Chapter 13 Bankruptcy

Chapter 13 bankruptcy is described as "Adjustment of Debts of an Individual with Regular Income" in the Bankruptcy Code. Although it is not referred to as a "reorganization" as is chapter 11, it is actually quite similar to chapter 11.

Bankruptcy Creditors' Meeting

In a chapter 7 or 13 bankruptcy case, a "creditors' meeting" is held three to seven weeks after the case is filed. The bankruptcy code requires this meeting to be held.  Although called a "creditors' meeting," in most cases no creditors attend.

A chapter 7 creditors' meeting is usually presided over by the chapter 7 trustee and a chapter 13 creditors' meeting by the standing chapter 13 trustee. The debtor is required to attend to creditors' meeting unless there are special circumstances to excuse attendance.

Bankruptcy Creditors' Meeting

In a chapter 7 or 13 bankruptcy case, a "creditors' meeting" is held three to seven weeks after the case is filed. The bankruptcy code requires this meeting to be held.  Although called a "creditors' meeting," in most cases no creditors attend.

A chapter 7 creditors' meeting is usually presided over by the chapter 7 trustee and a chapter 13 creditors' meeting by the standing chapter 13 trustee. The debtor is required to attend to creditors' meeting unless there are special circumstances to excuse attendance.

Differences in Lien Stripping between Chapter 7 and 13

In a much awaited decision, the United States Supreme Court  ruled in favor of Bank of America and held that "underwater" mortgages are not avoidable in a chapter 7 liquidation case. Noteably, the ruling did not involve a chapter 13 situation.

Differences in Lien Stripping between Chapter 7 and 13

In a much awaited decision, the United States Supreme Court  ruled in favor of Bank of America and held that "underwater" mortgages are not avoidable in a chapter 7 liquidation case. Noteably, the ruling did not involve a chapter 13 situation.

Totten Trusts in Florida

In a Totten trust bank account a person deposits his money into an account in his own name as trustee for another.  A Totten trust account is also known as a "payable upon death" account. The Totten trust doctrine has been accepted in Florida.

Florida Bankruptcy Exemptions

Real Property

Homestead - unlimited in value, l/2 acre in municipality, 160 acres outside municipality, Art. X, Section 4, Florida Constitution

Personal Property 

Generally - to extent of $1,000, Art. X, Section 4, Florida Constitution and a further $4,000 in certain circumstances

Motor Vehicles - to extent of $1,000

Property Held as Tenants by Entireties for debts of only one spouse

Health Aides Professionally Prescribed

Earnings of Head of Family

Proceeds of Life Insurance on Florida Resident

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