Business owner bankruptcy

What Happens to My Small Business if I File for Bankruptcy?

I am often asked, “What happens to my small business if I file for bankruptcy?” And the answer I always give is, “Well, it depends on a number of factors.”

These factors include the chapter under which a business owner files their personal bankrupty, whether or not the business has valuable assets, whether the business has debts, whether the business has pledged its assets to its creditors, and whether the business has enough ongoing revenues to pay its monthly expenses.

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Can I Strip Off my Home’s Second Mortgage in Bankruptcy?

Whether or not you can strip off your home’s second mortgage in bankruptcy used to be any easy answer to arrive at. If your home was worth less than the balance of the first mortgage, you could strip off any junior mortgage. Historically, this relief was available in Chapter 13 bankruptcies only (see my Chapter 13 web page here: Chapter 13 Bankruptcy).

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I Can’t Pay my HELOC Payments! What Are My Options?

If you cannot pay your HELOC, the bank CAN foreclose on your home. See our blog posts on foreclosure, here: https://www.miamibankruptcy.net/blog/foreclosure

HELOC means Home Equity Line Of Credit, and it is basically the same as a mortgage. In exchange for the money borrowed, the homeowner gives the lender a mortgage lien. If the money is not repaid, the lender can foreclose and sell the home.

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Important Statute of Limitations/Quiet Title Case Pending Before the Florida Supreme Court

A very important Statute of Limitations/Quiet Title Case is pending before the Florida Supreme Court. For a discussion on what a statute of limitations is, see my previous blog post here: statute of limitations .

For a discussion on what a quiet title action is, see another previous blog post here: Quiet title

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Important Statute of Limitations/Quiet Title Case Pending Before the Florida Supreme Court

A very important Statute of Limitations/Quiet Title Case is pending before the Florida Supreme Court.  For a discussion on what a statute of limitations is, see my previous blog post here: https://www.miamibankruptcy.net/blog/statute-of-limitations .  For a discussion on what a quiet title action is, see another previous blog post here: https://www.miamibankruptcy.net/blog/quiet-title .

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