Most sellers (and importantly some Realtors and attorneys) believe the As-Is Residential Real Estate contract is better for them to convey title to their property, because they're selling the house As-Is with no guarantees or warranties. I believe this is false and the As-Is Contract is actually better for buyers.
When it comes to Asset Protection, Florida has one of the best homestead exemptions in the Country. However, that exemption often comes under fire, especially in situations where creditors feel the exemption is an unfair impediment to them collecting against a borrower.
In early October 2014, the Eleventh Circuit Court of Appeals in Atlanta, GA (which governs bankruptcy cases in Florida too), decided the case of Failla v. Citibank N.A. The Court held that debtors who "surrender" their house in a bankruptcy case may not later oppose a foreclosure action against that house in state court.
December 31, 2016, marked the end of many programs designed to help people in foreclosure: HAMP (Home Affordable Modification Program), HAFA (Home Affordable Foreclosure Alternatives), HARP (Home Affordable Refinance Program) and MDRA (Mortgage Debt Relief Act).
The Mortgage Debt Relief Act seems to be gone for good. I've heard no news that Congress chose to keep it beyond December 31, 2016. What impact does this have on a homeowner who chooses to do a short sale, a deed in lieu of foreclosure, or loses the house in foreclosure?
We encounter personal injury judgments in two contexts: (1) the injured party or injured party's insurance company has a judgment against you for a car accident, or (2) whether personal injury judgments can be wiped out in a bankruptcy case. The simple answer is that, yes, personal injury judgments can be discharged, or eliminated, by filing bankruptcy.
On November 3, 2016, the Florida Supreme Court issued a decision that may increase the number of foreclosures filed in the State of Florida, when it issued its decision in Bartram v. U.S. Bank National Association. The Court held that Florida's five-year statute of limitations applies to payments that are more than five years past due, but does not prevent the bank from filing a second foreclosure lawsuit more than five years after the first missed payment. Given the Court's ruling, cases that were dismissed on technicalities may soon be refiled against Florida homeowners.
The simple answer is yes, you can file bankruptcy if you own a business. I'm not referencing a business that is failing that needs to file bankruptcy - that would be a Chapter 7 or Chapter 11. Instead I'm referencing someone who needs to file bankruptcy, either Chapter 7 Liquidation or Chapter 13 Reorganization, but they own a business; the debtor owns either an LLC or Corporation, either 100% or jointly with other owners.
I recently released a blog and related podcast about the bankruptcy code being broken into 9 chapters, all odd numbered except for one even numbered chapter. That post failed to mention a Chapter 6.5, which you won't find in the bankruptcy code, and you won't even find it mentioned in the halls of the bankruptcy court as slang (unless this post goes viral). So what the heck is a Chapter 6.5?
Why do Title Deeds in Florida recite the marital status of the grantor, or contain a statement that the property does not constitute the homestead of the Grantor?