In an excellent decision for preference targets, the Eleventh Circuit recently held in the case of Kaye v. Blue Bell Creameries, Inc. (In re BFW Liquidation, LLC) that the new value defense, under Section 547(c)(4), does not require new value to remain unpaid.
In reaching this conclusion, the 11th Circuit has found common ground
Debtors generally file a bankruptcy petition seeking a fresh start, free from their personal debts. Debtors have the option to agree to pay certain debts to retain a car or other property through reaffirmation agreements and lease assumption. Reaffirmation or lease assumption may seem like a good option at the time – when for instance
IRA and 401(k) retirement accounts are generally exempt from claims of creditors pursuant to Section 222.21, Florida Statutes and Section 522 of the Bankruptcy Code. For this reason, these types of retirement accounts can be a useful asset protection tool. However, as I have mentioned in previous blog posts, there are exceptions to every
My November, December, and February posts, discussed details of homestead protection in Florida including requirements, benefits and pitfalls. If you are married, another asset protection and estate planning tool available to you is Tenants by the Entirety (“TBE”) ownership. In Florida, a married couple may own several types of property TBE, including, but
On Fox’s Tax Controversy Sentinel blog, partner Charles Bender recently examined a Florida case involving the state’s Homestead Exemption. The Exemption allows for a reduction in local real estate taxes and also provides that the homestead is exempt from claims of creditors of Florida residents. In the Circuit Court for Palm Beach County case Ramos
In my August post, I discussed two cases. In the Failla case, the Eleventh Circuit affirmed the District Court’s opinion that “once the debtor decides to ‘surrender’ secured property… [w]hile the debtor need not physically deliver the property to the secured party, the debtor is precluded from taking any action which would interfere with
In my November and December posts, I discussed the basics regarding protection of your Florida Homestead from forced sale by creditors and some of the exceptions.
A recent decision from the Second District Court of Appeal of Florida provides a good reminder of another Florida Homestead pitfall.
The Florida Constitution, Article X, Section 4 provides
In the case of Mantiply v. Horne (In re Horne), 876 F.3d 1076 (11th Cir. 2017) the Eleventh Circuit decided an issue of first impression in the Circuit: Whether the Bankruptcy Code authorizes payment of attorneys’ fees and costs incurred by debtors in successfully pursuing an action for damages resulting from the violation of
In my November post, I discussed the basics regarding protection of your Florida Homestead from forced sale by creditors and alluded to exceptions to the rule. Let’s discuss some of those exceptions as it relates to a bankruptcy filing.
If you have acquired an ownership interest in your Florida Homestead within 1,215 of the
Your primary residence in Florida (“Homestead”) can be a very useful tool for protection of assets from creditors during your life, and after your death for the benefit or your spouse and heirs.
The Florida Constitution, Article X, Section 4 sets forth the applicable restrictions on forced sale and the devise of your Homestead. If