Alberto Hernandez Bankruptcy Attorney Miami, FL Blog
New Federal Modification Program!
What comes after HAMP? The Making Home Affordable Program (or HAMP as it is also known) created under the Obama presidency ended on December 31, 2016. Many of our clients have been asking for information on other loan modification programs that may be available. We are pleased to inform you about the "Flex Modification Program" which was recently announced by Fannie Mae and Freddie Mac to replace the HAMP program. The Flex Modification Program is designed to reduce payments and be an easy [...]
What happens to your tax refund in a bankruptcy?
It's tax season again! Most individuals usually plan what they're going to do with their refund long before it hits their bank account. They plan to catch up on bills, put a down payment for a car, or take a much needed vacation with their family. However, did you know that the tax refund is an asset that is considered by the bankruptcy laws? This means that even if you have not received it yet, if you file for bankruptcy, the tax refund [...]
What Happens to Residential Leases in Bankruptcy
People who file bankruptcy want to know what happens to their residential lease when they file their bankruptcy case. Folks want to know if the bankruptcy filing will affect their lease payments and security deposit on the premises. The response to this question most often depends on what the debtor wants to do with the leased premises. Most people who rent a property, whether an apartment or a private residence, often have a written lease with the landlord. The lease has the specific [...]
New Miami Bankruptcy Document Procedure
Last week we wrote about the new forms and changes to the bankruptcy law. The federal courts are always trying to create bankruptcy forms, rules and procedures which are easy to work with by the public and its bankruptcy practitioners. As with many other industries the bankruptcy court system has slowly migrated towards electronic records. For this reason the office of the Chapter 13 Standing Trustee, Nancy Neidich, in Miami has announced a new procedure for the filing of documents. This new procedure [...]
New Bankruptcy Forms Required for Individuals Considering Filing
Every so often changes are made to the Federal Rules of Bankruptcy Procedure, Forms and Guidelines. These changes are made based on recommendation of an advisory committee made up primary of federal judges, bankruptcy attorneys, and trustees. The proposed changes to the Bankruptcy Rules and Bankruptcy Forms are finally completed. As of December 1, 2015, all Miami bankruptcy attorneys and their clients must use the new official forms with the filing of any new bankruptcy case. The new bankruptcy forms have been substantially [...]
Supreme Court Ruling on Bankruptcy
A recent US Supreme Court decision in Harris v. Viegelahn addresses a bankruptcy issue faced by many who convert their cases from a Chapter 13 bankruptcy to a Chapter 7 bankruptcy case. In a Chapter 13 bankruptcy, debtors are committed to a repayment plan where they pay back a portion (or all) of their debt during a specified period of time. The bankruptcy trustee is responsible for using the money that is paid into the plan to pay back the bankruptcy plan's creditors. [...]
Adversary Proceedings in Florida Bankruptcy Cases
In consumer bankruptcy filings, sometimes individuals and companies are faced with an adversary proceeding within their filed bankruptcy case. This proceeding is a lawsuit that is related to the bankruptcy case but is filed separately. A bankruptcy adversary proceeding can be filed by a creditor to object to the discharge of a particular debt because they believe there was fraud involved in obtaining the credit or fraudulent charges. Adversary proceedings can also be filed by a bankruptcy trustee. These federal bankruptcy court adversary [...]
Eliminating Second Mortgages in Chapter 7 Bankruptcy Cases
The United States Supreme Court ruled unanimously on Monday, June 1 that you can no longer eliminate a second mortgage debt in a Chapter 7 bankruptcy case with a motion to value the property that is being mortgaged. This decision changes what has been previously been bankruptcy law in the Florida. Now, Florida bankruptcy law and how bankruptcy attorneys look at helping people with real estate debt has changed. Before, if a person owned property, and that property was considered "underwater" taking account [...]