Archive | September, 2012

Wage Garnishment

30. September 2012

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The term wage garnishment strikes fear into most people’s hearts. I hope that it will never happen to you. First, what is garnishment? In this instance, we are referring to wage or social security garnishment. Merriam-Webster defines it as: “a legal summons or warning concerning the attachment of property to satisfy a debt. Or a […]

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A Bankruptcy Quiz

28. September 2012

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Attorney Christopher D. Smith of SmithLaw offers this quiz about bankruptcies in Florida. 1) You will lose all your money, property, and valuables in a bankruptcy. True or False? False. Chapter 7 usually requires more property to be handed over than Chapter 13 does. If you do not own a home, Chapter 7 bankruptcy allows […]

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A comparison of the different types of bankruptcy

23. September 2012

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You are not alone in wondering which type of bankruptcy you qualify for and which type of bankruptcy you should file. SmithLaw has represented clients in many different types of bankruptcies. A common question we receive is: “Which type of bankruptcy would I file?” Christopher D. Smith with SmithLaw in Sarasota, Florida knows the ins […]

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The Mortgage Debt Relief Act of 2007 and Cancelled Debts

20. September 2012

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You might have heard that the tax protection for homeowners with forgiven debt due to foreclosures, short sales, or other means is about to expire. The coverage lasts through the end of 2012. If the Act is not extended, those who have mortgage debts forgiven after that date will begin owing taxes on forgiven mortgage […]

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LLCs and Bankruptcy

16. September 2012

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LLCs (Limited Liability Companies) are a popular business entity in the United States. Individuals form them in order to gain protection for their assets—both personal and business. (Sometimes companies own LLCS too.) Florida’s rules for LLCs are in Florida State Statutes Title XXXVI, Chapter 608. There are single-member LLCs and multi-member LLCs, each offering different […]

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Vehicle Cram Downs

12. September 2012

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No, this is not the newest monster truck event! Vehicle cram downs happen in Chapter 13 bankruptcy, not on the racetrack. Chapter 13 bankruptcy cases involve payment plans that you work out with the courts–it does not make the debt just go away. All the re-negotiated debt is rolled into one amount, with one balance […]

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What is a preferential transfer or payment in a bankruptcy case?

8. September 2012

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Let us say you know you are going to file bankruptcy soon and use the last of your money to pay off a debt to a specific creditor. You feel this is the right thing to do for whatever reason—maybe you owe them the most or you owe them the least or you think they […]

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Florida’s Lemon Laws

3. September 2012

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So, you buy a new car and you think it is a total lemon right from the start. Maybe it shudders when it turns, maybe the belt snaps constantly, maybe the paint chips easily, or maybe it has the worst blind spot ever because of the way the headrest on the seat is positioned. Many […]

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