Author Archives: Site Administrator
How to handle medical debts responsibly
The leading cause of bankruptcy filings in the United States is medical debt. In 2014, 40 percent of Florida residents and other Americans went into debt because they sought medical treatment. While it may seem tempting to file for bankruptcy to get rid of medical debt, it may come with serious consequences. For instance,… Read More »
When Is Chapter 13 Better For Me Than Chapter 7?
There are various consequences to dealing with overwhelming debt. From the threat of losing your home to dealing with calls from creditors at all hours, debt can have a significant negative impact on your life. In order to effectively deal with your debt, you may be consider the two main options for consumer bankruptcy,… Read More »
Are you in danger of a wage garnishment?
Falling behind on your bills can be scary. Nearly everyone has a period of time where things get tight, and some obligations have to be set aside until matters are settled. This seems to be occurring more often lately as medical costs climb and jobs are less reliable. No matter the reason for your… Read More »
Holiday spending habits don’t go away easily
Florida shoppers will likely turn to their credit cards to buy goods this holiday season. In 2016, the average U.S. shopper spent $657 on gifts and other purchases, and that number is expected to go up slightly to $660 in 2017. This was according to the Consumer Holiday Shopping Report from NerdWallet. The report… Read More »
How bankruptcy may help a debtor
Florida residents who are struggling with their financial obligations may benefit from filing for bankruptcy. However, it is a decision that shouldn’t be made lightly. It is important to know that it can stay on a credit report for up to 10 years. This may make it more difficult to get a job or… Read More »
The impact of debt consolidation on credit
Florida residents who are thinking about ways to regain control of their finances may want to consider debt consolidation. Depending on how the debt is consolidated, it may act to reduce interest paid on a balance without ruining a person’s credit. For instance, taking out a new loan to pay off current debt may… Read More »
401k contributions deductible court finds
Florida residents may be able to deduct contributions to a 401k plan even if they hadn’t contributed in the six months before filing for bankruptcy. That is what a judge in Illinois ruled in Oct. 2017. As long as there was no intent to show bad faith, the retirement contributions can be counted as… Read More »
Watch out for circumstances that can lead to foreclosure
In the blink of an eye, your life can change. This often leads to some type of financial impact as well. If you are a homeowner in Florida, the smallest dip in income — even if it is temporary — can set you back. If life often throws you a curve ball due to… Read More »
Consumer credit increases in September
In September 2017, consumer credit rose by $20.8 billion, which would be a rise of 6.6 percent annualized. Specifically, revolving credit rose $6.4 billion while other types of debts rose $14.4 billion. The growth in non-revolving credit was attributed in part to increased level of auto purchases after massive hurricanes hit Florida and Texas…. Read More »
Putting phantom debt to rest
Many people living in Florida have to deal with bill collectors. In some cases, the collectors try to collect a legitimate debt in an ethical manner. In other cases, however, the person being contacted has already paid or never owed the debt in the first place. In these situations, the collection efforts are often… Read More »