Articles Posted in Chapter 13

Choosing to go through bankruptcy is usually a final attempt by people in a difficult financial situation, who are trying to salvage what they may of their lives. They are sinking – due to the market collapse, a job loss, business going under, unexpected medical emergencies and the attendant sky-high bills, a mortgage they can…

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 creditors must stop all…

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 to pay. Some start having…

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 requests certain documents to verify…

By Alfred Villoch, III, Esquire, with Savage, Combs & Villoch, PLLC The judges of the United States Bankruptcy Court for the Middle District of Florida are considering new rules and proposed amendments to the Local Rules. The proposals are available HERE for public comment beginning on March 9, 2015. The public comment period ends on…

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, Esquire, with Savage, Combs, & Villoch, PLLC No. An employer is strictly prohibited from terminating your employment or discriminating against you in any way solely because you filed bankruptcy. Section 525 of the Bankruptcy Code is entitled “Protection against discriminatory treatment.” Subsection (b) specifically states that no private employer may terminate…

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 way before celebrities like M.C.…

By Alfred Villoch, III, with Savage, Combs & Villoch, PLLC On November 12, 2014, the New York Times published an article entitled “Debts canceled by bankruptcy still mar consumer credit scores.” In the article, the author, Jessica Silver-Greenberg, explains that “Tens of thousands of Americans who went through bankruptcy are still haunted by debts long…

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 terms of the signed loan…