Author Archives: Site Administrator
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. There are different types of bankruptcy within US code, but… Read More »
DMX files for bankruptcy protection
Florida music fans might be interested in learning that DMX has filed for bankruptcy protection in an effort to save his home from foreclosure. The rap star reportedly owes around $2 million in debt. According to sources, the Chapter 13 bankruptcy petition filed by DMX is his third filing since 2009. The first bankruptcy… Read More »
Using Chapter 13 bankruptcy to save homes
While Florida has largely emerged from the mortgage crisis of the mid-2000s, some people remain in danger of losing their homes to foreclosure. If you are behind on your mortgage and are worried about foreclosure, it is possible for you to be able to prevent it from happening through Chapter 13 bankruptcy. Your situation… Read More »
Student loans can have top priority in Chapter 13 plan
Many Florida residents have a large portion of their total debt load in the form of student loans. These obligations are usually not able to be discharged in a bankruptcy, so Chapter 13 bankruptcy plans may in some cases call for them to be paid off first. The decision to prevent the discharge of… Read More »
Requirements for bankruptcy hardship discharge
A bankruptcy can be a difficult and stressful financial situation for any Florida resident. While a Chapter 13 bankruptcy creates a plan for the repayment of debt using future income, sometimes unexpected events occur that make the plan impossible to complete. In this case, the debtor can file for a discharge of the debt… Read More »
Getting a mortgage while in credit counseling
Credit counseling is a service that can help consumers sort out their money management issues. There are non-profit credit counselors who can show them how to make and adhere to a financial budget, reduce or eliminate their debt and save money for the future. Florida residents who are considering the process may be wondering… Read More »
How debt affects Americans after Fed rate hike
Florida residents who have less than $132,500 in household debt including mortgages have a debt burden below the national average according to a report by NerdWallet. Paying off existing debts may become harder thanks to an interest rate hike by the Federal Reserve. This was just the second such increase since rates were cut… Read More »
Court cracks down on repeat bankruptcy filings
For Florida residents who are struggling with debt, bankruptcy is an option. While it is a serious step with major consequences, for some people it is the only way of effectively managing overwhelming debt. Ideally, debtors will take advantage of the protections offered by bankruptcy to better organize their finances and move forward toward… Read More »
Trump Hires Foreclosure Happy Treasury Secretary
The end of the year is upon us. While folks will gather to celebrate the holidays, it’s also time to take stock to see how the year went. The major news of 2016 for many is that Donald Trump was elected President of the United States. He rode to a win on the strength… Read More »
The average household has more credit card debt in 2016
Families in Florida who feel like their finances are worse off each year are not alone. A NerdWallet report shows that U.S. households are holding an increasing amount of debt, and income growth is not keeping pace with the cost of living. This year, the average U.S. household has $16,061 in debt, nearly the… Read More »