Recent Updates
April 28, 2010
State Must Prove Defendant's Knowledge of Driver's License Suspension
April 13, 2010
Sentencing Commission Votes to Eliminate Recent Criminal History Points
October 15, 2009
Consent to search inside of vehicle does not extend to locked containers
October 14, 2009
Making phone calls to get drugs for personal use not a felony
October 07, 2009
Duval County schools agree to reduce number of students getting arrested
Bankruptcy
This section of our blog updates issues dealing with bankruptcy in the Middle District of Florida (based in Jacksonvile, but includes Gainesville, Ocala, Daytona, and the surrounding area)??and nationwide.????Whether it involves filing a??Chapter 7 or Chapter 13,??keeping??one's house, getting a fresh start from credit card debt, being laid off from work, repossession of homes, vehicles, cars, or??how the means test applies to you, we??seek to provide information that current and potential clients find useful.?? ??
Nearly One-Third of Homes in Jacksonville Under Water
November 21, 2008
Today's Florida Times Union reported that nearly 1/3 of all homes in Jacksonville are under water, meaning that the owner of the home owes more on the home than the house is currently worth. Many of our bankrutpcy clients are in the situation, and in fact no client who has come into our office since June has had positive equity in their home. Most of our clients have bought a home between 2002 and 2007. This article addresses the problems facing homeowners today.
http://www.jacksonville.com/tu-online/stories/112108/met_358274583.shtml
Therefore, the question is what can our firm do for you. We offer debt relief to consumers in both negoiating with creditors and filing bankrutpcy. Our clients who choose to file bankruptcy usually do so to avoid a deficiency judgment that would come after their house would be foreclosed upon. For example, a person owes $200,000 on one or more mortgages on a home. They are no longer able to make the payments and the bank forecloses on the home. After costs are assessed from the foreclosure and an auction sale is made, the bank is only able to recoup $100,000 from the sale of the home. The bank would then be able to come after the former home owner for the $100,000 lost in the transaction.
Congress Considering weaking Pension Laws
November 20, 2008
Post the fallout from the Enron debacle earlier this decade, Congress passed laws strengthening the requirements of companies to make deposits to keep pension plans strong. However, just two years later, CNBC is reporting that Congress is considering returning the laws to pre-Enron because of the tough economic times.
http://www.cnbc.com/id/27816670
Seeking to reduce payments into pension plans when pensioners are potentially at their most exposed raises the danger to pensioners significantly. Many pension plans are under extreme pressure because of losses in the stock markets, and therefore these plans need more money to help keep solvent. On the other hand, the economic downturn means that many companies don't have money to invest.
As mentioned in a previous article, seniors are facing increasingly difficult times and are declaring bankruptcy are record levels.
If you are considering bankruptcy, please contact us for a free consultation regarding your case. We will discuss all options and help you formulate a plan to get back on your feet financially.
Tenancy by the Entirety in Bankruptcy and Homestead Exemptions
November 19, 2008
A court has held that under Florida law property held by a married couple under tenancy by the entirety may be exempt if only one of the spouses owes a debt. If both spouses owe a debt, the usual homestead exemptions could protect the home if bankruptcy proceedings are initiated.
In Florida, property held by husband and wife as tenants by the entireties belongs to neither spouse individually, but to both spouses. The property is not limited in size or description. Any property could be held as tenancy by the entirety, not just real estate. When property is held as a tenancy by the entireties, only the creditors of both the husband and wife, jointly, may attach the tenancy by the entireties property. Therefore, the property is not divisible on behalf of one spouse alone, and it cannot be reached to satisfy the obligation of only one spouse. If the both spouses owe the debt, the Florida constitutional homestead protection is more extensive than the protection bestowed by tenancy by the entireties law. For example, only spouses can own property as tenants by the entireties. Any natural person can claim the constitutional homestead protection. Also, joint creditors of the spouses can reach the entireties property, but they cannot reach property that the debtor claims as homestead, unless one of the applicable exceptions applies. The Florida Constitution therefore provides an unlimited and powerful exemption for Florida homeowners, married or not. If the property does not qualify under the homestead exemption, tenancy by the entirety could provide additional protection for property held as tenancy by the entirety.
Estate/asset planning is important in everyday life and is especially important when it comes to families that fall into economic problems. However, there are rules against pledging assets or hiding assets prior to the filing of bankruptcy. In fact, trustees and the courts will examine transfers made the 2 years prior to the filing at a minimum and upon good cause, can look back even further.
We can explore your assets allocations and explain what effect a bankruptcy might have on your estate and assets. Give us a call.
At the Arnold Law Firm, we continue to monitor advances in bankruptcy law. Please contact us to discuss your bankruptcy needs and concerns.
Life without Credit after a Bankruptcy
November 15, 2008
One of the common reasons clients say they are hesistant to file bankruptcy in Florida is the problems of living without credit cards. There are two responses that we typcially give. First, if you declare Chapter 7 bankruptcy, there are prohibitions on when the next time you can declare bankruptcy. Additionally, credit card companies belief that you have put most of your fiancial obligations behind you. Therefore, you are a better credit candidate then you were before declaring bankrutpcy.
Second, many clients report that they stop using credit cardaltogether. Money magazine recently did an article on life without credit cards.
http://money.cnn.com/2008/06/16/pf/without_plastic.moneymag/?postversion=2008061618
Bankruptcy - Are there any other options?
November 15, 2008
As the economic crisis worsens, many people's financial matters are in distress and are left wondering about bankruptcy and "other" options. For most of our clients, we find that bankruptcy is the best option because it gives the most complete relief to our clients whose credit situation has worsen to the point that they should go ahead and file. Although bankruptcy may not be the solution for everyone based on income, prior bankruptcies, or other factors including the amount of debt, there may be other options, although limited.
http://www.foxbusiness.com/story/markets/industries/media/ways-burdensome-debt-paid/.
One such option is to try to renegotiate with your creditors. Creditors may be willing to protect themselves from a complete loss when confronted with a debtor contemplating bankruptcy. While you may attempt this on your own, our clients have experienced a much more positive reaction from the lender when we, as attorneys for the debtor, renegotiate on their behalf with the lender. Please call us today to see if we can help you renegotiate the terms of your loans.
Top Retailers Declaring Bankruptcy
November 12, 2008
Tough economic times for consumers have hit some of the biggest retailers in the United States and those firms are looking at declaring bankruptcy in Chapter 11. General Growth Properties, the second largest operator of malls in the United States is declaring bankruptcy. This news is on the heels of the Circuit City bankruptcy announcement, coupled with the closing of almost half of their stores.
In tough economic times, businesses use bankruptcy as a way to reorganize their debts similiar to the ways in which consumers can do in a Chapter 13. Businesses can also chose a Chapter 7 remedy, but they do not continue in business thereafter, whereas consumers can, of course, continue on but do so with a fresh start. Contact us if you wish to discuss bankruptcy as an option to your finacial difficulties.
http://money.cnn.com/2008/11/11/news/companies/general_growth/index.htm
Talking about money issues
November 10, 2008
This link discusses the prevailing talk these days about issues with money that almost everyone in the United States are experiencing. Many persons who never thought they would have to contemplate bankruptcy are having these discussions in online blogs and chat rooms. Please feel free to contact us at the Arnold Law Firm to discuss your bankruptcy or other legal needs.
http://www.cnn.com/2008/LIVING/personal/11/07/talking.about.money.ap/index.html
Retirement Accounts and Bankruptcy
November 09, 2008
In Rousey v. Jacoway, (April 4th, 2005), the Court held that assets in Individual Retirement Accounts (IRA's) are protected under 11 U.S.C § 522(d) and thus exempt from withdrawal from the bankruptcy estate. This is important because the majority of Americans hold their retirement savings in 401(k)s, IRA, in lieu of pension funds.
The Bankruptcy Prevention and Consumer Protection Act passed in 2005 drastically changed the face of bankruptcies, particularly for those trying to file a Chapter 7. However, the Court's decisions in Rousey has remained good law. Therefore, a person who is thinking about bankruptcy does not need to exhaust their retirement, social security, or other exempt accounts prior to being eligible for a discharge of debt to non-secured debtors.
Please call as at the Arnold Law Firm to discuss your financial situation to see if bankruptcy is in your best interest.
One of the most important aspects of the filing of a bankruptcy claim is the timing of the claim.?? Many important rights can be gained or lost based on a proper timing of the claim.?? Contact the Arnold Law Firm's bankruptcy attorneys today to discuss your bankruptcy needs.??
