if my primary residence safe when you file for chapter 7 ?, even if i have a 2nd mtg and no other creditors ?
In Florida there is a homestead protection from creditors. You still would have to pay your mortgages or they could foreclose. If you have no other debt, what is the purpose of the Chapter 7? Recently, we were able to strip second mortgages in chapter 7 cases in Florida. (We could eliminate the mortgage lien if the home was worth less than the balance owed on the first mortgage). However, based on a Supreme Court decision in June, we can no longer strip these mortgages in chapter 7.See question
I have around $60.000 in debt from medical bills from the past 3 years. When I went to the hospital, I already informed them that I don't have insurance, unemployed. I don't want to stay in the hospital but they always asked me to sign for going a...
A chapter 7 bankruptcy can eliminate all of your medical debt. Are you now covered by health insurance? I always raise this issue when medical debts are large. If you file bankruptcy today, and next month or next year there is another large medical bill for new medical services, then you would still owe the new medical bill.See question
I live in the state of Florida. The state's bankruptcy law says that both my Social Security Disability and State of Florida Disability Retirement are "exempt". Does that mean that I do not have to claim one or the other or both as income or doe...
Social Security income does not need to be listed on the means test, though you should disclose the income on what I call your real budget, Schedule I. The State of Florida Disability or Retirement income must be listed on both the means test and Schedule I. (The interesting question that I have litigated involves what happens if your real budget, including social security income, shows you have the ability to pay something to your creditors. In my view you would still be eligible for a chapter 7 even with this apparent excess income on your real budget, Schedule I-Schedule J.)See question
This is my second chapter 7 since 2002. I have about $12000 in debt.
You must list all assets and debts, including the car. You have the choice of surrendering the vehicle and eliminating the debt. You can keep the car but must continue to make payments. The trustee will look at the value of the car for any equity (and will want to know what you traded in for the new vehicle)See question
It is my understanding the lender must still go through with the foreclosure, must still prove standing, must still accelerate, and must still comply with paragraph 22 by sending a default letter....following generally the same protocol regardless...
You are correct, the lender still must properly foreclose and you can defend. However, please be aware of one issue. I have seen in South Florida that some lenders in the state court foreclosure case are arguing that if you filed your bankruptcy Statement of Intentions that said you are surrendering the property, that you cannot defend the foreclosure.See question
Are monies earned working also exempt if this money is needed to keep living in the house?
The homestead exemption for your real estate has nothing to do with an exemption from garnishment. There is a separate exemption from garnishment of wages if you provide the majority of support for a dependentSee question
I make $80,000 a year, I have no other debts, other than the house and I would like to surrender the house back to the bank. Can I file a Chapter 7 just o give the house back?
A chapter 7 would discharge your debt to bank. However, you remain the owner of the property until title is actually transferred. If the chapter 7 trustee does not sell your house (if you are not claiming homestead), the bank would have to accept a deed. The bank likely would still go through the foreclosure process to obtain title. Another problem is you might be earning too much to qualify for a chapter 7. You need to review your options with an attorney.See question
The finance company has filled the motion to lift the automatic stay. I want to return the car, however I am not sure if I should wait for the court or if I should drop it off like their (finance company) attorney wants. Would love to save the ext...
You can give your car back to the lender. But consider the following complication. Have you had your meeting of creditors yet? The trustee does have a claim on the car, and until the trustee determines whether he or she wants your vehicle, you would not be returning the car to the finance company. The finance company would also need the trustee's consent (or after the deadlines in the motion and the trustee does not object.See question
My 341 meeting was today and the trustee concluded the meeting with no additional questions or continuance. Do i just wait the 60 days to receive my discharge or so I need to follow up/will receive more info from the trustee?
Creditors have 60 days to object to your discharge by filing a lawsuit with the court. The 60 days is from your meeting of creditors. Creditors and the trustee can file a motion to extend the deadline. There is nothing else you have to do but wait for your discharge as long as the trustee is not seeking any more information from you and is not requesting recovery of assets from you.See question