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February 2017 Archives

The benefits of dealing with debt now

It is common for Florida residents to have personal loans, credit card debt or student loans. Therefore, there may be less urgency to pay it down as soon as possible. However, it is still a good idea to eliminate debt as quickly as possible. One of the best reasons to pay off debt quickly is that it reduces the amount of interest paid on the balance.

Credit card debt after death

One of the many financial issues that may have to be addressed after a loved one's death is his or her remaining credit card debt. Florida residents should be aware of how to handle this type of a liability.

U.S. credit card debt exceeds $1 trillion

Credit card debt in Florida and around the country has reached levels last seen in the aftermath of the 2008 financial crisis as more and more families turn to plastic to make ends meet. The amount owed by Americans to credit card companies exceeded $1 trillion as 2016 drew to a close, and $650 billion of this debt was subject to finance charges. The average interest rate on these types of revolving accounts in the United States exceeds 19 percent, and the average American family pays more than $100 in credit card interest each month.

Chapter 13 and tax deed sales

Florida is one of many states that allow homes to be sold in order to collect back property taxes. There are strict notice and other requirements, and sometimes the former owners are able to successfully challenge the sale or obtain other benefits in that regard. Another such state is Pennsylvania, and in 2016, the U.S. Bankruptcy Court for the Eastern District of Pennsylvania was confronted with a relatively unusual issue.

Debts to pay off before retirement

Florida residents might want to consider paying off as many debts as possible before they retire so they will not be saddled with these obligations on a fixed income. Paying off a mortgage can be particularly significant in allowing a person more disposable income after retirement, and it may be possible to refinance and get a shorter term mortgage.

Debt relief options when falling behind on car payments

Florida motorists who have fallen behind on their car payments might consider filing for bankruptcy. This could be an alternative to having the car repossessed or surrendering it voluntarily because both of these outcomes might still leave them in debt. If the car has already been repossessed or surrendered, the consumer might be liable for the amount lost by the seller in an auction.

Getting an auto loan while in Chapter 13 Bankruptcy

Individuals in Florida who are considering filing for Chapter 13 bankruptcy and need new vehicles may be interested to know that getting approved for an auto loan is possible while in a Chapter 13. However, it requires the approval of a bankruptcy court and involves a number of steps.

What to do when a creditor sues or threatens to sue

Florida debtors who have their property seized by their creditors may still be sued for any deficiencies that remain. Creditors are allowed to sue people who still owe balances even though they have taken the property that secured their loans. If you owe a deficiency, your creditor is unlikely to stop trying to collect from you until it has received everything that is owed on the debt.

Most collection agency calls concern unpaid medical bills

A recent government study reveals that consumers in Florida and around the country are more likely to be called by a collection agency about unpaid medical bills than any other kind of debt. The Consumer Financial Protection Bureau says that medical debt is the reason for 59 percent of these calls. According to researchers, many of the consumers contacted were covered by health insurance policies when the bills in question were incurred.

Bankruptcy to stop foreclosure in Florida

If you are in danger of losing your Florida home to foreclosure, you might be able to obtain relief and avoid foreclosure by filing for bankruptcy. A new law in Florida requires that your lender goes to bankruptcy court with you and works to arrive at an amenable modification of the terms of your loan.

Are you having financial difficulties? You are not alone

No matter how well you plan for retirement or financial stability, a health concern or a lost job can quickly throw your future off track. Even incredibly wealthy people can find themselves in similar financial straits; drowning in debt due to circumstances beyond their control.

Some millennials are struggling to get out of debt

Millennials have broken all previous generation's college attendance records. For all of these young adults with recently acquired college degrees, student loan debt can be a big problem. In addition to student loan debt, many of them in Florida and around the country are struggling to pay off credit cards, car loans, personal loans and medical bills.

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