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May 2016 Archives

Producer files for relief from a variety of debts

Florida music fans may not already know that producer Jazze Pha has filed for Chapter 13 bankruptcy claiming that he is $625,000 in debt. That is compared to less than $590,000 in assets including two music companies each worth $1,000 as well as electronics worth an estimated $1,000. He also owns a 2010 and 2015 Escalade as well as a home in Georgia.

Overhauling the credit reporting system

Errors on your credit report can have a devastating effect on your life. They not only affect your ability to get a credit card, a loan or a mortgage, but they can also affect your ability to rent property, go to college and get a job. Disputing these errors, and getting your credit repaired, can be a daunting task.

Will debt collectors look for you on Facebook?

Social media has become such an indispensible part of our society that major retailers have active and robust presences on Facebook, Twitter and even Instagram. It is not surprising to get texts from retailers reminding us about sales or alerting us to special offers. Further, it is not uncommon for them to ask you to “friend” them on Facebook or ask you to follow them on Twitter.

What is charged off debt and do I have to pay it?

One of the most common misconceptions about debt (or at least the payment of debt) has to do with the term “charge off.” Many consumers have received notifications or explanations that a debt may be charged off if it is not paid. This may lead some to believe that if they do not pay the bill, it will simply drift off into oblivion. Unfortunately, this is simply not the case.

Why bankruptcy may be advisable

While Florida residents have probably heard that filing for bankruptcy is the worst possible thing they can do for their credit scores, that is not always true. For many people, their credit scores increase substantially after they receive their bankruptcy discharges.

Late payments in a Chapter 13 bankruptcy

Florida residents who have filed for Chapter 13 bankruptcy may wonder what will happen if they are late with a payment. In a Chapter 13, reorganized debts are being repaid on a monthly basis to the trustee pursuant to a three- to five-year court-approved plan. The trustee then distributes the payments to creditors. Regarding late payments, the answer is that it depends on how late the payment is, when it arrives and who is being paid.

Debtor does not have to pay creditors in Chapter 13

Florida residents with overwhelming financial obligations may think that Chapter 7 is the only way that they can get out of debt. In reality, Chapter 7 liquidation bankruptcy is just one option for those who have more debt than they can afford to repay. Chapter 13 bankruptcy can allow a debtor to repay some or all of the owed obligations without a need for the trustee to sell off non-exempt assets.

Ending deficiency lawsuits filed by creditors

If you have recently gone through a repossession or a foreclosure in Florida, you may believe that your creditor will not come after you any further. Unfortunately, if you owe a deficiency above the value of the car that was repossessed or the home that was foreclosed, the law allows your creditors to file deficiency lawsuits against you.

Husband and wife forced to keep old car in Chapter 13 case

Floridians who are considering filing for Chapter 13 bankruptcy protection may want to take note of a recent case decided in the U.S. Bankruptcy Court for the Eastern District of North Carolina. In the case, the debtors were not allowed to surrender their 15-year-old vehicle with high miles to the secured lender.

Why Do So Many Baseball Players Go Bankrupt?

Many baseball players' professional careers begin in Fort Lauderdale--and end in bankruptcy. To fans, this is unbelievable. We wonder how players could have squandered their salaries. Yet it happens all the time. Jose Canseco made $45 million in his career and later declared bankruptcy. Curt Schilling made $112 million and went broke. And it happens quickly. A report on mlb.com estimates that 70 percent of foreign-born Latino players face serious money problems within four years of retiring.

Understanding debt management and bankruptcy

Many Florida residents are struggling with unmanageable amounts of debt. They may be using credit cards to pay the minimums on yet other credit cards, have debt collectors calling them, be on the verge of eviction and other issues. A person who is in this type of situation may benefit by filing for bankruptcy protection.

Keeping debt collectors honest

When Florida residents charge items on a credit card, it is their responsibility to pay off what is owed. It is also the responsibility of debt collectors to make sure that obligations are repaid in a timely manner. While most people believe that debt collection agencies are legitimate businesses, their methods of getting the money are what come under scrutiny. Those who are receiving phone calls or letter from debt collectors have tactics at their disposal to ensure that they are treated properly.

Student loan debt refief scams proliferate

Many recent Florida college graduates are attempting to deal with their burden of student loan debt, and they are sometimes finding themselves preyed upon by unethical companies that promise debt relief but deliver only more economic harm. These organizations skirt the law, sometimes straying into fraud in their attempt to take advantage of needy consumers.

Why millennials shouldn't count on bankruptcy for student debt

According to a report by the Federal Reserve Bank of New York, Americans owe more in student loan debt than all the credit card debt combined. That is a huge financial epidemic. One that is felt heavily by millennials, many of whom are facing the harsh reality of the job market. While credit card debt and other types of personal debt can sometimes (but first a debtor must qualify) be discharged through Chapter 7 bankruptcy, this is not true for all types of debt. Millennials may think this is an easy fix for their student loan problem. However there is just one problem.

The means test in bankruptcy

Hard economic times force many Florida residents to consider the option of filing for personal bankruptcy. Debt relief and the promise to stop creditor harassment are only two of major incentives behind those trying to determine their eligibility to file under Chapter 7 or Chapter 13. As well as differences in length of time and management of debt, the choice may come down to a means test applied by the courts.

Can bankruptcy eliminate tax debt?

While the federal income tax filing deadline has come and gone, there are many who have not filed their tax returns yet. Some have filed for an extension; hoping to find additional exemptions that will potentially lower their tax bill. But there are others who have simply not filed out of fear that they will owe significantly more than what they have.

How federal laws protect consumers from creditor harassment

As someone with debt issues or significant debt, you are probably no stranger to constant calls and e-mails from creditors. Although debt collectors in many situations are allowed to contact you, there is sometimes a fine line between debt collection and creditor harassment. If you believe you are the victim of creditor harassment, consider this: there are bodies of federal laws enacted that protect people just like you from creditors.

Why you should not be ashamed of bankruptcy

At first thought, you may think of bankruptcy as the “loser’s” way out of debt; essentially giving up on your efforts to pay bills that will forever label you as a cheat or deadbeat. However, you may soon learn that millions of Americans seek bankruptcy protection every year, and they all have one thing in common: They want to leave their troubled financial pasts behind.

Rapper files for Chapter 13 bankruptcy protection

Florida residents may be interested to know that rapper Petey Pablo filed a Chapter 13 bankruptcy petition in North Carolina in April 2016. According to reports, he had roughly $50,000 in both assets and liabilities at the time of the filing. His creditors included Ford Motor Credit, Planet Fitness and the IRS. This is the third time that the musician has filed for bankruptcy protection.

Consumers saving more, but also have credit card debt

An April 2016 survey suggests that people are trying to save more money, but more of them also have increased credit card debt. These two facts may eventually create a conflict. The survey looked at 1,600 adults. More than one-quarter reported making an effort to save more, and this was up slightly from the previous year.

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