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Chapter 13 Archives

Judge rules trustee cannot retroactively change payment plan

Based on a case that occurred in another state, a bankruptcy trustee in Florida is unlikely to be allowed to retroactively change a Chapter 13 payment plan so that it matches an allowed creditor's claim. A judge for the U.S. Bankruptcy Court for the Southern District of Texas ruled that a trustee did not have the right to make these changes in 25 cases. In some cases, the changes put the debtors in arrears with their mortgage.

Unemployment income and Chapter 13 bankruptcy

When individuals or married couples in Florida face financial challenges, they may decide to look into bankruptcy as one among many options for debt relief. Depending on their circumstances, they may opt to file for Chapter 13 bankruptcy which permits them to keep their property as long as they continue to make payments on their obligations for the next three to five years.

Florida prisoners may not be eligible for chapter 13 bankruptcies

A case involving a felon in prison recently came before a state bankruptcy court. The individual filed for chapter 13 bankruptcy, but the court denied his request since he was making only about $14 per month, which came from the Illinois Department of Corrections. This amount was determined to be insufficient for entering into the repayment plan that is the primary feature of Chapter 13 bankruptcies.

The truth about collection accounts and credit reports

Florida residents may understand that collections activity on a credit report is not ideal. However, they may not know that such activity may not necessarily stay on their credit report for a full seven years. This may be true if the account in question does not belong to the person who a collection agency is attempting to collect payment from. Under the Fair Credit Reporting Act, people have the right to dispute inaccurate information on their credit report.

What to know about car purchases prior to bankruptcy

Some Florida residents who are planning on filing for bankruptcy may also need to purchase a vehicle. Unless the car is purchased out of necessity, however, it could be repossessed or lead to the case being dismissed by a bankruptcy court. While it may seem beneficial to buy the car in cash, this could have implications for those opting for Chapter 7 bankruptcy.

Supreme Court to decide on case involving FDCPA

Florida residents may have heard about a Supreme Court case regarding bankruptcy and the Fair Debt Collection Practices Act. The question before the court is whether a proof of claim filed in bankruptcy court violates that act if a debt buyer or collector knows that the statute of limitations has expired. It is standard practice for such entities to robosign such claims without looking to see if statutes of limitation have expired on them.

Debt collection companies routinely ignore regulations

Debt collection companies in Florida are part of a $13.7 billion industry, but the regulations put into place to protect consumers from abuse and harassment are often ignored according to a report released on Jan. 12 by the Consumer Financial Protection Bureau. The federal agency sent surveys to 10,800 American consumers in 2014 and 2015, and the report is based on the 2,000 responses it received.

How to eliminate revolving debt

Residents of Florida who have credit card debt are not alone: 38 percent of American households carry credit card debt from month to month. Letting credit debt roll over instead of paying it off each month is called revolving the debt. Experts suggest ways that someone with revolving debt can work towards being a transactor, which is someone who pays off their credit cards each month.

The potential impact of having a bankruptcy case dismissed

Florida residents may know that bankruptcy may be used as a way to reorganize or discharge debt. However, one person who had filed for bankruptcy five times since 2002 was not entitled to a discharge of her debt in a future bankruptcy case. This was the ruling issued by a judge from the U.S. Bankruptcy Court for the District of Kansas as he approved a motion to drop her latest Chapter 13 case.

Deciding between Chapter 7 bankruptcy or a debt management plan

Many people in Florida face overwhelming levels of unsecured debt. For some individuals, using a debt management plan can be very helpful. However, debtors may want to do some research before opting for such a plan over filing for Chapter 7 bankruptcy.

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