Practice Areas and Legal Definitions

Every year, more than 1,000,000 Americans file for protection under Federal bankruptcy laws. Although some bankruptcy claimants are deemed as credit abusers and/or considered financially irresponsible, many hardworking individuals and businesses can succumb to financial difficulty, and face irreparable economic crisis. Bankruptcy is designed as a legal option to help resolve such a crisis, and act as a financial life preserver for those drowning in debt. To discuss your bankruptcy options, or other areas of recourse that might be available to you, contact a qualified bankruptcy attorney who can advise you of your legal rights as stated under Bankruptcy Law and federal Bankruptcy courts.

Bankruptcy Laws:
Bankruptcy is a federal court process designed to help individuals and businesses eliminate their debts or repay them under the protection of the bankruptcy court. Bankruptcies can generally be described as liquidation or reorganization. Under a liquidation bankruptcy (Chapter 7), a debtor files to eliminate debt through the bankruptcy court. Under a reorganization bankruptcy (Chapter 13), a debtor files a plan with the bankruptcy court proposing how to repay creditors.

In 2005, the requirements under which a debtor could file Chapter 7 bankruptcy changed with the passage of the Bankruptcy Abuse Prevention and Consumer Protection Act.  Debtors are now required to seek budget and credit counseling within six months of filing, financial “testing” is required to determine the debtor’s capacity for debt repayment, Chapter 7 cannot be filed if the household income is greater than the median household income as deemed by the state, and state exemptions cannot be applied unless the debtor has resided at current residence for over two years.

Due to the imposed requirements for Chapter 7 bankruptcy as set forth by the new laws, debtors who were eligible to file under Chapter 7 may now have to file under Chapter 13 bankruptcy instead, in which individuals and creditors agree to a court-imposed plan that requires some or all debts be repaid over five years, with an appointed trustee assigned to monitor the repayment process. Bankruptcy filings will continue to be recorded on an individual’s credit report for seven years in the case of Chapter 13, and up to ten years for Chapter 7.

Chapter 7:
Chapter 7 cases are commonly referred to as straight bankruptcy or liquidation cases, and may be filed by an individual, corporation, or a partnership. A Chapter 7 bankruptcy case does not involve the filing of a plan of repayment as in Chapter 13. Instead, the bankruptcy trustee gathers and sells the debtor's nonexempt assets and uses the proceeds of such assets to pay holders of claims (creditors) in accordance with the provisions of the Bankruptcy Code. Part of the debtor's property may be subject to liens and mortgages that pledge the property to other creditors. In addition, the Bankruptcy Code will allow the debtor to keep certain "exempt" property; but a trustee will liquidate the debtor's remaining assets. Accordingly, potential debtors should realize that the filing of a petition under Chapter 7 may result in the loss of property.

Chapter 13:
A Chapter 13 bankruptcy is also called a wage earner's plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years. Chapter 13 permits individuals to keep their property by repaying creditors out of their future income.  It is not available to corporations or partnerships. After completion of payments under the plan, Chapter 13 debtors receive a discharge of most debts.

Foreclosure:
Foreclosure is the legal proceeding in which a bank or other secured creditor sells or repossesses a parcel of real property (immovable property) due to the owner's failure to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust". Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, it is typically said that "the lender has foreclosed its mortgage or lien".

A Foreclosure by Sale ends in the posting of a sign advertising the auction of your home on the sale date. The only ways to stop a foreclosure are full payment of the arrearage, or the filing of a Chapter 13 bankruptcy. Full Payment: If you are able to obtain and tender the full amount of your arrearage, including fees and costs, you can stop the foreclosure of a standard residential mortgage. Most people lack the money to make full payment. This process stops the foreclosure and allows you to repay your arrearage over a three-to-five year period. The arrearage is paid through a court-appointed official, while you resume your regular monthly payments to the bank in order to keep your home. A Chapter 13 can be filed at any time prior to the law day or sale date, and it is often the only avenue to save your home.

Debt Consolidation:
Contrary to popular belief, debt consolidation is not a loan. Debt consolidation is a process in which debt is restructured into one low monthly payment. It further enables a consumer to reduce the amount owed and thereby eliminate interest. Very often a consumer can detect warning signs of being in too much debt long before any collection notices are received. If more than two of the following signs apply to you, you are probably in too much debt:

• You have begun charging to your credit card essential expenses like food and daily expenditures
• You are making only the minimum payments on your credit cards each month
• You are near the limit of your credit cards
• You have too many credit cards
• You are unsure how much money you owe creditors

Chapter 11:
Chapter 11 is typically used for business bankruptcies and restructuring. It is not commonly used by individual consumers since it is far more complex and expensive to pursue. It allows businesses to reorganize themselves, giving them an opportunity to restructure debt and get out from under certain burdensome leases and contracts. Typically a business is allowed to continue to operate while it is in Chapter 11, although it does so under the supervision of the Bankruptcy Court and its appointees.

If you or someone you know needs the assistance of an experienced Tampa, Florida Bankruptcy lawyer, call Cohen & DePaul, P.A. today at 866-435-5822, or complete the contact form provided on this site to schedule a free consultation.

If you or someone you know needs the assistance of an experienced Tampa, Florida Bankruptcy lawyer, call Cohen & DePaul, Attorneys at Law today at 866-435-5822, or complete the contact form provided on this site to schedule a free consultation.

ADDRESS OF THE FIRM:
Cohen & DePaul, Attorneys at Law
4951 Adamo Drive, Suite 220
Tampa, FL 33605
Phone: 866-435-5822
Hours: M-F, 8:00AM-5:00PM

MEMBERS OF THE FIRM:

• Attorney Wendy Joy DePaul, Esq.

Wendy Joy DePaul completed her undergraduate education at Florida State University with a degree in Accounting. She became a licensed Certified Public accountant in 1995. She then attended Stetson University College of Law, where she graduated with her law degree in 1997 in the top third of her class.

While attending law school, Wendy was involved in many public service activities, such as the income tax preparation program, after school tutoring for public school students, and Alpha House. Upon graduation from Stetson University, she received the William F. Blews Pro Bono Award and was selected for Who’s Who among Students in American Colleges and Universities, 1997. Wendy has practiced soley in the areas of Bankruptcy and Foreclosure since 1977, representing both debtors and creditors.

Wendy has handled thousands of Bankruptcy and Foreclosure cases throughout the state of Florida since 1997, including cases in Chapter 7 (liquidation), Chapter 13 (reorganization) and Chapter 11 (business reorganization). Wendy is licensed in all State and Federal Courts in the state of Florida. Wendy is currently a member in good standing of the Florida Bar, and is also a member of the Tampa Bay Bankruptcy Bar Association and the Florida Institute of Certified Public Accountants.

• Areas of Practice: Foreclosures and Bankruptcy
• Certified Legal Specialties: Certified Public Accountant, 1995
• Bar Admissions: Florida; U.S. District Court Middle District of Florida; U.S. District Court Northern District of Florida; U.S. District Court Southern District of Florida; U.S. District Court Southern District of Florida Trial Bar; U.S. Bankruptcy Court Middle Florida; U.S. Bankruptcy Court Southern District of Florida; U.S. Bankruptcy Court Northern District of Florida.
• Education: Stetson University College of Law, St. Petersburg, Florida (Honors: Top Third of Class, William F. Blews Pro Bono Award, Who's Who among Students in American Colleges and Universities, 1997); Florida State University, Major: Accounting.

• Attorney Jeanine Cohen Esq.

Jeanine Cohen graduated from the University of South Florida with a B.A. from the College of Arts and Sciences. She graduated with honors in her major, anthropology, and her minor, political science. Jeanine graduated from Stetson University College of Law with honors in 1997. Due to her dedication to the Stetson Community and the community as a whole, upon graduation, she received many awards including: the Dean's Award; the Ralph Steinhardt Award; the William F. Blews Pro Bono Award; and was selected for Who's Who among Students in American Colleges and Universities, 1997.

Jeanine joined the Office of the Public Defender for the Thirteenth Judicial Circuit, Tampa in 1998. She has represented clients in thousands of criminal cases, ranging from misdemeanors such as Domestic Violence Battery, Violation of Domestic Violence Injunction, and DUI’s to felonies including Murder, DUI Manslaughter, Capital Sexual Battery, Kidnapping, as well as all types of theft and drug charges. Jeanine has served as the supervisor for the Office of the Public Defender for all the Drug Divisions in Hillsborough County, including the Drug Pre-Trial Intervention Program, she has served as the Division Chief of the Sex Offender Division, and she has served as a member of the Homicide Division.

In addition, from February 2000 until August 2004, she was responsible for all the Involuntary Civil Commitment of Sexually Violent Predator cases. She was the first attorney to argue an Involuntary Civil Commitment of Sexually Violent Predator issue to the Florida Supreme Court, and she won. In additional to her extensive trial background, Jeanine is responsible for two Florida Supreme Court opinions and several DCA opinions, because she believes in fighting meritorious issues all the way to the top.

Jeanine is a member in good standing of the Florida Bar, the Florida Association of Criminal Defense Lawyers, the Hillsborough County Bar Association, and the Hillsborough Association for Women Lawyers and the Sex Offender Commitment Defense Association. Jeanine has been a guest speaker for the Florida Public Defender Association, at the Building a Better Defense IX, Sex Crimes, Lies and Videotape Conference in 2002, and the Involuntary Civil Commitment of Sexually Violent Predators Conference in 2003 and 2004.

Jeanine has also been a guest speaker for the Florida Association of Criminal Defense Lawyers, in 2002 and 2003 and for the National Association of State Mental Health Program Directors, 2002 Annual Meeting. Jeanine is currently scheduled to be a guest speaker for the Florida Bar in the fall of 2004.

• Education: Stetson University College of Law, St. Petersburg, Florida (Honors: With Honors, Dean's Award, Ralph Steinhardt Award, William F. Blews Pro Bono Award, Who’s Who among Students in American Colleges and Universities, 1997); University of South Florida, B.A. (Honors: With Honors), Major: Anthropology, Political Science.
• Classes/Seminars: Guest Speaker, Florida Public Defender Association, 2002; Guest Speaker, Florida Association of Criminal Defense Lawyers, 2002 - 2003; Guest Speaker, National Association of State Mental Health Program Directors, 2002; Guest Speaker, Florida Bar, 2004.
• Professional Memberships & Achievements: Florida Bar, Florida Association of Criminal Defense Lawyers, Hillsborough County Bar Association, Hillsborough Association for Women Lawyers, Sex Offender Commitment Defense Association.

• Adam L. Bantner, II, Esq.