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Thursday, April 12, 2018

Bankruptcy and Your Credit Score: The Basics


A common concern among debtors is the potential impact that bankruptcy can have on one’s credit score. This is a valid concern. However, credit score impact is just one of many factors to consider when deciding whether to file for bankruptcy. For example, allowing one’s debts to go to collections can have as much of an impact on credit score as a bankruptcy filing. Therefore, while credit impact should definitely be considered when determining whether to file for bankruptcy, it should not be the sole consideration.
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Tuesday, March 6, 2018

Filing Bankruptcy Without an Attorney


The Dangers of Filing for Bankruptcy Without an Attorney in Florida

Bankruptcy provides a means of getting one’s financial situation under control. However, due to the complexity of both the Chapter 7 and Chapter 13 bankruptcy filing processes, it can be risky to attempt to do so without the assistance of an attorney. Below are some common mistakes made by debtors when attempting to file for bankruptcy alone.
  1. Filing under the wrong chapter – Chapter 7 and Chapter 13 are the two types of bankruptcy most commonly filed for by individual debtors. However, it can be difficult to determine which type of bankruptcy to choose, and debtors often make the mistake of filing under a chapter that is inappropriate under the circumstances.
    Read more . . .


Tuesday, February 6, 2018

I Filed for Chapter 7 Bankruptcy in Florida: Can I Keep My Car?


I Filed for Chapter 7 Bankruptcy in Florida: Can I Keep My Car?

Many people believe that Chapter 7 bankruptcy results in the liquidation of all of one’s assets. This is not always the case, however. Below is an overview of some of the options available to prevent the liquidation of one’s personal vehicle when filing for Chapter 7 bankruptcy.

Cars without Loans

When a debtor in bankruptcy owes no money on his or her car, the value of the vehicle becomes the bankruptcy estate’s property. However, in order to protect certain kinds of property from liquidation by the Chapter 7 trustee, bankruptcy law permits debtors to exempt certain items from the estate.
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Sunday, January 7, 2018

Bankruptcy with a Mortgage in Florida


Homeowners often wonder whether a mortgage may be maintained upon filing for bankruptcy. The answer to this question depends on the type of bankruptcy that is declared. Below is an overview of the ways in which home mortgages are affected by Chapter 7 and Chapter 13 bankruptcy.
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Tuesday, December 12, 2017

In Focus: Fraudulent Conveyance


If you are considering filing for bankruptcy, there are numerous rules governing how your property can be handled. In particular, it is crucial to understand the laws regarding fraudulent conveyance before transferring any property.

What is fraudulent conveyance?

In a bankruptcy proceeding, a fraudulent conveyance involves transferring property out of the name of the debtor who is filing for bankruptcy into another person’s name with the intent of hindering, delaying or defrauding a creditor. Such transfers are prohibited by the Bankruptcy Code and the Uniform Fraudulent Transfer Act (“UFTA”). In short, there are two types of fraudulent conveyance:

  • Actual fraud - occurs when a debtor transfers property with the actual intent of defrauding a creditor by deliberately concealing assets.

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Saturday, November 11, 2017

Top 5 Reasons Why People Go Bankrupt


In the wake of the Great Recession in 2008, many Americans were pushed into bankruptcy. While the number of personal filings is now steadily declining, many individuals still struggle with managing their debts. In fact, the top five reasons people file for bankruptcy include:

  • Medical Expenses
  • Job Loss
  • Creditor Debt
  • Divorce
  • Unexpected Expenses

Medical Expenses

It has been estimated that medical expenses account for more than 60 percent of personal bankruptcies. In short, a catastrophic illness or injury can easily result in hundreds of thousands of dollars in medical bills. Although the Affordable Care Act mandates that all Americans have health insurance, paying high deductibles and other costs can still deplete savings and other financial resources.
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Sunday, October 1, 2017

Chapter 7 and 13 Bankruptcy Dismissal in Florida


When a debtor files for Chapter 7 or 13 bankruptcy, the primary objective is typically the discharge of some or all of his or her outstanding debt. When such debt is discharged, creditors are no longer permitted to seek collection of the discharged debt. However, filing for Chapter 7 or 13 bankruptcy does not guarantee that all outstanding debts will be discharged.
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Monday, September 11, 2017

Chapter 7 Bankruptcy in Florida


Credit and other types of debt can serve as useful methods of attaining one’s financial goals. However, debt sometimes gets out of control and leaves borrowers wondering if they’ll ever get their finances back on track. Luckily, there is a legal method available that relieves qualified individuals of the burden of repaying many of their outstanding debts: Chapter 7 bankruptcy. This process allows debtors in Florida to wipe their financial slates clean via the elimination of some or all of their unsecured debts. Below is an overview of how Chapter 7 bankruptcy works in Florida.


Read more . . .


Monday, August 7, 2017

What is the Role of a Bankruptcy Trustee?


When an individual files for personal bankruptcy, a trustee is appointed to manage the case. In short, a bankruptcy trustee is tasked with a number of important duties which are ultimately determined by whether the bankruptcy is a Chapter 7 or Chapter 13 filing.

In a Chapter 7 filing, for example, the trustee will first review the bankruptcy petition to determine whether all the required documents have been submitted and that the information is accurate. If not, the trustee will instruct the person to submit an amended petition. Next, the trustee will schedule a 341 Hearing, which is also referred to as a meeting of creditors.


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Monday, July 10, 2017

How to Restore Your Credit After A Chapter 7 Bankruptcy


Although a Chapter 7 filing can eliminate your debts and help you regain your financial footing, a bankruptcy discharge will remain on your credit report for ten years. This will make it hard for you to obtain a loan in the future. However, there are steps you can take to restore your creditworthiness.

Regardless of the reasons for your bankruptcy,, the first thing that you must do is develop better spending habits. Of course, in order to file for bankruptcy, you are required to attend and complete credit counseling with an approved provider.


Read more . . .


Thursday, June 15, 2017

How to Stop a Foreclosure


Can I save my home by filing for bankruptcy?

Although the recession of 2008 is long behind us, many Floridians continue to face insurmountable debts, particularly expensive mortgage payments. Although some lenders may be willing to modify a mortgage loan or agree to a short sale, homeowners who default on their mortgage run the risk of a foreclosure. It is possible to stop a foreclosure proceeding, however, by seeking protection under the Bankruptcy Code.

What is a mortgage foreclosure?

If a homeowner fails to make full and timely payments of principal and interest on a mortgage, the bank or mortgage company may initiate a foreclosure proceeding. Basically, a borrower who misses a payment and does not make it within 30 days is said to be in default.


Read more . . .


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The Law Office of Jeffrey A. Herzog, P.A. assists clients in Florida, including North Pinellas County, Palm Harbor, Trinity, West Pasco County, and the surrounding areas.



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| Phone: (727) 789-4000
1805 Cypress Brook Drive, Trinity, FL 34655
| Phone: (727) 789-4000

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