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October 2016 Archives

Decision on time-barred debt collections

Florida residents who are in debt may be interested in an impending decision of the U.S. Supreme Court regarding collection actions against time-barred obligations. Specifically, it will determine whether the act of filing a proof of claim in a bankruptcy case for a debt that is beyond the statute of limitations qualifies as a violation of the Fair Debt Collection Practices Act.

Debt management plans vs. Chapter 13 bankruptcy

Some Florida residents who are overwhelmed by their financial obligations choose to try debt management plans through local nonprofit credit counseling agencies. It is important for people considering these plans to understand how they work. This may help them to better understand what will be required of them as well as whether the plans are the best option for them.

Don't get scammed by a phony loan modification provider

People who are facing foreclosure will do almost anything to save their homes. Sadly, there are numerous companies that prey on distressed homeowners and happily to take their money under the guise of helping them resolve their mortgage problems.

How to pay off credit card debt

According to an analysis conducted by WalletHub, consumers in Florida and the rest of the nation accrued $34.4 billion in credit card debt from April to June of 2016. WalletHub and MarketWatch estimate that a total of $1 trillion of credit card debt could be achieved by the year's end. Consumers who are overwhelmed with credit card debt may benefit from learning about methods for paying down balances.

Debt management plans versus bankruptcy

Some Florida residents who have substantial levels of unsecured debts may wonder how they can pay off their obligations. Others may feel that they are insurmountable. Some may benefit by debt management plans through credit counseling agencies. Others may be better off with filing for bankruptcy.

Debt consolidation loans and credit card debt

Some Florida residents who have high credit card balances consider getting consolidation loans to pay off those obligations. While this may work for some people, others find themselves in much worse financial shape afterwards. The issue is that some people end up running up their credit card balances again, and they are then left with both the loan payments as well as the credit card debts.

How will a foreclosure impact my credit?

When people are struggling to keep up with their house payments, it doesn't take long for the mortgage company to start threatening foreclosure. One of the first questions people ask is what is going to happen to their credit rating. This is an important question, but there may be larger questions you should be asking, like, "How can I avoid foreclosure completely.?"

Some information about debt negotiation companies

Debt negotiation companies work with creditors to create affordable repayment plans for people who are overwhelmed by their financial obligations. The companies are strictly regulated by the Federal Trade Commission and can only get paid when they get results for their customers. Florida residents who are seeking debt relief may benefit from knowing important facts about these matters.

Credit counseling and bankruptcy

When Florida residents encounter severe financial difficulty, they may consider bankruptcy as an option. Bankruptcy is a serious step that can have long-term implications on a person's finances. Because of this, the United States government requires anyone who files for bankruptcy to complete a program of credit counseling.

Tricks to paying off credit card debt in retirement

One issue that retirees in Florida or elsewhere may encounter is excessive credit card debt. Those who are age 65 or older owe an average of $6,351 with those between the ages of 65 and 69 owing $6,876 on average. To put that number into perspective, it is more than twice as much as the maximum Social Security benefit an individual can receive in a month.

What is lien stripping and how can it help save my home?

When you are trying to save your home, lowering the amount you owe on the property is one of the best things you can do. Depending on the circumstances of the situation, this can be a very accessible option for people who have taken out home-equity loans or other types of second or third mortgages through a process known as lien stripping.

Court ruling clarifies debtors' rights in Chapter 13 case

Florida residents may be interested to know that a California court ruled on Sept. 26 that changes made to a Chapter 13 model plan violated bankruptcy law.The debtors in the case argued that there was no need for a minimum term in their cases because there was no objection by either the creditors or the trustees.

Transferring a credit card balance to get out of debt

Many people in Florida use credit cards to pay for items that they cannot afford. Unfortunately, this can often lead to generating a balance on a card with a high interest rate. One of the strategies that some people use to get out of credit card debt faster is by transferring the balance from one card to another.

Chapter 13 and lien-stripping

Florida residents who are underwater on their homes may be interested in a September 2016 bankruptcy case that looked at stripping second liens from homes in Chapter 13 bankruptcy. In the case, the ex-husband of a woman deeded her his interest in the home via a quitclaim deed after their divorce. The woman then filed for Chapter 13 bankruptcy and proposed a plan that would strip the junior lien from the home.

How Florida consumers can break the debt cycle

Many people have concerns about paying off their credit card debt, and recent statistics indicate that these fears are justified. According to reports, the average household credit card debt is $5,700, and nearly 40 percent of American households are carrying a balance on their cards.

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