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Fort Lauderdale Bankruptcy Law Blog

Addressing debt problems with an investment property

There are many different routes individuals can go when it comes to investing. One investing route that some people go is to buy a piece of property as an investment.

Unfortunately, things sometimes don't go the way a person hopes they will with an investment property. For example, if an investment property's market value ends up dropping, it could put its owner in a tricky situation. One situation a value drop could potentially cause an investment property owner to be in is being underwater on their property. It can be incredibly disconcerting for an investment property owner when a property that they thought was going to be a financial boon for them is actually being the source of some significant financial problems.

Wage garnishment less common in Florida than in rest of U.S.

When a person falls behind on paying money they owe, there are many things that could potentially change for them. One is how much of their regular wages actually end up making it to them.

This is due to one of the debt collection methods creditors are sometimes allowed to use against debtors: wage garnishment. Wage garnishment is when, through a court order, some of a debtor's wages are withheld from them and instead put towards the debt they owe.

Should seniors be more open to filing for bankruptcy?

We tend to think that financial difficulties are somehow more of an issue for younger people, but this is far from the reality. Indeed, older people, even those who have worked hard to accumulate substantial assets over the years, regularly encounter financial difficulties thanks to everything from health problems and divorce to unemployment and helping their fiscally challenged children.

While younger and older generations are therefore similar in their ability to encounter financial troubles, they do differ significantly when it comes to debt relief solutions. For instance, younger people seem to be more open to the idea of bankruptcy.

Two banks to update their credit reporting

A debt discharge is one of the things a person can receive in a bankruptcy, like a Chapter 7 bankruptcy. Having a debt discharged through a bankruptcy can have several general benefits for a debtor. One is that such a discharge generally removes the person's legal obligation to pay the debt. Another is that debts that are discharged through bankruptcy are supposed to be changed on the debtor's credit report so that they are no longer listed as being owed. 

Some banks have been accused of having deprived some individuals who have received debt discharges through bankruptcy of this second possible benefit we mentioned. Specifically, the banks have been accused of having deliberately failed to update credit reports of some consumers after bankruptcy discharges to reflect the fact that the debts discharged are no longer owed. 

Mortgage delinquencies dropping in the U.S.

Many individuals here in Florida have a fair amount of mortgage debt. When a person with high mortgage debt encounters an unexpected financial difficulty, it could put them at risk of coming off the rails when it comes to staying current with their mortgage payments. When a person falls behind on their mortgage payments, they could be facing many negative consequences, including the possibility of losing their home through a foreclosure.

Experienced foreclosure defense and debt relief attorneys can help individuals who are facing problems with staying on top of their mortgage payments understand what options they have for addressing their mortgage debt situation and what things they might be able to do to help hang on to their home. 

Getting past credit card debt difficulties

When a person falls behind on their credit card payments, they may feel like this debt struggle is impossible to get out of and that it will haunt them forever. It is true that credit card debt struggles can expose a person to a variety of hardships and have the potential (particularly if not dealt with properly) to have some pretty big long-term effects. However, it is also true that debt relief options are in existence that are sometimes able to help individuals who are facing difficulties when it comes to credit card debt get past their debt struggles and get themselves in a position where they can start rebuilding their finances towards a positive future.  

Bankruptcy can sometimes be an effective way to address credit card debt troubles. One reason for this is that the debt category that credit card debt typically falls into is unsecured debt. Unsecured debt tends to be one of the easier types of debt to get discharged in a bankruptcy. 

Longer auto loans becoming more common

Many things can vary when it comes to the terms of an auto loan. One is the length of the loan. Some auto loans are relatively short, while others stretch on for longer.

Lately, longer auto loans have been becoming more common. It is estimated that, currently, almost a third of all new auto loans are between 73 and 84 months in length. Four years ago, auto loans of this length made up less than 10 percent of auto loans.

Money matter tips for those graduating from college

College graduation season is right around the corner. Thus, it will not be long until many college seniors here in Florida will be leaving college and entering the real world. This transition can be an exciting time for a young adult. However, it can also have its scary and intimidating aspects.

One thing college graduates may be worried about as they enter into the real world are money matters. There are many financial challenges such graduates can face in their first few years out of college. For example, high amounts of student debt and the after-effects of the recent recession sometimes create difficulties for recent college graduates when it comes to building up savings and staying current on their debt payments. Given how important getting off to a good financial start can be in the long run, these sorts of difficulties can be a cause of a fair amount of anxiety among young adults.

Many foreclosure victims not likely to own homes again soon

Facing a foreclosure not only can lead to a person having their home taken from them, it can also have some other serious long-term financial impacts for a person. For example, having gone through a foreclosure (or a similar finance-related loss of a home) sometimes keeps a person from being able to be a homeowner again for a fairly significant amount of time. This can be seen in some estimates that were recently made in a report by the National Association of Realtors.

The estimates regard the over 9.3 million U.S. homeowners who, during the period going from 2006 to 2014, lost their home as a result of a foreclosure, a distress sale or a home surrender to a lender. The report estimates that, of these former homeowners, only around 2.5 million (well less than one-third) are likely to have already become homeowners again or likely to become homeowners again during the next eight years.

Are medical debt struggles particularly prevalent in Florida?

One would hope that, after dealing with a major health problem, a Floridian wouldn't also have to deal with medical debt struggles. Unfortunately, a recent report indicates that struggles with medical debt may be particularly common here in Florida, along with Texas, as compared to other large states here in the U.S.

The report was done by the Commonwealth Fund and it looked into a variety of different things regarding medical insurance and medical costs in four large states: Florida, Texas, California and New York. 

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