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Illegal Foreclosures In the State of Florida

Throughout the state of Florida, Illegal foreclosures by banks have been a real problem. After the housing market collapsed a few years ago banks began to speed through the legal process and kick people out of their homes. Recently, however, reports have been coming out that homeowners had no actual knowledge of the exact terms [...]

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Florida Housing Market Feels Europe’s Trouble

Reports from Europe are a source of concern for many South Florida businesses and are starting to have an effect on the Florida housing market. Before the recession, Europeans made up a significant part of the Florida real estate market but since 2007 there has been a serious drop in the number of cash purchases. [...]

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The Trustee’s Ability to Abandon Property

Once a debtor files for bankruptcy, a trustee is assigned to supervise the administration of estate and to make sure creditors are treated fairly. Sometimes, however, there is property that enters the estate that has no value or benefit to the trustee. Generally, this is because it is not economical for the trustee to hold [...]

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Lien Theory in Florida

Mortgage law can be divided in two distinct theories:”title theory” and “lien theory.” Most states are lien theory states in which a mortgagor holds both legal and equitable title under a mortgage but the mortgage creates a lien on the property. Conversely, in title theory states the mortgagor retains equitable title but the mortgage is [...]

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Things to Know about a Chapter 13 Bankruptcy Plan

 There are major differences between the various chapters in bankruptcy, but it is very important to know and understand the principals of a Chapter 13 plan. 10 Things About Chapter 13 That Set it Apart: 1. Unlike chapter 7 where the debtor’s nonexempt assets are liquidated and the proceeds are distributed to creditors, Chapter 13 [...]

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Orlando Attorneys on Chapter 7 Bankruptcy

Central Florida bankruptcy attorneys Eric Lanigan and Roddy Lanigan hear it every day: “What are the pros and cons of filing Chapter 7 Bankruptcy?”  The Pros The positive side of filing Chapter 7 bankruptcy is the absolute relief from overwhelming debt. It is immediate from the date that the bankrupty is filed in court. You won’t [...]

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What You Need To Know About HAMP

HAMP is the Making Home Affordable Program established by The U.S. Dept. of Treasury. Its aim is to help homeowners avoid foreclosure, stabilize the housing market, and improve the nation’s economy. Eligible homeowners can benefit greatly from this plan because it can lower their monthly mortgage payments and help them obtain loans at lower interest [...]

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Economic Expertise is Important in Chapter 11 Bankruptcy

A successful Central Florida Chapter 11 bankruptcy allows a business owner to present a viable reorganization plan proving the business will thrive if given help canceling some debts. If approved, the court shelters the business from creditors. Chapter 11 reorganization can include complete elimination of some debts such as real estate leases, unsecured loans, union [...]

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Important Sections Regarding the Homestead Exemption

Although the homestead exemption is very important during a bankruptcy, Congress has added provisions that are designed to restrain abuse where a  debtor has behaved dishonestly or manipulatively. Because a debtor’s domicile at the time of the petition can have a significant impact on what property a debtor can claim as exempt, a debtor may [...]

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About Bankruptcy Secured Debt and Priority

Priority Decides Ranking of Liens After a bankruptcy petition is filed, the rules of priority determine each creditor’s relative share of the debtor’s property. Many times the property is not valuable enough to satisfy all the claims against it so it is important to know the ranking of liens and interests in the property.   [...]

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