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Patrick Neale Consumer and Business Lawyer Blog

Tuesday, May 23, 2017

New Court Decision is a Victory for Non-Commercial Drone Owners

The US Court of Appeals has handed down a decision that recreational drones are no longer required to be registered, but that doesn't mean that these drones and their owners are free from regulation.  Please read on to be informed, safe and legal.


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Friday, December 2, 2016

Do You Drone? 5 Things Business People Should Know


What’s that noise?  What is that?  Drones are everywhere these days. From the battlefield to package delivery to indoor racing, it seems like you can’t turn around without hearing something about them. They are everyone’s hot holiday gift and talked about for every use. So, what can drones mean for your business and what are the legal ramifications of using them commercially?

 

Drones are Exploding

The business of drones is experiencing explosive growth in the US and around the world. Over $200,000,000 worth of drones were sold in the US last year, representing over 2.
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Tuesday, June 16, 2015

Big Changes for Underwater Second Mortgages

 

On June 1, 2015, the Supreme Court of the United States issued a decision in the case of Bank of America vs. Caulkett that changed the bankruptcy picture for people who hoped to “strip off” their underwater second mortgage. Until the time of that decision, people in the Eleventh Circuit Bankruptcy Court, including those in Florida, could strip off a second mortgage in a Chapter 7 bankruptcy, which converted that debt to an unsecured debt. This allowed many people to obtain bankruptcy relief from an underwater property because most unsecured debt is discharged (wiped out).

A Chapter 7 bankruptcy is a much simpler process than a Chapter 13, the other consumer bankruptcy option. In a Chapter 7, the debtor gets to keep all of their exempt assets, which includes their homestead. It also does not require any future payments to a trustee to pay creditors. People can generally only file for Chapter 7 bankruptcy protection if their income is below the median income for the state in which they reside. Right now in Florida, this annual amount is $42,718 for a single person, $52,421 for a married couple, $57,977 for a family of 3 and $67,539 for a family of 4. Thus, Chapter 7 debtors are typically those who have the fewest financial resources. The ability to strip off the underwater second mortgage allowed many Chapter 7 debtors to keep a home they otherwise would have lost. In one blow, the Supreme Court took that tool away from them.

Currently, people can still strip off a completely underwater second mortgage in a Chapter 13 bankruptcy, meaning that the house is worth less than the first mortgage.  However, the process of a Chapter 13 is more complex and requires the debtor(s) to pay back at least some of the debts owed. This makes the Chapter 13 alternative less attractive for many people who are solely seeking to strip off their underwater second mortgage.

Chapter 13 is called a wage earners bankruptcy and is for those who do not qualify for a Chapter 7 due to an income above the state median. In a Chapter 13, the bankruptcy court requires the debtors to pay a certain amount to their unsecured creditors that is referred to as the “disposable monthly income.” Disposable monthly income is a calculation made using the bankruptcy code and rules to determine how much will need to be paid back. A Chapter 13 bankruptcy commits the debtors to making payments of their disposable monthly income to a trustee for a period of time, usually five years.  

As you can tell, this is a very complex subject and requires the analysis of an experienced bankruptcy attorney. If you feel that bankruptcy may help you to resolve your financial issues, contact our office for a free consultation.


Wednesday, April 8, 2015

New Assistance Program for Borrowers with Modified Mortgages

The two largest owners and servicers of mortgages in the US, Fannie Mae and Freddie Mac, have introduced a new program to help those homeowners who received a loan modification in 2010 and whose interest rates are going to reset to a higher rate this year.
Read more . . .


Wednesday, April 1, 2015

Welcome to Patrick Neale & Associates Law Blog

Welcome to our new website law blog.  

We have created our web site with the goal of providing reliable and useful information to those who may be in need of legal services in our practice areas.  We know that there is a lot of information on the Internet.  We want to guide you to information that is accurate and current from trusted sources.

The information we provide on this web site should not be construed as legal advice, but we stand ready to answer your legal questions via a personal consultation. 

Check back often and feel free to subscribe, to get updates and relevant information. 

Also feel free to check our News page which can be found under the "About Us" link. 

Patrick Neale & Associates




Consultation Request

Patrick Neale & Associates serves clients throughout Southwest Florida and has office locations in Naples and Marco Island.

Hiring an attorney is an important decision which should not be based solely on advertising. The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation.We invite you to contact us and welcome your calls, letters and electronic mail. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established.



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5470 Bryson Court, Suite 103, Naples, FL 34109
| Phone: 239-642-1485
(By appointment) 950 North Collier Blvd., 4th Floor, Marco Island, FL 34145
| Phone: 239-642-1485
Mailing Address: P. O. Box 9440, Naples, FL 34101-9440
| Phone: 239-642-1485

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© 2015 Patrick Neale & Associates | Disclaimer
5470 Bryson Court, Suite 103, Naples, FL 34109
950 North Collier Blvd., 4th Floor, Marco Island, FL 34145 (hours by appointment)
Mailing Address: P. O. Box 9440, Naples, FL 34101
Phone: 239-642-1485 | Fax: 239-642-1487
Practice Areas | About Us | Important Links & Forms | Blog | Consultation Request | Contact Us

Law Firm Website Design by
Amicus Creative

A NACBA Member Website