Bankruptcy is a federal law that allows people and businesses (even cities and municipalities) to manage or eliminate debt. Bankruptcy is available to most everyone, and you do not even need to be insolvent to file. Bankruptcy is important because it imposes an immediate “automatic stay” on all creditors, and these…
By Alfred Villoch, III, with Savage, Combs & Villoch, PLLC Divorce is often the catalyst for bankruptcy. After divorce, finances are stretched. There are new budgetary constraints. One partner might lose health insurance or the insurance might become more costly for the ex-spouse. Alimony and child support become additional expenses…
By Alfred Villoch, III, with Savage, Combs & Villoch, PLLC In a previous blog post, I explained the purpose of a 341 meeting of creditors. A trustee holds a 341 meeting in every bankruptcy case. You can access that blog post HERE. Before a 341 meeting, a bankruptcy trustee usually…
By Alfred Villoch, III, with Savage, Combs & Villoch, PLLC In October 2008, the State of Florida charged Casey Marie Anthony with first-degree murder in the death of her two-year-old child, Caylee Marie Anthony. The matter was highly publicized and dominated the national news for years. From May to June…
By Alfred Villoch, III, with Savage, Combs & Villoch, PLLC Only an individual (not businesses) with regular income can seek relief under Chapter 13 of the Bankruptcy Code. Chapter 13 allows individuals with regular income to propose a plan to repay all or part of their debts. Under Chapter 13, individuals file a proposed repayment…
By Alfred Villoch, III, with Savage, Combs & Villoch, PLLC Contrary to pop culture belief, bankruptcy existed long before the game show Wheel of Fortune. Remember when contestants would lose their prize money if they spun the wheel and randomly landed on the ominous black wedge, “BANKRUPTCY”? Bankruptcy also existed…
By Alfred Villoch, III, Esquire, with Savage, Combs & Villoch, PLLC On November 17, 2014, the United States Supreme Court granted a petition for writ of certiorari in two cases: Bank of America, N.A. v. Caulkett (In re Caulkett), 566 Fed. Appx. 879, 2014 U.S. App. LEXIS 9407 (11th Cir. Fla.,…
By Alfred Villoch, III, with Savage, Combs & Villoch, PLLC So you owe money to a creditor, like a credit card company, and the creditor sues you. Eventually, a court awards your creditor a money judgment, say for $10,000. Can the creditor now garnish your wages in an effort to…
By Alfred Villoch, III, with Savage, Combs & Villoch, PLLC If you miss car payments, the company that loaned you the money to purchase the car can likely take back your car in what is called “repossession.” The right to take back your car for nonpayment usually comes from the…
By Alfred Villoch, III, Esquire, with Savage, Combs and Villoch, PLLC A federal judge recently dismissed a bankruptcy case filed by a marijuana business owner in Colorado, according Tom McGhee of the Denver Post. Why? Because marijuana remains illegal under federal law and that causes major impediments in obtaining relief under…