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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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Rules for Successive Bankruptcy Filings

There are different rules on when a debtor may file successive bankruptcy petitions after being granted a discharge depending on the previous chapter filed. If the previous bankruptcy was a Chapter 7 and the new filing is a Chapter 7 or 11 then the debtor must wait 8 years from petition to petition. Bankruptcy lawyer [...]

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Determining Individual Property Status in a Bankruptcy

Property in the Bankruptcy Estate            A common challenge in the bankruptcy process is determining the status of an individual’s property. Outside of bankruptcy exceptions like pensions and education funds, the property you own is part of your bankruptcy. However it is not that simple in determining the status of certain property. Many individuals seeking bankruptcy [...]

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Do You File for Bankruptcy or File for Divorce, First?

Legal Issues of Filing Bankruptcy Before or After Divorce Divorce is one of the most painful events in an individual’s life. Usually, financial instability precedes a divorce. As a matter of fact, financial distress is considered one of the biggest causes for divorce. A married couple can divorce each other but they cannot shrug off the [...]

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Homestead Exemption Domicile Requirements in Bankruptcy Law

New Bankruptcy Laws on Florida Homestead Protection New domicile requirements have been included in bankruptcy laws to prevent individuals from moving to a state to just take advantage of better homestead protection. Homestead exemptions are very important in the bankruptcy process. Various domicile rules apply depending on when the house was purchased along with other [...]

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Chapter 7 vs. Chapter 13 Bankruptcy Decided by Salary

Determining Monthly Income An important statistic in a bankruptcy filing is an individual’s current monthly income.  It is not overtly obvious what the proper determination of an individual’s monthly income is for a bankruptcy filing. One of the most important reasons for properly determining current monthly income is to see if an individual is able [...]

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