Author Archives: Site Administrator
Are inherited IRAs protected in bankruptcy?
One of the many benefits of bankruptcy is that individual retirement accounts, better known as IRAs, are protected up to roughly $1.2 million. That means any assets held in IRAs up to that amount would not have to be liquidated in the event of a Chapter 7 bankruptcy. This exemption was put into law… Read More »
Bankruptcy filings in 2015 hit 8-year low
Florida residents may know be aware that, according to data released by the Administrative Office of the U.S. Courts, bankruptcy filings fell 9.9 percent in Florida and across the nation in 2015. The statistics, which were issued on Feb. 4, show that there were 844,495 bankruptcy filings in federal court between Jan. 1 and… Read More »
Foreclosure’s ripple effects can last for years
It goes without saying that foreclosure is generally something that should be avoided if at all possible. Whatever your reasons for getting to the point where you could lose your home — excessive credit card debt, the fallout from a divorce, or the loss of a job — in many cases, finding a way… Read More »
Tyga bankruptcy case lasts years
Florida music fans may be interested in discovering that rapper Tyga actually filed for bankruptcy in late 2010. According to reports, however, he refused to pay the court-ordered judgments against him until around 2015. In the process, he accumulated no less than $35,000 in interest charges on an original sum of $88,469. Taken together,… Read More »
Understanding bankruptcy in Florida
While some from of bankruptcy has existed since Roman times, the first permanent United States bankruptcy statute wasn’t established until 1898. Debtors’ prisons existed until the 1840s, but the Supreme Court said that such an arrangement violated the Constitution. At first, bankruptcy laws were designed to protect businesses. However, individuals may also find relief… Read More »
When bankruptcy makes sense
For some Florida consumers, bankruptcy is an effective method of debt relief. However, there are steps that need to be taken prior to filing. First, people may want to look at their budgets to get a better idea of their spending habits. If there is nowhere to cut spending to allocate more toward outstanding… Read More »
Can I file for Chapter 13 bankruptcy protection?
Being in debt is a devastating situation that too many people in the U.S. struggle with every day. If you are one of the people who spend your days concerned about unpaid bills and harassing creditors, you should know two very important things: you are not alone and you have options to address your… Read More »
Legal action against homeowners uneven, varied
Readers of this blog should already realize that every case involving debt, bankruptcy and/or foreclosure is different. However, too many people still make the mistake of thinking that if their situation is similar to someone else’s, their outcome will be similar as well. That can be a costly misconception. For example, people who lose… Read More »
What are my options when dealing with student loan debt?
Though the economy is on a significant rebound since our last recession, many people are still struggling to find a place in the job market. Having the hardest time are recent graduates who are running into the old dilemma: employers want you to have 1-5 years of work experience for an entry-level job right… Read More »
4 things to do to avoid or pay down debt
When faced with debt of any amount, it’s easy to become overwhelmed. In an overwhelmed state, we often fail to take action because no action seems big enough to deal with the problem. With debt, however, the little actions you take can build up to a big solution. Here are four actions you can… Read More »