Category Archives: Chapter 13
Consolidating debt
Florida consumers who are struggling with their financial obligations have several options. Debt consolidation may help pay off high-interest loans such as credit cards, but there are several factors that must also be in place for this strategy to be successful. A realistic budget is necessary. There are two common errors that people make… Read More »
Secured creditors must still file timely bankruptcy claims
If a Florida resident has secured debt, the creditor doesn’t have to file a proof of claim with a bankruptcy court. However, an Ohio bankruptcy court ruled that a secured creditor must still file a claim on time to be entitled to repayment under a Chapter 13 plan. In a Chapter 13 plan, a… Read More »
Many students, households have credit card debt
In addition to student loans, college students in Florida may also be carrying significant credit card debt. The student loan debt for 2016 graduates was $37,172 on average. On top of that, students may be paying over $1,000 in credit card interest and fees over the four years they are in college. The average… Read More »
Analyzing credit card habits by state
Florida residents are likely aware that accruing too much credit card debt is not ideal. The high interest rates and charges for late payments may make it difficult to keep up with existing debt balances let alone pay them down. However, Florida is among the states that are among the worst when it comes… Read More »
How a dismissed bankruptcy may affect a credit report
A dismissed bankruptcy may happen for several reasons. It may simply be a procedural error. For example, a Florida debtor might fail to fill out a form correctly. This will be considered a dismissed bankruptcy without prejudice. A person who makes an error can reapply, and it is also possible to file a motion… Read More »
Rapper Azealia Banks hit with credit card lawsuit
The unsound practice of racking up high credit card debt is not limited to Miami. Hip-hop artist Azealia Banks is being sued in a New York court by a credit card issuer based in California. According to a report, Banks has accumulated more than $130,000 in credit card debt that is now in delinquent… Read More »
Why credit card payments may go up
The Federal Reserve may increase interest rates up to three times a year until 2019. For a Florida resident with a $5,000 credit card balance, that could mean paying an extra $525 per year. Currently, the average interest rate on a credit card is 15.07 percent. Those who have credit card balances are advised… Read More »
Strategies for getting out of debt
In 2017, total student loan debt is roughly $1.4 trillion while the average student loan debt for a college graduate is $34,000. This debt may make it harder for some Florida residents to own a home or start a family. More than half of millennials carry credit balances from month to month, which means… Read More »
Lawsuits from lenders seek over $100,000 from hip hop artist
The flashy lifestyles of rappers might appeal to music fans in Florida, but the glitzy facade could be hiding financial troubles. A lawsuit against Azealia Banks, an East Coast hip hop singer with an apparently promising future, has brought to light that she owes approximately $137,000 to credit card issuers. Court documents show that… Read More »
Pros and cons of a home equity loan
Florida residents who are tying to consolidate their debt may look at getting a home equity loan. In most cases, the interest rate on a home equity loan is lower than that on a credit card balance. However, this is not the only factor that people should consider when choosing to use equity in… Read More »