Showing posts with label Fort Walton Bankruptcy lawyer. Show all posts
Showing posts with label Fort Walton Bankruptcy lawyer. Show all posts

Monday, February 28, 2011

Short Sales


A short sale is the sale of real estate for less than the balance owed on the property. Short sales are common in today's real estate market, where home prices have fallen and the home owner is no longer able to pay the mortgage loan. A short sale takes cooperation between the home owner and the lender to sell the property at a loss. Both parties must consent to the sale. A short sale can avoid a foreclosure, which can be mutually beneficial to the parties. The lender avoids the expense of a foreclosure and the home owner avoids the negative impact on personal credit.

Short sales were seldom used by homeowners prior to the mortgage crisis because a short sale results in a deficiency balance obligation to the homeowner. The home owner was sometimes sued for the difference between the amount owed on the home and the short sale price, or, more commonly was taxed by the IRS on the amount "forgiven" by the lender. Either way, a short sale created another heavy burden on the home owner.

In response to the mortgage crisis, the Mortgage Forgiveness Debt Relief Act was signed into law in 2007 which excludes from income a discharge of debt on a principle residence. Debt forgiven by a lender in connection with a foreclosure, refinance, or short sale in calendar years 2007 through 2012 is eligible for this relief. Up to $2 million is excluded ($1 million if married filing separately). This relief only applies to a principal residence, and does not include a second home, credit cards, or a car loan.

A forgiven debt is generally taxed as income to the tax payer, but that is not always the case. The most common exclusions of this tax are: (1) if the tax payer was insolvent immediately before the debt was forgiven; (2) if the debt was discharged in bankruptcy; or (3) if the debt is a qualified principal residence indebtedness until 2012.

If you are struggling with a home mortgage and need to walk away, consult with an experienced bankruptcy attorney and learn how the law can work for you. Your attorney can explain your options and together you can make the decisions for a better financial future.
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Wednesday, August 19, 2009

Reaffirming a Debt During Bankruptcy - What does it mean?

A Chapter 7 bankruptcy discharge releases an individual from personal liability for most debts and prevents creditors from taking collection action against the debtor. In other words, the bankruptcy discharge is a legal injunction prohibiting the creditor from collecting against you personally. There are a few circumstances in which a debt may “survive” the bankruptcy and be enforceable against the debtor. The most common is a voluntary process known as “reaffirmation.”
A reaffirmation is an agreement that continues the debtor’s obligation on a debt, even though the debt would otherwise be discharged in the bankruptcy. Usually these agreements concern property with a lien attached (e.g. a car) and the creditor agrees to not repossess the property as long as the debtor continues to pay the debt.
The decision to reaffirm a debt should not be made lightly. A reaffirmation agreement must be made in writing before the discharge is entered. It must be filed with the bankruptcy court and the debtor must include a statement of current income and expenses that demonstrates sufficient income to repay the debt. The debtor’s attorney certifies that the debtor has been advised of the legal effect and consequences of the agreement and that reaffirmation of the debt will not create an undue hardship for the debtor or the debtor's dependents.
Sometimes a reaffirmation agreement is not in the debtor’s best interest. For instance, many co-signed unsecured loans that the debtor perceives a moral obligation to repay can be paid without a reaffirmation agreement (and without a subsequent legal obligation). As you can see, reaffirmation agreements can be complicated and should be carefully considered. Fortunately, the bankruptcy laws provide many options and tools for solving difficult financial problems. If you are considering a reaffirmation agreement to continue paying on a debt, seek the advice of an experienced bankruptcy attorney.
Bankruptcy Attorney Erich M. Niederlehner, of Mobile, Alabama, Pensacola Florida & Fort Walton Beach, Florida provides qualitiy legal Bankruptcy services to the citizens of Escambia County Florida, Santa Rosa County Florida, Okaloosa County Florida, Walton County Florida, Mobile County Alabama, Baldwin County Alabama which includes but is not limited to the following cities:
Pensacola|Gulf Breeze|Milton|Pace|Midway|Pensacola Beach|Navarre|Navarre Beach|Jay|Century|Central|Cantonment|Crestview|Fort Walton|Destin|Niceville|Fort Walton Beach|Freeport|Mobile|Spanish Fort|Fairhope|Foley|Daphane|Silverhill|Grand Pointe|Gulf Shores|Orange Beach|Loxley|Elberta|
113 N. Palafox Street, Pensacola, Florida 32502 - Main Office
16 Ferry Road, S.E., Fort Walton Beach, Florida 32548 | 401 Church Street, Mobile, Alabama 36602

Toll Free: 877-607-2228
Pensacola: 850-607-2222
Alabama and Florida Bankruptcy Attorneys offer Affordable Bankruptcy, Debt Relief & Debt Consolidation in Alabama and Florida. Bankruptcy Attorneys provide Low Cost Bankruptcy & Discount Rates on Bankruptcy Attorney Fees serving Mobile, Alabama, Pensacola Florida & Fort Walton Beach, Florida.
Alabama and Florida Bankruptcy Lawyer – Attorney Erich M. Niederlehner Chapter 7 &13, Affordable Debt Relief & Bill Consolidation in Alabama and Florida.
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Thursday, August 6, 2009

Who is the Chapter 7 Bankruptcy Trustee?


Quite a bit of mystery surrounds the bankruptcy trustee. Generally, the person identified as the bankruptcy trustee in a Chapter 7 case is a “panel trustee,” also called an “interim trustee.” The Panel Trustee is appointed by the United States Trustee as a local agent to review the debtor’s bankruptcy petition and schedules, and to determine if the debtor has any non-exempt assets available for distribution to creditors. The Panel Trustee is not a government employee, although he or she is supervised by the Office of the U.S. Trustee (a division of the U.S. Department of Justice). While the Panel Trustee is required to be independent and disinterested in the debtor’s case, the Panel Trustee works primarily for the benefit of the debtor's unsecured creditors.

The Panel Trustee is almost always the individual that presides over the debtor’s Section 341 Meeting of Creditors. The Panel Trustee must investigate the debtor’s affairs, examine the debtor under oath, and submit reports to the bankruptcy court and Office of the U.S. Trustee. At the 341 Meeting the Panel Trustee is required to ask the debtor specific questions outlined in the U.S. Bankruptcy Code.

These questions include:

Did you read the schedules before signing?

Did you list all of your assets?

Did you list all of your debts?

Are the schedules accurate?

Do you want to make any corrections to the schedules?

Do you have a domestic support obligation?

Panel Trustees are paid a flat fee of $60 per case. In addition, Panel Trustees receive an incentive commission on each dollar they collect from the debtor. The commission rate is: 25% on the first $5,000 distributed; 10% on the next $45,000 distributed, 5% on the next $955,000, and 3% for every dollar distributed in excess of $1,000,000. The National Association of Bankruptcy Trustees reports that approximately 90% of Chapter 7 cases are considered “no asset cases” in which there are no assets available for liquidation, either because assets are exempt (protected) by debtors or liened by secured creditors.

Panel Trustees are usually attorneys or accountants with extensive bankruptcy law and auditing experience. The bankruptcy trustee is forbidden from offering legal advice to debtors in bankruptcy. Unfortunately, unrepresented debtors often do not receive the full protection of the bankruptcy laws because they lack the counsel of an experienced bankruptcy attorney. These unrepresented individuals sometimes find themselves involved in “asset cases” and under the trustee’s microscope. However, with the proper preparation, and with the experienced counsel of a skilled bankruptcy attorney, your Chapter 7 Bankruptcy can proceed very smoothly – even under the scrutiny of the bankruptcy trustee.

If you are experiencing financial troubles I would encourage you to go to our website www.ShouldIFileForBankruptcy.com and see if bankruptcy may be the solution for your situation.

Bankruptcy Attorney Erich M. Niederlehner, of Mobile, Alabama, Pensacola Florida & Fort Walton Beach, Florida provides qualitiy legal Bankruptcy services to the citizens of Escambia County Florida, Santa Rosa County Florida, Okaloosa County Florida, Walton County Florida, Mobile County Alabama, Baldwin County Alabama which includes but is not limited to the following cities:
Pensacola|Gulf Breeze|Milton|Pace|Midway|Pensacola Beach|Navarre|Navarre Beach|Jay|Century|Central|Cantonment|Crestview|Fort Walton|Destin|Niceville|Fort Walton Beach|Freeport|Mobile|Spanish Fort|Fairhope|Foley|Daphane|Silverhill|Grand Pointe|Gulf Shores|Orange Beach|Loxley|Elberta|
113 N. Palafox Street, Pensacola, Florida 32502 - Main Office
16 Ferry Road, S.E., Fort Walton Beach, Florida 32548 | 401 Church Street, Mobile, Alabama 36602

Toll Free: 877-607-2228
Pensacola: 850-607-2222
Alabama and Florida Bankruptcy Attorneys offer Affordable Bankruptcy, Debt Relief & Debt Consolidation in Alabama and Florida. Bankruptcy Attorneys provide Low Cost Bankruptcy & Discount Rates on Bankruptcy Attorney Fees serving Mobile, Alabama, Pensacola Florida & Fort Walton Beach, Florida.
Alabama and Florida Bankruptcy Lawyer – Attorney Erich M. Niederlehner Chapter 7 &13, Affordable Debt Relief & Bill Consolidation in Alabama and Florida.
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Tuesday, July 28, 2009

Bankruptcy’s Most Powerful Protection - The Automatic Stay

The automatic stay is the bankruptcy law’s most powerful provision and immediately stops nearly all creditor actions against a debtor. The automatic stay is invoked upon filing the case – no hearing is necessary and no judge’s signature is required. This powerful injunction is even effective against creditors that have no actual knowledge of the bankruptcy!
Congress has stated that the policy behind the automatic stay is to give the “debtor a breathing spell from his creditors, stopping all collection efforts, all harassment, and all foreclosure actions. It permits the debtor to attempt a repayment or reorganization plan, or simply to be relieved of the financial pressures that drove him into bankruptcy.” See Notes of Committee on the Judiciary, Senate Report No. 95-989. That “breathing spell” is a welcome relief to families with overwhelming financial burdens.
The automatic stay prohibits a creditor with a claim that arose before commencement of the bankruptcy case from taking many actions, including:
  • contacting the debtor to request payment (stops collection calls)
  • initiating or continuing a lawsuit against the debtor (stops lawsuits)
  • enforcing a judgment against the debtor (stops wage garnishments)
  • repossessing personal property or foreclosing on real estate (stops repossessions and foreclosure)

The automatic stay is a temporary injunction which can be contested by a creditor and lifted by the bankruptcy court after notice and a hearing. There are a few exceptions to the automatic stay, for instance: the automatic stay does not prevent criminal prosecutions. Likewise the automatic stay does not stop lawsuits to establish or modify alimony, maintenance, or support.
Individuals that file for bankruptcy receive this powerful legal injunction against creditor actions. However, the automatic stay is just one weapon in your bankruptcy attorney’s arsenal. Your bankruptcy attorney can use the power of the bankruptcy laws to help you make the best decisions for your family’s future financial health and recovery.
Bankruptcy Attorney Erich M. Niederlehner, of Mobile, Alabama, Pensacola Florida & Fort Walton Beach, Florida provides qualitiy legal Bankruptcy services to the citizens of Escambia County Florida, Santa Rosa County Florida, Okaloosa County Florida, Walton County Florida, Mobile County Alabama, Baldwin County Alabama which includes but is not limited to the following cities:
Pensacola|Gulf Breeze|Milton|Pace|Midway|Pensacola Beach|Navarre|Navarre Beach|Jay|Century|Central|Cantonment|Crestview|Fort Walton|Destin|Niceville|Fort Walton Beach|Freeport|Mobile|Spanish Fort|Fairhope|Foley|Daphane|Silverhill|Grand Pointe|Gulf Shores|Orange Beach|Loxley|Elberta|
113 N. Palafox Street, Pensacola, Florida 32502 - Main Office
16 Ferry Road, S.E., Fort Walton Beach, Florida 32548 | 401 Church Street, Mobile, Alabama 36602

Toll Free: 877-607-2228
Pensacola: 850-607-2222
Alabama and Florida Bankruptcy Attorneys offer Affordable Bankruptcy, Debt Relief & Debt Consolidation in Alabama and Florida. Bankruptcy Attorneys provide Low Cost Bankruptcy & Discount Rates on Bankruptcy Attorney Fees serving Mobile, Alabama, Pensacola Florida & Fort Walton Beach, Florida.
Alabama and Florida Bankruptcy Lawyer – Attorney Erich M. Niederlehner Chapter 7 &13, Affordable Debt Relief & Bill Consolidation in Alabama and Florida.
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Monday, July 20, 2009

Self Schedule Online a Free Bankruptcy Consultation in Pensacola & Ft Walton Beach


If you would like to learn more about bankruptcy, we at the Law Office of Erich M. Niederlehner, PA, have now made it easier for you to schedule a Free Bankruptcy consultation with our office. You may now go to www.GotDebtPensacola.com, www.GotDebtFortWalton.com, www.ShouldIFileForBankruptcy.com, www.PensacolaBankruptcyLawyer.com, www.PensacolaBankruptcyAttorney.com and self schedule a free consultation. That's right, no need to call in just view for yourself the appointments we have available and select the one that best fits your schedule. Once you have scheduled your appointment be sure to complete our online Bankruptcy Intake form so we will have all your information ready and waiting to save you time during your consultation. So if you wanting to learn more about bankruptcy and the bankruptcy process be sure to check out our websites and self schedule your free bankruptcy consultation.

Bankruptcy Attorney Erich M. Niederlehner, of Mobile, Alabama, Pensacola Florida & Fort Walton Beach, Florida provides qualitiy legal Bankruptcy services to the citizens of Escambia County Florida, Santa Rosa County Florida, Okaloosa County Florida, Walton County Florida, Mobile County Alabama, Baldwin County Alabama which includes but is not limited to the following cities:
Pensacola|Gulf Breeze|Milton|Pace|Midway|Pensacola Beach|Navarre|Navarre Beach|Jay|Century|Central|Cantonment|Crestview|Fort Walton|Destin|Niceville|Fort Walton Beach|Freeport|Mobile|Spanish Fort|Fairhope|Foley|Daphane|Silverhill|Grand Pointe|Gulf Shores|Orange Beach|Loxley|Elberta|
113 N. Palafox Street, Pensacola, Florida 32502 - Main Office
16 Ferry Road, S.E., Fort Walton Beach, Florida 32548 | 401 Church Street, Mobile, Alabama 36602

Toll Free: 877-607-2228
Pensacola: 850-607-2222
Alabama and Florida Bankruptcy Attorneys offer Affordable Bankruptcy, Debt Relief & Debt Consolidation in Alabama and Florida. Bankruptcy Attorneys provide Low Cost Bankruptcy & Discount Rates on Bankruptcy Attorney Fees serving Mobile, Alabama, Pensacola Florida & Fort Walton Beach, Florida.
Alabama and Florida Bankruptcy Lawyer – Attorney Erich M. Niederlehner Chapter 7 &13, Affordable Debt Relief & Bill Consolidation in Alabama and Florida.
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Medical Bills Got You Overwhelmed? - Pensacola & Fort Walton Medical Bankruptcy


Famed songwriter Bruce Springsteen complained in his song Atlantic City, “I got debts that no honest man can pay.” For many honest people debt can come suddenly through no fault
of your own.

A recent report in the American Journal of Medicine states that medical bills contributed to more than 60 percent of U.S. personal bankruptcies. This study conducted by a team from Harvard Law School, Harvard Medical School and Ohio University found that more than 75 percent of these bankrupt filers had some form of health insurance and were "solidly middle class” - two-thirds were homeowners and three-fifths had gone to college. In many cases unemployment issues also accompanied the medical expenses. For some, that inability to work also meant the loss of employer-based health insurance.

Even families that were considered “well-insured” had to cope with high deductibles and uncovered expenses. Medical expenses for families with private insurance averaged $17,749, compared to $26,971 in medical debt for those uninsured, and $22,568 for those who initially had insurance coverage, but lost it at some point after the illness.

"Our findings are frightening. Unless you're Warren Buffett, your family is just one serious illness away from bankruptcy," said lead author Dr. David Himmelstein, an associate professor of medicine at Harvard Medical School.

Medical expenses can easily spiral out of control and result in lawsuits, wage garnishments,and property attachment and seizure. Compounding the problem are many fallacies and half-truths being passed around, like: “The hospital can’t sue if you pay them $10 per month.” or “I’m liable for my spouse’s medical bills.” If you are facing medical bills that you cannot pay, consult an attorney and investigate your legal rights. Only an attorney can explain your legal rights and help you navigate a path to recovery.

You can read the free full article from the American Journal of Medicine at
http://www.amjmed.com/webfiles/images/journals/ajm/AJMMedicalBankruptcyJun09FIN
AL2.pdf

Bankruptcy Attorney Erich M. Niederlehner, of Mobile, Alabama, Pensacola Florida & Fort Walton Beach, Florida provides qualitiy legal Bankruptcy services to the citizens of Escambia County Florida, Santa Rosa County Florida, Okaloosa County Florida, Walton County Florida, Mobile County Alabama, Baldwin County Alabama which includes but is not limited to the following cities:
Pensacola|Gulf Breeze|Milton|Pace|Midway|Pensacola Beach|Navarre|Navarre Beach|Jay|Century|Central|Cantonment|Crestview|Fort Walton|Destin|Niceville|Fort Walton Beach|Freeport|Mobile|Spanish Fort|Fairhope|Foley|Daphane|Silverhill|Grand Pointe|Gulf Shores|Orange Beach|Loxley|Elberta|
113 N. Palafox Street, Pensacola, Florida 32502 - Main Office
16 Ferry Road, S.E., Fort Walton Beach, Florida 32548 | 401 Church Street, Mobile, Alabama 36602

Toll Free: 877-607-2228
Pensacola: 850-607-2222
Alabama and Florida Bankruptcy Attorneys offer Affordable Bankruptcy, Debt Relief & Debt Consolidation in Alabama and Florida. Bankruptcy Attorneys provide Low Cost Bankruptcy & Discount Rates on Bankruptcy Attorney Fees serving Mobile, Alabama, Pensacola Florida & Fort Walton Beach, Florida.
Alabama and Florida Bankruptcy Lawyer – Attorney Erich M. Niederlehner Chapter 7 &13, Affordable Debt Relief & Bill Consolidation in Alabama and Florida.
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Sunday, March 29, 2009

Tax Time - Discharging Taxes in Bankruptcy


Well, since it is tax time I thought a timely topic to talk about would be discharging taxes in a Bankruptcy. Certain types of tax obligations, such as income taxes, may be discharged under specific circumstances. Many required factors must be met before any tax can be discharged under Chapter 7 or Chapter 13. In Chapter 7, the minimum requirements for discharging federal or state income taxes are:

(1) It has been over 3 years since the returns were last DUE (including extensions),
(2) The returns were timely filed or it has been at least 2 years since the returns were filed,
(3) There was no fraud involved or attempts to evade the tax, AND,
(4) The taxes were not assessed within the last 240 days.

Again, discharging taxes is an extremely complicated area, and you should definitely consult with an attorney before deciding whether to file based on dischargeability of your taxes.

Tax Liens that have attached to property will survive a bankruptcy. What does that mean? It means that the lien will stay against your property regardless of your discharge of the underlying debt. So, when you ultimately sell that property, if there is extra money available, the lien will be paid first from those proceeds unless you have the lien removed.

Bankruptcy Attorney Erich M. Niederlehner, of Mobile, Alabama, Pensacola Florida & Fort Walton Beach, Florida provides qualitiy legal Bankruptcy services to the citizens of Escambia County Florida, Santa Rosa County Florida, Okaloosa County Florida, Walton County Florida, Mobile County Alabama, Baldwin County Alabama which includes but is not limited to the following cities:
Pensacola|Gulf Breeze|Milton|Pace|Midway|Pensacola Beach|Navarre|Navarre Beach|Jay|Century|Central|Cantonment|Crestview|Fort Walton|Destin|Niceville|Fort Walton Beach|Freeport|Mobile|Spanish Fort|Fairhope|Foley|Daphane|Silverhill|Grand Pointe|Gulf Shores|Orange Beach|Loxley|Elberta|
113 N. Palafox Street, Pensacola, Florida 32502 - Main Office
16 Ferry Road, S.E., Fort Walton Beach, Florida 32548 | 401 Church Street, Mobile, Alabama 36602

Toll Free: 877-607-2228
Pensacola: 850-607-2222
Alabama and Florida Bankruptcy Attorneys offer Affordable Bankruptcy, Debt Relief & Debt Consolidation in Alabama and Florida. Bankruptcy Attorneys provide Low Cost Bankruptcy & Discount Rates on Bankruptcy Attorney Fees serving Mobile, Alabama, Pensacola Florida & Fort Walton Beach, Florida.
Alabama and Florida Bankruptcy Lawyer – Attorney Erich M. Niederlehner Chapter 7 &13, Affordable Debt Relief & Bill Consolidation in Alabama and Florida.
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Friday, March 20, 2009

Should I File For Bankruptcy - Mobile, Pensacola & Ft. Walton Beach Bankruptcy Lawyer Explains Chapter 7 Bankruptcy

www.ShouldIFileForBankruptcy.com


Bankruptcy Attorney Erich M. Niederlehner, of Mobile, Alabama, Pensacola Florida & Fort Walton Beach, Florida provides qualitiy legal Bankruptcy services to the citizens of Escambia County Florida, Santa Rosa County Florida, Okaloosa County Florida, Walton County Florida, Mobile County Alabama, Baldwin County Alabama which includes but is not limited to the following cities:
Pensacola|Gulf Breeze|Milton|Pace|Midway|Pensacola Beach|Navarre|Navarre Beach|Jay|Century|Central|Cantonment|Crestview|Fort Walton|Destin|Niceville|Fort Walton Beach|Freeport|Mobile|Spanish Fort|Fairhope|Foley|Daphane|Silverhill|Grand Pointe|Gulf Shores|Orange Beach|Loxley|Elberta|
113 N. Palafox Street, Pensacola, Florida 32502 - Main Office
16 Ferry Road, S.E., Fort Walton Beach, Florida 32548 | 401 Church Street, Mobile, Alabama 36602

Toll Free: 877-607-2228
Pensacola: 850-607-2222
Alabama and Florida Bankruptcy Attorneys offer Affordable Bankruptcy, Debt Relief & Debt Consolidation in Alabama and Florida. Bankruptcy Attorneys provide Low Cost Bankruptcy & Discount Rates on Bankruptcy Attorney Fees serving Mobile, Alabama, Pensacola Florida & Fort Walton Beach, Florida.
Alabama and Florida Bankruptcy Lawyer – Attorney Erich M. Niederlehner Chapter 7 &13, Affordable Debt Relief & Bill Consolidation in Alabama and Florida.

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