Author Archives: Site Administrator
Are you among those drowning in debt?
How did this happen? It is a question you likely ask yourself on a daily basis as you struggle to figure out how you are going to pay what you owe. Just when you think you see a light at the end of the tunnel, something else comes along to stretch your budget further…. 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 »
Does notice of a garnishment hearing put an end to your options?
As you struggle with the ever mounting debt that has accumulated in your financial life, it may seem at times as if you can physically feel the pull of your debts. Outstanding balances may lead to considerable stress, and though you undoubtedly want to get your financial affairs in order, you may have little… Read More »
Debt settlement companies shut down by authorities
The lawyer general for Florida and the Federal Trade Commission obtained a court order compelling 11 debt settlement companies owned by three people to stop marketing their services. Authorities say that the companies would tell people that they would resolve their credit card debt in exchange for a monthly payment. However, authorities said that… Read More »
American household debt surpasses financial crisis peak
Many Florida residents struggle with overwhelming debt, and figures released by the Federal Reserve Bank of New York on May 17 suggest that Americans now owe more to credit card companies and banks than they did at the outset of the 2008 recession. Total U.S. household debt peaked at $12.68 trillion in the months… Read More »
Rapper files his third Chapter 13 bankruptcy in 3 years
Media reports suggest that Florida rapper Maurice Young, who is better known by his stage name Trick Daddy, has filed his third Chapter 13 bankruptcy petition in as many years. Young is said to have sought debt relief for the third time on the same day that his Miami residence was scheduled to be… Read More »
Younger people being more responsible with credit cards
Overall, Americans have $779 billion in credit card debt, which may make it seem like people haven’t learned the lessons of the Great Recession. However, there are some signs that millennials in Florida and elsewhere are actually doing a better job of managing their credit card debt. Currently, the credit utilization rate is 23… Read More »
Supreme Court rules for creditors in debt claims case
Florida residents may be interested to hear about a recent Supreme Court ruling regarding old debt. In a 5-3 decision, the court ruled that creditors can use bankruptcy proceedings to collect balances that may otherwise be out of their reach because of the statute of limitations. The court said that companies were not violating… Read More »