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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.


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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.


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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
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| Phone: (727) 789-4000

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