Category Archives: Chapter 13
Americans are maxing out their credit cards once again
In the wake of the Wall Street crash of 2008, quite a few Florida residents were left jobless and saddled with considerable credit card debt. This was a critical moment in the global financial crisis as it signaled the beginning of the recession. Now, a report issued by the Federal Reserve Bank of New… Read More »
Credit card debt rises alongside delinquencies
Household debt has been quietly increasing in the years since the 2009 recession, and the amount collectively owed in one category has passed a record set in 2008. Credit card debt has again become a serious problem for many Florida consumers. Unfortunately, it is a problem that often goes unaddressed until the consumer becomes… Read More »
Consequences for not paying debts
Some Florida residents who are struggling with their financial obligations might wonder what will happen if they do not pay their bills. The consequences depend upon the type of debt. For example, a private student loan lender may sue the debtor. With federal student loans, there is a grace period of 270 days for… Read More »
Steps in filing for Chapter 13 bankruptcy
The two most common forms of bankruptcy for Florida consumers are Chapter 7 and Chapter 13. A person’s eligibility for either of these depends in part upon income and amount of debt. Chapter 7 involves liquidating assets so that debts can be paid off. It usually is over within three or four months. With… Read More »
Record total for consumer debt
In June 2017, consumers in Florida and the rest of the United States increased the overall consumer credit total to a record $3.86 trillion. This is even as the category containing student and auto loans reported the least amount of gain in a year. The total amount of debt that was posted for the… Read More »
Role of medical debt in falling bankruptcy filings
The debate over potential benefits of the Affordable Care Act has continued due to efforts at overturning the law. One of the more contentious arguments has been that the ACA has reduced the need for bankruptcy as a result of medical debt. Two inclusions in the ACA make such an argument tenable. The law… Read More »
Credit card debt uncertainties after death
Credit cards are a fixture in most Florida households. However common they may be, many do not know what happens with a person’s credit card debt after death. No single answer applies to all cases, because there exist a diversity of state laws and card arrangements that can impact the outcome. A look at… Read More »
The automatic stay in personal bankruptcy cases
Some Florida residents who are struggling with unsustainable financial situations choose to file for bankruptcy to stop lawsuits filed by their creditors or prevent their paychecks from being garnished. An automatic stay is granted when an individual files a Chapter 7 or Chapter 13 personal bankruptcy, and it requires creditors to cease all collection… Read More »
Credit card mistakes to avoid
Some Florida consumers may be making mistakes with credit cards that could lead to a reduced credit rating or to struggling with debt. For example, late payments can hurt a person’s credit rating and can also cause fees and interest to mount. After six months without payments, a debt could be charged off by… Read More »
Prioritizing paying off debt
Florida consumers who are struggling with their obligations might wonder how they should prioritize paying off their debts. For example, a person may have student loan debt, owe money on one or more credit cards, have hefty mortgage payments, and have an auto loan. There are a number of factors that must be considered… Read More »