Dieppa Law BlogUnderstanding exemptions in bankruptcy
Under Florida law, when an individual files for bankruptcy, he or she is entitled to certain “exemptions”, basically a limit of amounts and types of assets the individual can keep or protect from creditors when they file. The most commonly known is Florida’s unlimited homestead protection which entitles the individual to keep their home regardless [...]
Foreclosure settlement brings possibility of principal reductions
Five major banks and the U.S. Government reached an agreement worth as much as $26 billion. The banks agreed to streamline foreclosures, provide principal reductions, and stop abusive practices by the lenders.The following banks are participating: Ally Financial Inc., Bank of America Corp., Citigroup Inc., J.P. Morgan Chase & Co and Wells Fargo & Co.
Biggest problem in Ch. 7? Buying back your assets from the Trustee
The most frequent issue I experience in closing a Ch. 7 bankruptcy case with discharge is the valuation of the client’s automobile. The trustee may object to valuations provided by the client. The trustee will insist on using “clean retail” value, which is several thousand dollars higher than the price a seller would receive from [...]
Bankruptcy law requries full disclosure
Bankruptcy law requires full disclosure of recent transactions to family members or other “insiders.” If you made a gift or sold something to a family member within past two years, you must disclose it. The trustee may move to set aside or void that gift/sale or hire an expert to determine if the sale was at [...]
Mandatory mediation canceled by Florida Supreme Court
Horrible news for homeowners arrived yesterday when the Florida Supreme Court terminated mandatory mediatons. This is another nail in the coffin in homeowners’ efforts to save their home after the real estate market crash. Mediations are one of the few chances a homeowner has to sit down with the bank and get a real timely [...]