Category Archives: Chapter 13
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… Read More »
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. Court documents show that… Read More »
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… Read More »
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… Read More »
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… Read More »
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… Read More »
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. In… Read More »
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… Read More »
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. The first step involves looking at the… Read More »
Credit cards can become a debt trap when balances grow
American families owe an average of $5,700 to credit card companies according to industry data, and the figures suggest that people tend to accrue increasing amounts of revolving debt as they grow older. While credit cards provide Florida consumers with a convenient way to defer the cost of large purchases, they can become ruinously… Read More »