Bankruptcy provides relief to people weighed down by massive debt; however, it is not a free pass. During a bankruptcy, debtors may be required to liquidate their assets to repay creditors. Also, they can expect to lose access to existing commercial credit because credit card companies typically close accounts when notified that a bankruptcy is filed. And a debtor’s bankruptcy…Read More
Even before the advent of the credit card industry, pioneers, patriots and presidents alike found themselves in tough financial straits. According to Roland Gary Jones, Esq., author of Bankruptcies and Money Disasters of the Rich and Famous, Abraham Lincoln went bust running a grocery store before falling back on politics. Even as he ran for state Legislature, he was battling…Read More
I joined Bold Talk Business Radio talk show host Donna Anselmo for a live stream on TalkNetworkRadio.com Tuesday, February 15. We discussed issues on the minds of people dealing with debt, especially questions relating to bankruptcy. The interview will stream again today and Friday in the 1 PM EST time slot on TalkNetworkRadio.com, or you can listen to our discussion…Read More
When filing for bankruptcy on behalf of a client, an attorney must consider how to best protect the client’s assets. During bankruptcy proceedings, the court reviews the petitioner's assets to determine the debtor's ability to repay creditors. The court then may require sale of the debtor’s property to reimburse creditors and/or cover court costs. The degree to which property is…Read More
WORRY AMONG PEOPLE STRUGGLING TO SAVE THEIR HOMES OFTEN COMES FROM not knowing what to expect or if there is any way to stop a foreclosure. Take for instance the case of "Mr. Smith." Mr. Smith is a fictitious name. The Situation of Mr. Smith After losing his job, Mr. Smith stopped paying his mortgage, and unable to find a…Read More
When The Wall Street Journal (WSJ) reported that Univision Communications, Inc. won a court-administered auction of assets belonging to Gawker Media Group (08.16.16), I thought this case perfectly illustrated how the Chapter 11 bankruptcy process works. For example … A Single or Series of Disastrous Financial Incidents Disrupts a Company In this case, a court order to pay a $140…Read More
In addition to tax savings on a primary residence, Florida's homestead exemption can offer protection in times of severe financial distress, such as bankruptcy. Florida homeowners typically apply for a homestead exemption on their primary residence to reduce their tax burden. However, this exemption also can protect one's home from being forcibly sold by a creditor—unless the creditor is the…Read More
Attorney Alec Solomita, founder of Solomita Law, appeared in a recent interview with Donna Anselmo, host of BOLD TALK Business Radio, which airs on AM 1060 WMEL, Tuesdays between 1:00 and 2:00 PM EST. The show broadcasts to more than 4 million residents in Central Florida. Intrigued by Alex's commitment to helping individuals who are struggling with debt, Ms. Anselmo…Read More
We know that it's not always easy to discuss personal financial matters, particularly when they involve debt. Many people struggling with debt believe there is no way out, so they avoid seeking advice until monetary situations become even more dire. Often, they can't pay off their debts without outside help. To answer frequently asked questions about debt relief and bankruptcy,…Read More
If your mortgage loan is in arrears, your lender may pursue foreclosure options against you. If the lender is successful in its foreclosure attempt, the lender will be able to retain the property and remove the homeowners who have been foreclosed on. Bankruptcy is a tool that can be used to prevent foreclosure. If your home is involved in a…Read More
