Category Archives: Chapter 13
Consumer Defaults Continue to Climb in 2018
According to a new report, default rates for bank cards have surged to their highest level since 2012. Despite the robust jobs market in the United States, many consumers remain overextended, unable to make even the minimum payment on their debts. If this describes your situation, consider bankruptcy as an option for clearing out… Read More »
Modifying a Chapter 13 Repayment Plan
Despite your best planning, sometimes life throws you a curveball. You might suddenly become ill, lose a job, or have your hours reduced. For most Americans, any unexpected drop in income can wreak havoc on their lives. But those with a Chapter 13 bankruptcy have another problem—you might not be able to continue making… Read More »
Can Bankruptcy Help with Federal Tax Debts?
Of all the debts people owe, federal tax debts are some of the most worrisome. Uncle Sam insists on being paid. The federal government has shown little hesitancy placing liens on people’s properties and garnishing their wages. Could a bankruptcy help? Generally, you cannot get rid of federal tax debts in bankruptcy, but a… Read More »
Consolidating Credit Card Debt with a HELOC Is a Terrible Idea
Consumer credit card debt continues to climb. In December 2017, consumer credit grew by $18.4 billion to a total of $3.841 trillion. Distressed consumers might be considering debt consolidation with a home equity line of credit (HELOC) or home equity loan. No matter how precarious your finances, using your home to consolidate credit card… Read More »
Why bankruptcy is not the stigma you might think it is
Many people think of bankruptcy as a weakness or as a moral failing, but this perception is far from accurate. Facts can help rebut criticism. When families in Florida get together for birthdays, graduations, anniversaries, holidays and the like, they often catch up on the news. Cousin Jane is getting married, Uncle Pete bought… Read More »
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 »