Category Archives: Bankruptcy
3 Questions about Converting a Chapter 13 to a Chapter 7
A Chapter 13 is a good bankruptcy option for some of our clients, but the lengthy repayment plan (3-5 years) often becomes burdensome. When a client can no longer stick to a Chapter 13, they come to us to ask about their options. One is a conversion to a Chapter 7, which is the… Read More »
Advice for College Students Seeking Credit Cards
As students arrive on college campuses, many will confront something for the first time: whether to get a credit card. Increasingly, college students are obtaining credit, with banks finding this a lucrative target market. Indeed, around a quarter of college students graduate with $5,000 in credit card debt. Handling credit properly is a challenge… Read More »
Fewer Homeowners Request Mortgage Forbearance
In a surprise, homeowners have weathered the economic downturn better than many feared. Though the broader economy has contracted by over 30%, very few homeowners missed their mortgage payments. The number requesting permission to skip making payments has also fallen. However, according to recent media reports, that trend might be starting to change as… Read More »
Credit Card Debt Surprisingly Declines
With so many recent job losses—more than 40 million at last count—we expected consumers to tap their credit cards to keep afloat and pay bills. However, recent data from the federal government shows that credit card debt has declined. According to Forbes, credit card debt fell below $1 billion for the first time in… Read More »
Be Careful Taking on New Debt if You Intend to File for Bankruptcy
When our clients decide to file for bankruptcy, we need to discuss how they should handle taking on new debt. Life does not stand still, and people often need to tap their credit in the weeks leading up to a bankruptcy filing. However, taking on new debt could create problems, and some debts might… Read More »
Restaurants Seek Additional Help to Survive Pandemic
The restaurant industry has been hammered during the recent pandemic, and a wave of bankruptcy filings could be on the horizon. Health officials have identified indoor dining as a vector for transmission of the coronavirus, so countless restaurants have been closed in the past few months. Around the state, many restaurants and chains have… Read More »
What to Do if You Have Unfiled Taxes
The filing date for federal and state income tax for 2019 got pushed back to July 15, 2020. But many people did not submit their taxes on that date, and they might even have unfiled taxes from previous years. If you are considering bankruptcy, then your attorney needs to understand your tax situation. It… Read More »
What to Do to Avoid Default on Your Car Loan
It has been a difficult past few months for many Floridians, who have seen their hours reduced or their jobs disappear altogether. Many people have had to make tough decisions about how to spend what little money they have. Many of our clients are desperate to keep their cars, and we can’t blame them…. Read More »
Terrible Debt Repayment Strategies
A recent show on ABC News caught our attention. A young woman discussed with the cable news outlet her strategy for repaying Y in debt. Her plan? To become a “sugar baby” to a wealthier man. We are confident few people will follow this young woman’s path, but the story got us thinking about… Read More »
Should You Pay for College this Fall?
College is an enormous expense, and one many parents are reconsidering as the novel coronavirus pandemic continues to gain steam across the country. This fall, many colleges and universities are keeping students away, instead offering virtual learning. But is this an expense that parents should happily shell out for? Students who are financing their… Read More »