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Monday, January 13, 2020

Understanding Family LImited Partnerships in Florida

Families that own a business or have substantial assets may want to consider forming a Family Limited Partnership to protect their assets for future generations. There are many benefits of using a Family Limited Partnership as part of a comprehensive estate plan. However, these partnerships must be created very carefully to ensure that the benefits of the partnership are not lost. A

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Tuesday, February 5, 2019

Bankruptcy and Marriage: Issues to Consider

In Florida, married couples may either file for bankruptcy jointly or separately. When a couple files for joint bankruptcy, the debts and property of both spouses are combined. Below are some issues to consider regarding bankruptcy and marriage. 

  • Type of debt – When determining whether to file for bankruptcy separately or jointly, the type of debt held may be the most important factor to consider. The joint bankruptcy process allows married couples to eliminate all of their dischargeable debts.
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Thursday, June 7, 2018

Choosing Chapter 13 over Chapter 7 Bankruptcy in Florida

There are a number of factors to consider when deciding which type of bankruptcy to file for in Florida. People often assume that Chapter 7 is a better choice than Chapter 13, as it allows fillers to eliminate most outstanding debt. However, there are times in which Chapter 13 is the superior option.

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Friday, May 11, 2018

No-Asset Bankruptcy in Florida

Chapter 7 bankruptcy usually involves the repayment of all or a portion of a debtor’s outstanding debts via the asset liquidation process. However, the law allows Chapter 7 filers to keep certain exempt property. Exempt property, as the name implies, is shielded from the bankruptcy process and may not be forcefully sold to pay back creditors.

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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.
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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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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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