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July 2016 Archives

Bankruptcy may offer viable options

Your financial troubles might be extremely challenging, but they aren't necessarily insurmountable. Although you may have blurred the line between where your business accounts end and your personal finances begin, there are certain forms of bankruptcy that could potentially help you deal with your debts to creditors in Florida and elsewhere. Of course, it's important that you make the right choice about what kind of bankruptcy you want to declare.

Why debt settlement might not be a good option

Florida residents who are facing overwhelming levels of debt may think that debt settlement might be a good option. Debt-settlement companies try to negotiate settlements for their clients to pay substantially smaller amounts in exchange for their creditors forgiving the balance. There are several reasons why this might not be a good option, however.

Is a loan modification right for me?

Loan modification is becoming an increasingly popular method of saving a home from foreclosure. This is especially true in Florida, where state law now requires lenders to rework loans with terms that are more manageable for the homeowners who are at risk of foreclosure. Nevertheless, lenders are in the business of making money, and many of will still attempt to finalize deals that serve their own interests more than the homeowners.

You can rebuild your credit after bankruptcy

When you're dealing with overwhelming debts, filing for bankruptcy in Florida may be the best solution. Bankruptcy can stop the flood of threatening calls and letters from creditors and put a hold on any creditor actions that are taking place like foreclosure and wage garnishment. Although bankruptcy can negatively impact your credit score initially, the discharge process may ultimately lead to better credit.

Bankruptcy and your new job application

Miami residents who have gone through Chapter 13 bankruptcy may want to consider how the filing could impact their future career aspirations. Thoughts expressed by at least one personal money management expert indicate that honesty might really be the best policy for individuals who are looking for a new job after previously filing for bankruptcy.

Treating bankruptcy seriously

A bankruptcy filing can be dismissed for a number of reasons, including if there is any evidence that the information filed within the request was not true. Florida residents should take the bankruptcy process seriously and be aware that certain behavior can bring the validity of their bankruptcy filing into question.

Rapper Memphis Bleek files for Chapter 13 bankruptcy

Florida residents who are fans of rapper Memphis Bleek may be interested to learn that he has filed for bankruptcy. The rapper filed March 14 for Chapter 13 bankruptcy in New Jersey. At the time, the 38-year-old claimed that he owned $274,190 in assets but had $384,804.91 in liabilities.

Proposed changes for Chapter 13 bankruptcy

Florida residents who file for Chapter 13 bankruptcy often do so in order to keep some of their assets. This type of bankruptcy allows a person to arrange a payment plan that lasts for three to five years. The Judicial Conference Advisory Committee on Bankruptcy Rules has proposed an amendment to an existing rule, Rule 3015, and a new Rule 3015.1. People are invited to electronically submit comments on the new rule until Oct. 3. The general public is also invited to present testimony in person regarding the rule on Sept. 27 in California.

Bankruptcy and small claims in Florida

When the dollar amount of a claim is under a threshold set by a jurisdiction, it will be settled in small claims court. If a creditor or another party wins a judgment against an individual, that individual must pay that amount or risk wage garnishment. However, it may be possible to eliminate that judgment by filing for bankruptcy.

Is bankruptcy my only alternative to foreclosure?

For many people who are facing the threat of foreclosure, their mortgage payment is the only debt that is causing them financial difficulty. If there were a way to rework the terms of the mortgage or some of their other debts, it might provide the relief they need. In too many situations, however, the prospect of losing a home is so paralyzing that owners just don't know where to begin to get back on the right path.

Filing for bankruptcy alone when you are married

If you are going through a divorce and need to file for bankruptcy in Florida, you may be wondering if it is possible to file without your spouse. You may also be in a situation in which you are married and not getting a divorce, but you still want to file for bankruptcy alone for any number of reasons.

Amending Chapter 13 plans after payment period expires

Bankruptcy can help a Florida couple to regain financial stability after dealing with a serious crisis, but the approach to filing could have long-term implications. In addition to affecting one's credit history, for example, some forms of bankruptcy could be reconsidered based on the filer's change in financial status at a later date. Chapter 13 is often used by those who do not financially qualify for a Chapter 7 discharge. This format is also appropriate for those who want to keep possession of certain property.

How bankruptcy can help you keep your home

If you are facing the possibility of losing your home to foreclosure, it is important that you understand that you have the right to fight back and that you have options to save your home. While there can be a number of different approaches to dealing with mortgage debt, filing for bankruptcy has a number of distinct advantages.

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