Category Archives: Chapter 13
Life after bankruptcy
Some people avoid filing for bankruptcy because of fears about the future but life after bankruptcy may be better than they think. Even as the nation’s economy rebounded from the great recession, many people in Florida continued to experience severe financial challenges. Many factors can contribute to this including job loss, illness, injury, divorce… Read More »
Chapter 13 bankruptcy and home foreclosure
Many people considering bankruptcy may also be facing potential foreclosures and should understand the relationship between the two. Floridians who are faced with serious and unmanageable levels of debt may understandably feel very afraid and unsure of how to proceed. As the pile of bills increases and the ability to pay them is not… Read More »
How do Chapter 7 bankruptcy and Chapter 13 bankruptcy differ
Chapter 7 bankruptcy and Chapter 13 bankruptcy differ in the way that they address debt, treat personal assets and assess the eligibility of consumers. Each year, thousands of people in Miami and other nearby areas seek relief from debt by filing bankruptcy. In 2015 alone, 22,406 bankruptcy filings were reported in the U.S. Bankruptcy… Read More »
Many fail to have a plan to get out of credit card debt
According to a report from the Federal Reserve, revolving debt increased to $1.02 trillion in November 2017. While it may indicate confidence on behalf of Florida consumers and others, it may also indicate future problems as well. According to one study, 31 million Americans don’t think that they will have their credit card debt… Read More »
Credit stats by generation
According to the State of Credit report from Experian, Florida residents and Americans throughout the country have an average credit score of 675. That is the highest since 2007, the year before the Great Recession began, when the average credit score was 679. Among age groups, those who are over the age of 70… Read More »
Debt may negatively impact health and lifestyle
Many people in Florida carry debt loads that they cannot easily manage. Individuals often go into debt with no plan about how they’ll get out and with little feeling of urgency about paying the debt off. There are tremendous benefits, though, to paying down personal debts sooner, and serious consequences for leaving them until… Read More »
Consumers debt manageable for now
Declining mortgage delinquency rates may be a positive sign for consumers in Florida and throughout the country. The rate fell from 2.28 percent in the fourth quarter of 2016 to 1.83 percent in the final quarter of 2017. It is believed that this rate will continue to fall to 1.65 percent in 2018 according… Read More »
401(k) hardship withdrawal as a possible debt solution
It’s not unusual for individuals and families in Florida and throughout the United States to be only one paycheck away from missing important payments to creditors. Unexpected situations, such as the loss of a job, a reduction in pay or a large expense, can exact a domino effect that can make it can it… Read More »
District court overrules bankruptcy court decision
A bankruptcy ruling may have implications for Florida residents who file for bankruptcy. In Vermont, a district court ruled that a bankruptcy court in the same state did not have the power to impose sanctions. Mortgage company PHH Mortgage Corp. had been ordered to pay a total of $375,000 to the Legal Services Law… Read More »
Why debt may be charged off
If a Florida resident doesn’t make credit card or other debt payments in a significant amount of time, it may be marked as charged-off on a credit report. This means that a creditor has decided to write it off as a loss, and the creditor may sell it to a debt buyer or some… Read More »