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April 2014 Archives

Tackling financial challenges and debt collectors

Once Florida families begin to fall behind on their bills, the situation can escalate quickly and result in serious financial challenges. And while such difficulties sometimes result in personal bankruptcy, it’s more common that families face embarrassing and stressful harassment from collection agencies until they are able to repay their debts. Here are a few helpful tips individuals should keep in mind if they’re ever confronted by debt collectors.

Supreme Court to rule on inherited retirement savings

Florida state and federal guidelines regarding bankruptcy filing do change from time to time and some policies are written in a way that allows for variations in interpretation and implementation. As a result, issues can arise over how bankruptcy law is understood and applied in some cases. Now that one individual bankruptcy case has resulted in several contradictory rulings in lower courts, the U. S. Supreme Court will decide how inherited retirement funds should be handled in bankruptcy proceedings.

Renting does not offer debt relief for many

Traditionally, young professionals were thought of as ideal candidates for apartment rentals, as renting can provide individuals with the opportunity to save money for a down payment on a house later on. The reality of the situation is, however, that people throughout the state of Florida and beyond have been forced to turn to renting out of necessity after facing foreclosure and other financial hardships. And while renting is meant to serve as an affordable housing option, the influx of renters on the market is having an adverse effect on affordability.

When you must file Chapter 13 bankruptcy over Chapter 7

The economy has shown steady improvement since the last recession a few years ago, but that does not mean people in Broward County are not still struggling financially. An unexpected medical emergency, natural disaster or health issues can easily send someone into a financial whirlwind. In many cases, people try to stay afloat by using their credit cards but then the reality of their situation hits and they start looking for debt relief by filing for Chapter 7 or Chapter 13 bankruptcy.

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