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June 2017 Archives

Means test, what's that?

Are you in a tough financial spot right now? Do you feel like you'll never get out of it? Have you ever wondered if a Chapter 7 bankruptcy filing is right for you? If you answered yes to any of these questions, you are not alone. Many Florida residents have been or are in the same boat.

Analyzing credit card habits by state

Florida residents are likely aware that accruing too much credit card debt is not ideal. The high interest rates and charges for late payments may make it difficult to keep up with existing debt balances let alone pay them down. However, Florida is among the states that are among the worst when it comes to credit card habits according to a study from SmartAsset.

How a dismissed bankruptcy may affect a credit report

A dismissed bankruptcy may happen for several reasons. It may simply be a procedural error. For example, a Florida debtor might fail to fill out a form correctly. This will be considered a dismissed bankruptcy without prejudice. A person who makes an error can reapply, and it is also possible to file a motion that carries the automatic stay over into the new bankruptcy.

Rapper Azealia Banks hit with credit card lawsuit

The unsound practice of racking up high credit card debt is not limited to Miami. Hip-hop artist Azealia Banks is being sued in a New York court by a credit card issuer based in California. According to a report, Banks has accumulated more than $130,000 in credit card debt that is now in delinquent status.

Why credit card payments may go up

The Federal Reserve may increase interest rates up to three times a year until 2019. For a Florida resident with a $5,000 credit card balance, that could mean paying an extra $525 per year. Currently, the average interest rate on a credit card is 15.07 percent. Those who have credit card balances are advised to either pay their debts as soon as possible or refinance them.

Strategies for getting out of debt

In 2017, total student loan debt is roughly $1.4 trillion while the average student loan debt for a college graduate is $34,000. This debt may make it harder for some Florida residents to own a home or start a family. More than half of millennials carry credit balances from month to month, which means that they are charged interest on that balance in addition to other fees.

Lawsuits from lenders seek over $100,000 from hip hop artist

The flashy lifestyles of rappers might appeal to music fans in Florida, but the glitzy facade could be hiding financial troubles. A lawsuit against Azealia Banks, an East Coast hip hop singer with an apparently promising future, has brought to light that she owes approximately $137,000 to credit card issuers.

Pros and cons of a home equity loan

Florida residents who are tying to consolidate their debt may look at getting a home equity loan. In most cases, the interest rate on a home equity loan is lower than that on a credit card balance. However, this is not the only factor that people should consider when choosing to use equity in a home to consolidate debt. It is also important to consider that people could lose their home for failing to make equity loan payments.

SCOTUS rules that the FDCPA does not apply to purchased debt

Florida residents who are struggling to cope financially may be familiar with some of the less ethical practices of debt collectors. The Fair Debt Collection Practices Act was passed in 1977 to regulate this nebulous part of the financial sector, but much has changed during the last four decades. The practice of buying tranches of unpaid debts for pennies on the dollar was almost unheard of in the late 1970s, but this form of debt collection now makes up about a third of the revenue generated by the $11.4 billion industry.

Home sweet home: You may be able to avoid foreclosure

Although no two Florida families are the same, many understand what it's like to face challenging financial situations. You may have simply fallen a little behind in your mortgage payments due to the rising cost of living. Maybe you are facing an unexpected emergency that brought you undue financial hardship. Either circumstance can quickly snowball into financial disaster, and now you risk losing your home to foreclosure.

Companies ask FCC not to regulate ringless calls

Florida residents almost universally dislike marketing telephone calls and robocalls, and a new technology could send calls from credit card companies and debt collectors as well as other parties straight to voicemail. The companies that use the technology have petitioned the Federal Communications Commission in an attempt to avoid regulation under the 1991 Telephone Consumer Protection Act. They believe that regulation should not apply because the calls do not cause a telephone to ring.

How to make paying medical debt easier

Florida patients who incur medical costs may have the ability to take control of those expenses. For instance, it may be possible for them to ask for an estimated price range for any planned or routine procedures. This may give them the ability to shop around for the best price if there are more than one provider in the area.

Modification allowed for Chapter 13 bankruptcy

Florida residents who have already filed for Chapter 13 bankruptcies may be able to amend their plans by surrendering their vehicles to creditors and allowing any deficiencies to be treated as unsecured claims. The United States Bankruptcy Court for the Western District of Arkansas recently issued a ruling that makes this modification possible.

Household loans and unsecured debt nearing 2008 peak

Household debt in Florida and throughout the U.S. has reached a level not seen since the all-time peak prior to the sub-prime mortgage crisis and ensuing market meltdown. CreditCards.com reports that 24 percent of the nation's citizens currently claim to be free of debt. However, data shows that credit card debt is growing for rest of the country. The picture looks more bleak according to a Bankrate.com study that found that only 52 percent of Americans have enough emergency savings to cover outstanding credit card debt.

An overview of eligibility for personal bankruptcy

A person struggling financially in Florida might choose to file for bankruptcy. The Bankruptcy Protection Act of 2005 set up consistent standards for judging someone's eligibility for protection under Chapter 7. The law imposes a means test to establish the apparent impossibility of fulfilling obligations to creditors.

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