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Choosing to file bankruptcy can be a highly emotional experience. After suffering beneath the weight of unmanageable debt, bankruptcy may offer relief and a clean slate, but there are also several negative connotations associated with bankruptcy. If you think bankruptcy may be the best solution to help with your financial hardships, you should be aware of the most common misconceptions about bankruptcy so you can move forward with the process with as much knowledge as possible. 

The Law Offices of Daryl L. Jones, P.A, is a Florida real estate law firm dedicated to helping clients considering bankruptcy. Our goal is to ensure that our clients feel confident about their decision to file bankruptcy by ensuring we debunk any misconceptions that may be holding them back from moving forward. 

5 Misconceptions About Bankruptcy in Florida

Filing bankruptcy is a big decision that can leave you feeling anxious as you assess the effects this choice may have on your future financial situation. You have likely heard various ominous misconceptions concerning what will happen if you decide to file bankruptcy. However, many of these rumors are simply not true. The most common misconceptions about bankruptcy include:

Individuals Who File Bankruptcy Are Deadbeats

The idea that all individuals who file bankruptcy are deadbeats or freeloaders is entirely misguided. Your creditors know there are many reasons a person may suffer financial hardships that could lead to high amounts of debt. Some examples of why a person may be unable to pay off his or her debts are:

• Job loss
• Divorce
• Costly medical bills

If you require relief from your crippling debt, you should not be ashamed to file bankruptcy. It is a commonly used method to allow people to reset their financial situation. 

You Lose All Property After Filing Bankruptcy

While you may lose some of your property when filing bankruptcy, it is not true that you will definitely lose it all. Depending on the type of bankruptcy you file, chapter 7 or chapter 13, you may be able to keep some of your assets. This is one reason that it is crucial to work with a Florida bankruptcy attorney who will work to protect your rights and your property to the best of his or her ability throughout the bankruptcy process. 

You Will Be Fired From Your Job

The law prohibits employers from discriminating against an employee due to bankruptcy. If you are fired from your job due to bankruptcy, you should speak with a bankruptcy attorney as soon as possible to help you get justice. 

You Will Never Be Able to Establish Credit Again

It is no secret that your credit will take a significant hit following your bankruptcy. However, if those who remain diligent about paying their bills on time and who manage their finances more responsibly, frequently recover their credit rating in a mere two years. You too may be able to recover your credit rating in as little as two years.

You Have to Be Broke to File Bankruptcy

While bankruptcy is often recommended as a last resort when experiencing financial hardship, you do not need to reach the point of being completely broke to file. Bankruptcy is an opportunity to seek relief whenever a person can no longer pay back his or her debt, but that does not mean you have to have zero dollars in the bank. If you have questions about whether you are eligible to file bankruptcy, you should speak with a trusted bankruptcy attorney. 

Contact a Florida Bankruptcy Lawyer Today

The choice to file bankruptcy should not be taken lightly. However, while bankruptcy is a big decision, it is not the end of your financial well-being. Even though bankruptcy can negatively impact your credit, it can also provide much-needed relief for those struggling with debt. 

To get help with the bankruptcy process, contact Attorney Daryl L. Jones of The Law Offices of Daryl L. Jones, P.A. Our real estate law firm has over 30 years of experience helping clients in Florida struggling with debt. For a free initial strategy session, contact us here or call 305-969-3602.

If you are suffering from extensive debt that you are unable to pay, you may feel helpless as you try to understand how to best take the next step. Filing bankruptcy is one option that allows you to achieve a clean slate financially and get back on your feet. While there are advantages to filing bankruptcy, you must be careful when attempting to do things on your own because certain bankruptcy laws may cause you to lose some of your property which you could have used to pay back some or all of your debt. An experienced bankruptcy attorney can explain to you all available bankruptcy chapters, and instruct you on how to best protect your assets depending on your individual goals. In your specific case, you may be eligible for certain exemptions that could allow you to protect some of your property when filing bankruptcy.

The Law Offices of Daryl L. Jones, P.A, is a Florida law firm that is dedicated to helping clients who suffer from unmanageable debts. If you are thinking about filing bankruptcy, it is important that you understand how Florida bankruptcy exemptions work.

Understanding Florida Bankruptcy Exemptions

Regardless of whether you file Chapter 7 or Chapter 13 bankruptcy, you can protect property that is covered by a Florida bankruptcy exemption. However, each chapter treats property that is not covered by an exemption differently. For example:

Chapter 7: If you own property not covered by an exemption, the bankruptcy could may require you to sell those items and distribute the proceeds to your creditors. Alternatively, your bankruptcy attorney may be able to negotiate a payment plan which will allow you to keep those items.

Chapter 13: You get to keep all of your property in a Chapter 13 bankruptcy. With the help of your bankruptcy attorney you can present a payment plan to the court which is based either on the equity of your personal property, or your monthly disposable income after the court takes into account your necessary expenses.

If you and your spouse both own the property in question, this may double the exemption for qualifying properties. This doubling applies for all Florida bankruptcy exemptions except the homestead exemption. The homestead exemption in Florida covers your entire home which is protected from creditors, even if it is paid in full. If you are uncertain which real or personal property you own may qualify as an exemption in Florida, it is important that you consult a knowledgeable bankruptcy attorney.

When Can You Use Florida Bankruptcy Exemptions?

You have the right to file bankruptcy in Florida after you have lived in the state for 180 days. However, you must live here much longer to be eligible for Florida’s exemptions. In order to be eligible for bankruptcy exemptions in Florida, you must have resided in the state for 730 days (or two years) before filing a bankruptcy petition. If you have been in Florida for less than two years, you may still file bankruptcy in Florida but you must use the exemptions from the state where you resided prior to moving to Florida.  Some of the Florida bankruptcy exemptions you may be eligible to use when filing bankruptcy include:

Homestead Exemption

As long as your homestead property is no larger than half an acre if located in a municipality, or no larger than 160 acres if located elsewhere, you may exempt an unlimited amount of equity in your primary home or any other property covered by the homestead exemption. You are eligible for this exemption only if you have owned the property for at least 1,215 days before filing bankruptcy.

Personal Property Exemptions

The personal properties that are exempt in Florida bankruptcy cases are:

1. Personal property that is valued up to $1,000. This can include furniture, art, and electronics. In addition, if you do not use the homestead exemption, you can exempt personal property valued up to $4,000.
2. Retirement plans and 401(K)s
3. Retroactive Social Security or Disability payments
4. Insurance claims on your homestead
5. Education savings accounts
6. Prescribed health aids
7. Prepaid medical savings account and health savings account deposits
8. Tax credits, and
9. Some refunds

If you are unsure if your personal property qualifies for a bankruptcy exemption, consult with a bankruptcy lawyer as soon as possible.

Motor Vehicle Exemption

You can exempt up to $1,000 in motor vehicle equity. This amount increases if you are married and filed jointly.

Exemptions for Wages

Wages of the head of the household are exempt up to $750 per week. This applies to paid and unpaid wages and any wages deposited in a bank account during the last six months before filing bankruptcy.

Get Help From a Florida Bankruptcy Lawyer

There are many different exemptions available to individuals who file bankruptcy in the state of Florida. If you are unsure which exemptions you may be eligible for, consult a Florida bankruptcy lawyer for more information.The Law Offices of Daryl L. Jones, P.A, is a Florida bankruptcy law firm uniquely qualified to help clients as they navigate the bankruptcy process in Florida. To set up a free initial strategy session, contact us here or call 305-969-3602.

Few things are as frightening as the possibility of losing your home. Our homes are often an extension of ourselves and hold just as much of a personal investment as a financial one. If you are at risk of losing your house, you are likely willing to do whatever it takes to avoid foreclosure. In Florida, loan modification is one option that may be beneficial for you and your lender. However, if you previously applied for a loan modification and was unsuccessful, you may be thinking you are out of luck. In reality, there is no limit to how many times you may apply for a loan modification in Florida. However, many lenders have a limit on how many loan modifications they may approve for a single loan.

At The Law Offices of Daryl L. Jones, P.A., our South Florida real estate law firm has experience helping clients avoid losing their homes. Even if you applied for a loan modification and were denied, Attorney Daryl L. Jones may be able to help you build a strong loan modification application, and negotiate an approval from your lender.

Is There a Limit for How Many Times You May Apply for a Loan Modification?

The potential of losing one’s home to foreclosure can leave a homeowner feeling helpless. A borrower may negotiate a loan modification as a great option to obtain affordable mortgage payments. However, it is not easy to navigate the approval process for a loan modification. Whether your lender denied your previous loan modification applications or you received a loan modification and are facing foreclosure again, you may be concerned about applying again. While the process of applying for a loan modification can be daunting, homeowners may apply an unlimited number of times. Our law firm usually obtains approval for a client’s loan modification on the first or second submission. 

If you have previously been granted a modification to your mortgage loan but are in need of another, your lender can use their underwriting process to determine if you are eligible for another modification. Lenders frequently limit borrowers to three loan modification approvals. With most lenders the qualifications for an additional loan modification are very similar to the requirements that were in place the first time you applied:

• Sufficient Income
• Manageable Expenses
• Bank statements demonstrating you have enough available income to make payments
• Taxes filed with the IRS

In addition to providing the above information, it is also recommended that you write your lender a hardship letter explaining the circumstances that caused you to need another modification to your mortgage loan. Regardless of why you are applying for a loan modification an additional time, a Florida real estate lawyer may be able to help you get approved. 

How Can a Lawyer Help With Your Florida Loan Modification Application?

The process of applying for a loan modification can be daunting. Since real estate law can easily become convoluted, it can leave homeowners feeling overwhelmed as they try to navigate the many steps of applying for a loan modification in Florida. This is why it is crucial that you work with an experienced real estate lawyer. When you work with a real estate lawyer that has knowledge of Florida’s loan modification process, they may be able to help you if:

• You are unsure whether a loan modification can prevent the foreclosure of your home
• You do not understand how to fill out the loss mitigation application
• Your loan servicer violates federal or state laws during the modification process
• Your loan servicer has failed to comply with Florida foreclosure laws
• Your request for a loan modification has been denied by your servicer

If you are at risk of losing your home and believe a loan modification may be the best option for you, contact a Florida real estate lawyer who may help you get your loan modification application approved. 

Get Help From a Florida Loan Modification Lawyer

The Florida loan modification process can be highly stressful. That is why Attorney Daryl L. Jones of The Law Offices of Daryl L. Jones, P.A. is dedicated to providing clients with the trusted representation that wields outstanding results. With over 30 years of experience practicing law, our legal team will communicate with you every step of the way. To schedule a free initial strategy session, contact us here or call 305-969-3602.

There are many different reasons why a person may face foreclosure. Whether you have suffered job loss or unforeseen financial hardship, you may fear losing your home to foreclosure when you are unable to keep up with your mortgage payments. Obtaining approval for a loan modification from your lender is one option that allows borrowers to lower their monthly payments while keeping their mortgage current. Before you go through with a loan modification, you may wonder whether it is a good fit for your situation. 

The Law Offices of Daryl L. Jones, P.A, is a Florida real estate law firm with over 30 years of experience helping clients who are facing foreclosure. If you are unsure if you should proceed with a loan modification application, it is important you understand the pros and cons. 

What Are the Pros and Cons of a Florida Loan Modification?

When a person initially decides to take out a mortgage loan, it may seem like a great way to afford their dream home when they do not have enough money to pay for the home in full. However, for some borrowers it may later become apparent that the monthly payments needed to keep one’s mortgage current are difficult if not impossible to keep up. A loan modification may help resolve this issue, but it is vital that you understand the benefits and risks of applying for a Florida loan modification. 

Loan Modification Benefits Your Lender

Most homeowners assume that their lender benefits when their home goes into foreclosure. However, that is not the case. Because the length of your loan term is often increased when a modification is granted, lenders reap the benefits of your monthly payments over a longer period. 

Loan Modification Is a Good Option if You Have Bad Credit

If your credit has not yet suffered, you may be unable to refinance your loan to lower your monthly mortgage payments. If you cannot refinance due to your lowered credit score due to missed mortgage payments, you may think your only other option is foreclosure. However, a loan modification is another option that can help homeowners with bad credit. 

The Terms of Your Loan Will Change

For those going through financial hardship, a loan modification is a significant benefit as it will typically decrease your monthly payments. Lowered monthly payment may allow you to:

• Get back on your feet financially
• Give you more time to find a new job
• Help you pay off other debts such as credit cards or medical bills
• Allow you to continue paying your mortgage loan

When the terms of your loan change because of a loan modification, you may have a clean slate regarding your financial situation. 

The Application Process Can Be Confusing

The Florida loan modification process is not easy. It normally requires a lot of paperwork, and a lot of time invested in the process. With your home on the line, you want to ensure that your application is perfect before sending it off for review. The process can confuse those unfamiliar with Florida’s real estate laws. That is why it is essential to have the help of a trusted real estate attorney to help you along the way. 

Contact a Florida Loan Modification Lawyer Today

If you are facing foreclosure and are not sure if a loan modification is the right option for you, it is crucial that you speak to an experienced loan modification lawyer who may be able to help. 

The Law Offices of Daryl L. Jones, P.A, is a Florida real estate law firm with over 30 years of experience helping clients navigate the loan modification process. Our goal is to help ensure that you do not lose your home. To schedule a free initial strategy session, contact us here or call 305-969-3602.

Death is not a topic that anyone particularly enjoys thinking about. However, when it comes to a person’s home, this topic is necessary when considering the Florida Lady Bird Deed. This deed is a legal form that allows you to transfer ownership of your home to your beneficiary upon the death of the homeowner, without probate and at relatively low cost. 

The Law Offices of Daryl L. Jones, P.A, is a Florida real estate law firm dedicated to ensuring our clients are knowledgeable about all real estate laws and transactions. There are several key factors that are important for you to know about the Florida Lady Bird Deed. 

What Must a Lady Bird Deed Include in Florida?

The Florida Lady Bird Deed (also referred to as an enhanced life estate deed) is fully legal in the state. It allows the property owner(s) to have full use and control of the property during their lifetime, and the property will automatically transfer to their beneficiary upon their death(s). In order for the deed to be valid in Florida, it must include:

• Grantor: The current owner(s) of the property
• Enhanced Life Estate Deed: Allows the property owner(s) to have control over the property during their lifetime
• Remainder Beneficiary: This is the person or persons who will inherit the property after the owner(s) passes away
• Legal Description: This is a formal description used to identify the property
• Homestead Provisions: For those who own a homestead property, this is a paragraph that allows the property owner(s) to keep the homestead exemption

If you have questions about what should be included in a Lady Bird Deed for your home, it is essential that you speak with a trusted real estate attorney in Florida. 

What Are the Advantages and Disadvantages of the Lady Bird Deed?

If you are considering a Lady Bird Deed for your Florida home, it is crucial that you understand its advantages and disadvantages. 

Advantages of the Lady Bird Deed

Compared to a trust, the Lady Bird Deed has many advantages that may make this a more attractive option for homeowners. These advantages include:

• Avoids probate
• Low cost
• Simple process
• Revocable
• Owner(s) maintain complete control over the property. At any time after obtaining a Lady Bird Deed, they can remove the Lady Bird Deed, obtain a mortgage, and/or change the designated beneficiaries.

While there are many advantages when it comes to the Florida Lady Bird Deed, it is important that you also understand the disadvantages you may face. 

Disadvantages of the Lady Bird Deed

It is crucial that you understand the full picture when entering into any deal concerning your property. That includes understanding the disadvantages as well as the advantages. The disadvantages of the Lady Bird Deed include:

• Lack of asset protection
• Constitutional restrictions
• Changes to the estate plan
• Unexpected deaths of beneficiaries 

While there are some disadvantages, the lady bird deed is still a popular and simple option for property owners to help ensure that their home is passed on to their beneficiaries after they have passed away. To better understand the Florida Lady Bird Deed, speak with a knowledgeable real estate lawyer. 

Contact a Florida Real Estate Lawyer for Help Today

Deciding what will happen with your property after you have passed may not be something you want to think about right now. However, it is important that you take a little time to decide who will be your beneficiaries, and ensure they will have the ability to take over your property.

The Law Offices of Daryl L. Jones, P.A, has over 30 years of experience helping clients with the Florida Lady Bird Deed and any other needs they may have concerning real estate laws and transactions. To schedule a free initial strategy session, contact us here or call 305-969-3602.

The purchase of a home is often one of the most significant financial and personal investments an individual can make. To help pay for the cost of the home, buyers will often turn to mortgage loans as a solution. While a mortgage loan may be helpful at the time, it may become difficult to pay back down the road. If you have found yourself in a difficult time and are unable to pay your mortgage loan payments, you may decide to consider a loan modification to avoid foreclosure. 

The Law Offices of Daryl L. Jones, P.A is a top-rated real estate law firm with experience helping thousands of clients in Florida obtain loan modifications. If you believe a loan modification may be a good option for you, you may wonder how long the process takes in Florida. 

Does the Loan Modification Process in Florida Take a Long Time?

If you are considering a loan modification to avoid foreclosure or the loss of your home, it is important you have a general idea of how long the process will take. Unfortunately, loan modification is not a process that lenders complete in a couple of weeks. The loan modification application process is lengthy and often takes four to six and nine months to complete and to obtain a decision from your lender. The exact length of time will vary depending on the details of your case, your bank, and your and your lawyer’s ability to efficiently work through the application process. 

While an efficient loan modification process will take several months, you may be able to greatly reduce the time spent in the application process by working with a Florida loan modification lawyer. A knowledgeable lawyer can help you by:

• Processing your paperwork more efficiently
• Presenting your application in the way that your lender wants it
• Knowing from experience what your lender is typically willing and able to agree to

If you are considering a loan modification, it is important you speak with a loan modification lawyer who has expert knowledge of the process and can help position your application to reach approval quicker. 

What Questions Should You Ask During the Loan Modification Process?

A loan modification lawyer can help you through each step of the application process. When you begin the process, there are several questions that you should ask:

• Ask how long the process is likely to take in terms of the best and worst-case scenarios for your specific case
• Ask when you can expect to receive updates regarding your application and mark those dates on your calendar
• Ask who you should contact if you do not receive any updates regarding your loan modification application. Get the name and contact information of the person you should call if you do not get an update. 
• Ask what you should do to help your application while you are waiting

Working with a trusted loan modification lawyer will give you peace of mind as you go through the overwhelming application process. 

Get Help From a Florida Loan Modification Lawyer

A loan modification is an option that can benefit you and your lender when you are unable to make your loan payments on your home. To get help with the loan modification process, contact a Florida loan modification lawyer as soon as possible. 

The Law Offices of Daryl L. Jones, P.A is a Florida real estate law firm that has helped thousands of clients obtain loan modifications. Attorney Daryl L. Jones is dedicated to helping clients understand their options when they are no longer able to meet their mortgage loan payments. To speak with a trusted loan modification lawyer, contact us here or call (305) 969-3602.

When foreclosure is knocking on your door, you may feel overwhelmed as you try to decide what steps to take to prevent losing your home. Most homeowners assume that foreclosure is imminent once they cannot pay off their mortgage loan payments. However, that is not the case. One option that could benefit you and your lender is a loan modification. The process of completing a loan modification application in Florida is long and sometimes difficult. To give yourself the best chance of a loan modification approval and to get a clear understanding of exactly how long a loan modification will take, contact a loan modification attorney who may be able to help with your case. 

The Law Offices of Daryl L. Jones, P.A is a Florida law office that has helped thousands of clients apply for and obtain loan modifications to prevent their homes from entering into foreclosure or being sold at auction. If you are considering working with an attorney, it is important you know the advantages of hiring a Florida loan modification attorney.

How Can a Florida Loan Modification Attorney Help You?

The loan modification process in Florida can become convoluted, as with all areas of real estate law. The entire process often takes between four to six months and can become overwhelming as you try to avoid losing your home. While you may feel as if you are going through this on your own, a loan modification attorney may be able to help you. When you work with an experienced loan modification lawyer, you may benefit from the following advantages:

Your Lender May Not Always Have Your Best Interest in Mind

There have been many situations where a person has applied for a loan modification and was led to believe that his or her lender was working with them only to find that their home was lost to foreclosure. When you work with a knowledgeable attorney, they will have experience in dealing with these cases and can ensure that your lender is not leading you astray when it comes to the loan modification application process. 

Not as Many Loan Modifications Are Granted as You May Think

It is by no means easy to obtain a loan modification. However, with the help of an experienced attorney, you’ll be able to determine if you’re eligible for the modification and you may have a better chance of approval. 

Get Help With Paperwork

One of the simplest ways to have your loan modification application denied is through incomplete paperwork. An experienced loan modification lawyer can help ensure that the paperwork necessary for your application is prepared, filed, and completed correctly, and in the manner your lender prefers. 

Better Negotiations

Lenders often assume your case is just another simple summary judgment foreclosure when you apply on your own. However, when you have a loan modification lawyer representing you, the lender may take your case more seriously and become more open to negotiation. 

You May Get a Better Deal

When you work with a Florida loan modification lawyer, look for one who has experience working with lenders in prior cases. While each case is unique, their experience will allow them to negotiate better on your behalf in hopes of getting the lowest possible payment and interest rates so that you can stay current on all payments moving forward. 

Do not go through the loan modification application process without the help of a professional. Get help from a Florida lawyer dedicated to helping you avoid the foreclosure of your home. 

Consult with a Florida Loan Modification Attorney

There are many reasons why a person may no longer be able to pay their mortgage loan payments. While you may feel there is nowhere else to turn, you can still avoid foreclosure if you apply for a loan modification. For assistance with the lengthy mortgage loan modification application process, contact our team of experienced attorneys for guidance. 

The Law Offices of Daryl L. Jones, P.A is a Florida real estate law firm that has helped thousands of clients obtain loan modifications. While the idea of losing your home can be scary, when you work with an experienced and trusted attorney, you may be able to avoid losing your home by securing loan modification approval from your lender. You deserve the chance to keep your home. Contact our Florida loan modification lawyers by filling out our contact form or calling (305) 969-3602.

The decision to purchase a home is one that is not taken lightly. Because a home is often the largest financial and personal investment a person will make, it is crucial that every aspect of this purchase is thoroughly reviewed. Many home buyers opt to take out a mortgage loan to cover the cost of their new home. While a mortgage loan may seem like a simple solution, many homebuyers fail to look at the big picture of what it will take to pay this loan back over the years. Unfortunately, there are over 11 million families who are behind or unable to make their mortgage loan payments in the United States. If you are unable to afford your loan payments for your Florida home, you may wonder if loan modification may work for you. 

The Law Offices of Daryl L. Jones, P.A is a top-rated real estate law firm with experience helping thousands of clients get approved for a loan modification. If you are considering a loan modification to avoid losing your home, it is important you understand whether you are eligible for a loan modification in Florida. 

What Is the Loan Modification Process in Florida?

There are many reasons a person may no longer be able to afford his or her mortgage loan payments. If you are facing foreclosure due to your inability to afford your loan payments, a loan modification may work for both you and your lender. While many homeowners often assume their lenders are against them when foreclosure is a possibility, this is not the case. Usually, neither you nor your lender will benefit from a foreclosure. A loan modification offers an opportunity where you both may benefit. 

To get help with your lender’s loan modification application process, a trusted loan modification lawyer in Florida may be able to help you. The loan modification process in Florida is as follows:

• A borrower will evaluate if you are entitled to loan modification
• Your lender will analyze your position individually and may ask you to submit a loan modification application
• Your lender will ask you to provide all necessary documentation, such as pay stubs, tax returns, and bank statements by the required deadlines
• Your lender will examine whether you are truly in financial distress

Your Florida loan modification attorney can help you gather all the necessary documentation and adhere to the deadlines set forth by your lender so that you have a better chance of your lender accepting your application. 

Who Qualifies for Loan Modification in Florida?

Not everyone is eligible for a loan modification in Florida. To meet the eligibility requirements for a loan modification, you need to meet the following requirements:

• You must have a financial hardship
• You must show that you cannot afford your current mortgage loan payments
• You must prove that you can stay current on a modified loan repayment schedule

If you are unsure if you qualify for a loan modification in Florida, a Florida real estate lawyer may be able to help by going over the details of your case. 

Get Help From a Florida Loan Modification Lawyer

Facing foreclosure may be overwhelming and leaves many homeowners feeling helpless as they try to understand their options. A loan modification is one option that can benefit both you and your lender. To get help with your loan modification application, contact a Florida loan modification lawyer today. 

The Law Offices of Daryl L. Jones, P.A is a Florida real estate law firm with a demonstrated passion to help clients in Florida avoid losing their homes. Award-winning attorney Daryl L. Jones is proud to have provided thousands of clients with the dedicated representation they deserve. To schedule a free initial strategy session, contact us here or call (305) 969-3602.