TAMPA REAL ESTATE & CONSTRUCTION
Tampa Real Estate Lawyers: at the Galewski Law Group we provide complete coverage of all of your real
estate needs. On the Corporate side we have worked with full and part-time real estate investors,
developers and contractors to assure that our clients have confidence in their business dealings. We have
helped solve problems and moved to advance development with the U.S. Environmental Protection Agency,
the Florida Department of Environmental Protection and with neighborhood enhancement programs. We
have helped motivate otherwise neglectful and non-responsive contractors, and we have helped contractors
to defend their work and get the money due them.
We also represent individuals and families to bring peace of mind into what may be their most prized
investment -- their homes. We understand the problems and worries in purchasing and selling a home or
investment property. Our goal is to make your home buying experience a pleasure. We work closely with
the Galewski Title Company to make certain that your closing day is a moment of pride.
Question of the week:
I am surrendering a home to a mortgage lender to help consolidate my debt, may I still collect rent
on the home, and does this change after filing a chapter 7?
If you have rental income from property but are planning on surrendering the property to the mortgage
lender, either in bankruptcy or foreclosure, the rental income may belong to the mortgage lender. Please
refer to your mortgage and note for details, but often rental income is assigned as part of the mortgage. If
you were to file a chapter 7 or 13 bankruptcy, you may still not be able to keep the rental income. In a
chapter 7 bankruptcy, the bankruptcy estate would own the rental property and they would be the proper
party to collect the rent. Even if the rent is paid to you, you may be required to turn over the rent to the
bankruptcy trustee. If you file a chapter 13 or reorganization, the rental income may be used in calculating
your income for purpose of determining your discretionary income and ultimately your chapter 13 plan
payments.
I am up-side-down or have negative equity in my home, can bankruptcy help me?
If you owe more than your house is worth, you typically have three options: pay for the house the home value
increases, return the home to the bank or sell the home. If you sell the home, a Tampa bankruptcy attorney
may help you to negotiate a short sale with the bank, so you do not need to bring money to sell. If you
decide to give the house to the bank, this may be done, with or with out a bankruptcy. If you do not file a
bankruptcy the Court may grant the bank a deficiency judgment against you for the difference between the
sale price and the amount owed. The bank may attempt to collect the difference from your personally or may
file a 1098/1099 with the IRS, and treat the deficiency amount as earned income. You would then be
personally liable for the difference as if it were earned income from that tax year. A bankruptcy or
reorganization may save you from the deficiency judgment and the 1099 taxable gain. Call your Tampa
bankruptcy lawyer for more information.
Tampa Real Estate Lawyers: at the Galewski Law Group we provide complete coverage of all of your real
estate needs. On the Corporate side we have worked with full and part-time real estate investors,
developers and contractors to assure that our clients have confidence in their business dealings. We have
helped solve problems and moved to advance development with the U.S. Environmental Protection Agency,
the Florida Department of Environmental Protection and with neighborhood enhancement programs. We
have helped motivate otherwise neglectful and non-responsive contractors, and we have helped contractors
to defend their work and get the money due them.
We also represent individuals and families to bring peace of mind into what may be their most prized
investment -- their homes. We understand the problems and worries in purchasing and selling a home or
investment property. Our goal is to make your home buying experience a pleasure. We work closely with
the Galewski Title Company to make certain that your closing day is a moment of pride.
Question of the week:
I am surrendering a home to a mortgage lender to help consolidate my debt, may I still collect rent
on the home, and does this change after filing a chapter 7?
If you have rental income from property but are planning on surrendering the property to the mortgage
lender, either in bankruptcy or foreclosure, the rental income may belong to the mortgage lender. Please
refer to your mortgage and note for details, but often rental income is assigned as part of the mortgage. If
you were to file a chapter 7 or 13 bankruptcy, you may still not be able to keep the rental income. In a
chapter 7 bankruptcy, the bankruptcy estate would own the rental property and they would be the proper
party to collect the rent. Even if the rent is paid to you, you may be required to turn over the rent to the
bankruptcy trustee. If you file a chapter 13 or reorganization, the rental income may be used in calculating
your income for purpose of determining your discretionary income and ultimately your chapter 13 plan
payments.
I am up-side-down or have negative equity in my home, can bankruptcy help me?
If you owe more than your house is worth, you typically have three options: pay for the house the home value
increases, return the home to the bank or sell the home. If you sell the home, a Tampa bankruptcy attorney
may help you to negotiate a short sale with the bank, so you do not need to bring money to sell. If you
decide to give the house to the bank, this may be done, with or with out a bankruptcy. If you do not file a
bankruptcy the Court may grant the bank a deficiency judgment against you for the difference between the
sale price and the amount owed. The bank may attempt to collect the difference from your personally or may
file a 1098/1099 with the IRS, and treat the deficiency amount as earned income. You would then be
personally liable for the difference as if it were earned income from that tax year. A bankruptcy or
reorganization may save you from the deficiency judgment and the 1099 taxable gain. Call your Tampa
bankruptcy lawyer for more information.
Tampa's Best Construction Lawyers: 1112 E. Kennedy Blvd. * Tampa, FL 33602 * T 813.222.8210 * F 813.222.8211
www.Galewski.com
www.GalewskiTitle.com
www.Galewski.com
www.GalewskiTitle.com
Tampa Foreclosure Attorney 1112 E. Kennedy Blvd, Tampa Fl 33602, Galewski Law Group, P.A.
The Galewski Law Group provides Real Estate Law, bankruptcy, foreclosure defense and loan modification representation to clients throughout the Tampa Bay Area in cities that include Tampa,
Clearwater, Tarpon Springs, St. Petersburg, Palm Harbor, Dunedin, Lutz, Holiday, Safety Harbor, Oldsmar, Sarasota, Crystal Beach, Bradenton, Brandon, Plant City, Trinity, Lakeland, Spring Hill,
New Port Richey, Port Richey, Largo, Seminole, Pinellas Park, Ozona and throughout Hillsborough County, Pinellas County, Manatee County, Pasco County, Polk County, Sarasota County and
Hardee County.
Clearwater, Tarpon Springs, St. Petersburg, Palm Harbor, Dunedin, Lutz, Holiday, Safety Harbor, Oldsmar, Sarasota, Crystal Beach, Bradenton, Brandon, Plant City, Trinity, Lakeland, Spring Hill,
New Port Richey, Port Richey, Largo, Seminole, Pinellas Park, Ozona and throughout Hillsborough County, Pinellas County, Manatee County, Pasco County, Polk County, Sarasota County and
Hardee County.
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