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January 2017 Archives

Spotting debt relief scams

Florida residents who are looking for ways to handle their substantial debt may consider using the services of credit repair companies or credit counselors. The use of such companies has been increasing, as have the number of these companies that offer to assist consumers. However, the number of dishonest operators has also been increasing and potential consumers should take care to avoid their scams.

Bankruptcy and buying a vehicle

Florida residents who are considering filing for bankruptcy to handle their debt and are hesitant to purchase a needed vehicle may benefit from learning that under certain circumstances they might be allowed to do so. However, they should be aware that they would be able to retain the vehicle only if it was a necessary purchase.

U.S. Supreme Court addresses proofs of claim on time-barred debts

When Florida residents file Chapter 13 bankruptcy petitions, their outstanding debts are consolidated and paid off over a period of three to five years. Debts are included in these plans when creditors submit what are known as proofs of claim, but debts older than five years are not eligible for inclusion under Florida law. Each state has a statute of limitation on outstanding debt, but many debt collection companies routinely ignore these laws and submit proofs of claim for what are known as time-barred debts.

Study shows that abuses by debt collection agencies are common

Florida residents who are in debt may be interested in learning about the results of a recent study about debt collectors. The research, which was conducted by the Consumer Financial Protection Bureau, was based off responses from around 2,000 people who had dealt with debt collection agencies. The results of the study showed that debt collectors don't always abide by the rules they're supposed to follow.

Family files for bankruptcy after television home remodel

Florida residents may be familiar with the reality television show 'Extreme Makeover: Home Edition." This television program features stories about families that win the chance to have their homes remodeled. While the free house remodels may seem like gifts at first glance, the increased property taxes and electric bills that result from these makeovers can cause financial strife for some of the families that have been featured on the show.

Is it better to let a car be repossessed or file bankruptcy?

When Florida residents have car loans they cannot pay back, it can be very stressful. If they allow the car to be repossessed, it may damage their credit for seven years. Choosing to file bankruptcy, on the other hand, may ding their credit for up to 10 years. Luckily, there may be alternatives to dealing with a burdensome car loan.

Being sued for debt

Florida residents who have debt may be interested in knowing that they can be sued by their creditors. People should also know what they should do when a lawsuit has been filed against them.

Tips for getting rid of debt this year

According to the National Retail Federation, Americans planned on spending an average of more than $900 during the winter holidays. Regardless of how much Florida residents spent on their Christmas shopping, NerdWallet advises adding credit card debt as a major category in their budgets. This may increase the odds that the debt gets paid off in a timely fashion. Debtors may want to use the snowball method, under which the card with the lowest balance gets paid off first.

Breaking free from credit card debt

Many people in Florida carry substantial balances on their credit cards. Some people roll their balances over from month to month, paying high interest rates and dealing with ballooning debts. There are several ways that people can work towards ridding themselves of credit card debts so that they might enjoy financial freedom.

Many turning to social platforms for help with medical debt

With over a third of 2015 crowdfunding campaigns focused on medical debt, some Florida residents have certainly had to turn to this social platform in a desperate attempt to deal with health care costs. A NerdWallet study looked at this phenomenon and found that only one in ten of the campaigns started actually reached their goal and gained funding.

What is Chapter 11 bankruptcy?

Bankruptcy is a legal declaration to help clear the burden when a small business or individual is overwhelmed with debt. It initiates a process where creditors often agree to new, and lesser, payments in effort to recoup some of the money they are owned.

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