Ft. Lauderdale Bankruptcy BLOG

Supreme Court to Decide Lien Strips in Chapter 7

Posted on by Jeffrey Solomon

Last week the U.S. Supreme Court agreed to hear an appeal on whether debtors can strip or eliminate  underwater second  mortgages in chapter 7.  Fort Lauderdale bankruptcy debtors have been able to strip second mortgages and equity lines in  chapter 7 for only about the past year based on an appellate court’s decision that is binding in Florida, Georgia and Alabama.  The 11th Circuit Court of Appeals  in the GMAC v McNeal decision held that based on prior authority of this circuit, debtors could strip underwater second mortgages and equity lines.  (See prior blog posts on McNeal) The 11th Circuit Court opinion is contrary to the rulings in most of the country.  The Supreme Court agreed to resolve the conflict in this “McNeal appeal.” (This rhymes and sounds good, but actually the appeal is not in this GMAC v McNeal case but in an appeal brought by Bank of America….
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Seminar Speaker at Broward County Bar

Posted on by Jeffrey Solomon

Jeffrey Solomon will be a speaker at the Broward County Bar Association Bankruptcy Section on Recent Developments in Bankruptcy Law on November 19, 2014. Jeffrey Solomon previously served as Section Chair of the Bankruptcy Section and is currently on the Board of Directors of the Broward County Bar.

Florida Means Test Changes Nov. 1, 2014

Posted on by Jeffrey Solomon

The Florida bankruptcy means test figures change again on November 1, 2014.  The median income figures both increase and decrease.  For a household of 1, there is a slight increase to $42,036.00;  for a household of 2, a slight decrease to $51,584.00;  for a household of 3, a large increase to $57,052.00;  and for a household of 4, a large increase to $66,461.00.  The median income increases an additional $8100 for each additional member of the household.  Overall, the median income figures have increased.  This means higher incomes will be considered as under median income for purposes of eligibility for chapter 7. (This also affects the length of the required fort lauderdale chapter 13 bankruptcy.  You can contact us to explain the “applicable commitment period” of 3 or 5 years.)