enables individuals with a regular income to develop a plan to repay all or part of their debts.

Bankruptcy Glossary Aadversary

Submitted by Anonymous (not verified) on Wed, 03/06/2013 - 23:52

Bankruptcy Glossary
A

adversary proceeding

A lawsuit arising in or related to a bankruptcy case that is commenced by filing a complaint with the court. A nonexclusive list of adversary proceedings is set forth in Fed. R. Bankr. P. 7001.

assume

An agreement to continue performing duties under a contract or lease.

automatic stay

New "Loss Mitigation Mediation" in the Bankruptcy Court

Submitted by Anonymous (not verified) on Wed, 02/27/2013 - 18:27

I. Pursuant to Administrative Order 13-01, the Bankruptcy Court for the Southern District of Florida has implemented a "Loss Mitigation Mediation" (LMM) program. The goal of LMM is to "facilitate communication and exchange of information in a confidential setting and encourage the parties to finalize a fesible and beneficial agreement with the assistance and supervision of the United State Bankruptcy Court."

How to File Chapter 7 Bankruptcy

Submitted by Anonymous (not verified) on Mon, 02/25/2013 - 08:26

To start a chapter 7 bankruptcy case, a person needs to file a petition with the United States Bankruptcy Court. Usually the case is filed with the Bankruptcy Court in the district where the person lives. If a person lives in Palm Beach County, Florida it is usually filed with the Bankruptcy Court in Downtown West Palm Beac Miami and if a person lives in Broward County, Florida, the case is usually filed with the Bankruptcy Court in Ft. Lauderdale. The Bankruptcy Court for the Southern District of Florida includes Miami-Dade, Broward, Palm Beach, and other nearby counties.

Chapter 13 Bankruptcy: Wipe Out Second Mortgage

Submitted by Anonymous (not verified) on Wed, 02/06/2013 - 07:06

Chapter 13 bankruptcy is often used to save a person's home from foreclosure. Under chapter 13, you are allowed to stop the mortgage foreclosure case and catch your mortgage up-to-date. The chapter 13 plan usually involves paying off the mortgage arrearage over a 3 to 5 year period in addition to making your regular ongoing monthly mortgage payments.

The Short Sale

Submitted by Anonymous (not verified) on Thu, 01/17/2013 - 06:58

The hottest topic in South Florida is the real estate "short sale." Actually a short sale is nothing new, but it now quite the vogue. A short sale basically means that the mortgage lender (or lenders) agree to satisfy its mortgage lien and allow the transfer of the real estate in exchange for receipt of less than the full amount of the amount due on its mortgage loan. In a short sale, the real estate is sold to a buyer who obtains a new mortgage.

Chapter 13 Bankruptcy in Florida

Submitted by Anonymous (not verified) on Mon, 01/14/2013 - 22:05

Jordan E. Bublick, Miami and Palm Beach, Florida, Attorney at Law, Practice Limited to Bankruptcy Law, Member of the Florida Bar since 1983

Short Sale in South Florida - The Chapter 13 Bankruptcy Way

Submitted by Anonymous (not verified) on Mon, 01/07/2013 - 07:53

A very hot topic in South is the "short sale". This usually involves a sale to another person with your mortgage company agreeing to satisfy its mortgage with a payment of less than the full amount due. A variation on the short sale is the "short refinance." In a short refinance, a person tries to refinance his mortgage with a new mortgage for less than the full amount owed on his existing mortgage with the existing mortgage company agreeing to take less than a full payoff.

Tax Consequences of Foreclosure or Short Sales of Certain Primary Residences

Submitted by Anonymous (not verified) on Fri, 12/21/2012 - 04:32

In December, 2007, Congress passed the "Mortgage Forgiveness Debt Relief Act of 2007" to alleviate tax consequence for some homeowners in foreclosure. The new Act excludes from gross income certain cancelled discharged "qualified principal residence indebtedness."

Mortgage Foreclosure and Discharge of Indebtedness Income

Submitted by Anonymous (not verified) on Wed, 12/05/2012 - 07:35

A mortgage foreclosure may also have federal income tax consequences. One issue is "discharge of indebtedness income." This can be understood as the IRS's attempt to tax you on money you were loaned but are not going to repay. The mortgage lender may be required to report the amount of the cancelled debt to you and the IRS on a Form 1099-C, Cancellation of Debt. Fortunately though there are various exceptions to this rule and even a recently added exception.

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