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Bankruptcy Archives

Indie rocker Cat Power seeks bankruptcy protection

Debts can quickly spiral out of control. What may start off as just some medical bills and credit card debt, can lead to repeated phone calls from creditors and the threat of wage garnishment. This in turn can lead to people seeking all types of debt relief, including bankruptcy.

Credit repair and loan eligibility possible after bankruptcy

Personal bankruptcy is a debt resolution thousands of people in Florida and around the country have used in order to get their finances in order. But, even though the process is rather common, many consumers still approach bankruptcy hesitantly amid fears that their credit will be destroyed if they file. However, this is not always the case, especially when filers make a conscientious effort to improve their credit afterwards. For example, consumers who have successfully exited Chapter 13 bankruptcy typically become eligible again for Federal Housing Administration mortgages just one year later. With a Chapter 7 bankruptcy, it's two years. And while with more conventional providers the wait could be extended, the point is that ineligibility is not necessarily forever.

Developer of Palm Beach mansion files for Chapter 11 bankruptcy

In 2007, more than a year before the real estate market was rocked by the recession, an island developer corporation set to work building a Palm Beach mansion. Now, five years later, the 27,000 square foot home on 2.5 acres of lakefront property sits vacant. The limited liability company, which is controlled by the developer corporation, recently filed for Chapter 11 bankruptcy.

Securing a mortgage after bankruptcy

We have written many posts in this blog about individuals who have resolved their financial issues through a bankruptcy filing. But what happens after a Chapter 7 or Chapter 13 bankruptcy is complete? Many believe that they do not have any options when it comes to either purchasing residential property or refinancing an existing loan. This however, is not always true.

Football coach hopes to repay debts with Chapter 13 bankruptcy

A Chapter 13 bankruptcy allows for an individual or sole proprietor with unmanageable debts to create a repayment plan over the next three to five years to pay back creditors. Typically, this type of plan is attractive to many as it allows for a person to overcome their debt burden without having to forfeit assets to creditors.

The Federal Nature of Bankruptcy Law

All bankruptcy cases are filed in Federal Bankruptcy Court. Article I Section 8 of the United States Constitution grants the federal government exclusive right to enact laws pertaining to bankruptcy. Therefore the States are prohibited from enacting there own bankruptcy laws.

Bankruptcy rates follows the ebb and flow of the economy

Bankruptcy trends tend to follow economic cycles. Typically, when the economy is good and housing prices are stable, consumers spend more freely and rack up more credit card debt. Then when something happens, like a job lay-off, medical emergency or divorce, those consumers are in a financially vulnerable spot. This in turn leads to an increase in consumer bankruptcy filings.

Business files for Chapter 11 bankruptcy to restructure

In many cases, when liabilities become more than assets it is a good time for a business to look into what debt relief options may be available. In some cases this leads to the complete liquidation of a business, but in others it can mean the time to reorganize and build up a foundation for a stronger financial future.

Decrease in wine sales leads to Chapter 11 bankruptcy for winery

With the recession of 2008 there was a sharp decrease in fine wine sales. This economic slump combined with a weak grape harvest the following year has led to a limited supply of wine that is actually available for sale. In turn, this had led some wineries into the kind of financial hardships that a business bankruptcy aims to cure.

Hundreds of thousands still file for bankruptcy

Recent numbers released show a decrease in national and local bankruptcy filings for the three month period ending June 30. However, while some may jump to the conclusion this means hard financial times are over, Florida residents should still take heed as the filings are still in the hundreds of thousands and many will face financial strife in the future and seek out debt relief.

ABA Defending Liberty Pursuing Justice American Bankruptcy Institute The Florida Bar 1950 CFAWL Criminal Florida Association For Women Lawyers Orange County Bar Association
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