Let’s put into perspective the recent S&P debt downgrade of the United States. U.S. Tax Revenue: $2,170,000,000,000 Fed. Budget: $3,820,000,000,000 New Debt: $1,650,000,000,000 National Debt: $14,271,000,000,000 Recent Budget Cut: $38,500,000,000 Now let’s remove 8 zeros and compare this to an ordinary household: Annual family income: $21,700 Money the family spent:…
Is that an earthquake in D.C. or could it be: Our forefathers turning over in their graves. The President’s ego collapsing under the weight of all the b.s. or my favorite…. The debt ceiling just collapsed!
All this talk about a foreclosure plaintiff needing to have proper standing, chain of title and assignment records reminds us that the same is required, but often overlooked, in credit card lawsuits. In Florida, debt collectors bringing lawsuits for unpaid credit card balances are required pursuant to Florida Statute Section…
Our Florida clients sometimes ask me why they cannot strip off a second mortgage in a Chapter 7 like often done in a Chapter 13 bankruptcy nowadays. The limitation can be found in the United States Supreme Court’s decision in Dewsnup v. Timm, 502 U.S. 410, 417 (1992). The Court…
NACBA (National Association of Consumer Bankruptcy Attorneys) responded this weekend to the government’s latest approach to the foreclosure crisis with what I call the Principal Paydown Plan. Rather than turn us into a nation of renters under the recent suggestion that Freddie and Fannie rent their foreclosed properties or sell…
When listing and selling a home in a short sale, homeowners should consider including language to limit recovery of any unpaid amounts by the mortgage company (known as the deficiency balance). In Florida, we recommend this limitation be placed in the Purchase and Sale Contract. This way when the lender/bank…
The special foreclosure courts in HIllsborough county are shutting down the end of this week. Does this mean the foreclosure crisis is finally at an end? Not exactly. In 2010, the Florida legislature approved legislative funding to the Florida court system to help eliminate the backlog in foreclosure cases. Filing…
It has been my practice to advise clients to remain current on their Homeowners Association dues (HOA) even though they are behind or in foreclosure on their first mortgage. Today, an article appeared in the St. Pete Times describing a local company Prop. Inc. and its purchase of 71 properties…
I have discussed the many second mortgages that can be removed or stripped off clients’ property in a Chapter 13 bankruptcy due to the low home values in Florida. Today, I’d like to discuss other possibilities to remove a second mortgage that we are seeing. Today for instance, I received…
Bankruptcy clients who are new to Florida come to our office complaining about what I call the Exemptions Calculus Problem. Learning calculus seems simpler. Below are some useful sites and a brief explanation as to how exemptions work. First, exemptions in bankruptcy are important because they decide what you get…