Category Archives: Chapter 13
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 »
How to rebuild credit after declaring bankruptcy
Florida consumers who file for bankruptcy might know that a Chapter 13 bankruptcy remains on a credit record for seven years while a Chapter 7 bankruptcy stays for 10 years. However, people can start rebuilding their credit as soon as a bankruptcy is discharged. They can also start to build spending and saving habits… Read More »
Nonprofit hospitals, trade associations can lower medical bills
Thousands of Florida residents are struggling with medical debt, but few of them know that there are organizations that may negotiate on their behalf to lower their bills. Groups such as the Alliance of Claim Assistant Professionals scrutinize itemized hospital and doctor bills to identify errors and overcharging, and they are sometimes able to… Read More »
Medical debt responsible for many bankruptcies
According to the Kaiser Family Foundation, more than 25 of adults throughout the United States have trouble paying their medical bills. In many cases, this results in Florida residents filing for bankruptcy even if they have insurance. In 2014, it was estimated that 40 percent of Americans had medical debt of some kind. A… Read More »
Trustee retroactively adjusts Chapter 13 payments
Florida residents might like to know about the events in Texas that led to a court decision stating that a bankruptcy trustee cannot retroactively adjust Chapter 13 payment plans for home-mortgage claims. In 25 cases, one trustee adjusted confirmed plan payments to retroactively accommodate home-mortgage claims filed after repayment plans were approved. The court… Read More »
Multiple kinds of debt from bankruptcy perspective
Florida residents who are considering filing for bankruptcy might like to know more about what happens to their debts through this process. How they are handled depend upon their classification and the particular bankruptcy chapter that is being used. From a bankruptcy perspective, creditors fall into three classes: priority, secured and unsecured. Priority debts… Read More »
Collection agencies employ more sophisticated techniques
Florida consumers who are struggling with their financial obligations might also be dealing with new and intrusive tactics by collection agencies. For example, there are regulations that prevent collectors from calling repeatedly, but new technology allows them to leave direct voice mails without the phone ringing. Consumer advocates say they are trying to sidestep… Read More »
Lender must pay millions in wrongful foreclosure case
Florida consumers might expect that when they file for bankruptcy, all creditors are supposed to stop any proceedings against them. When a lender in California went ahead with foreclosure proceedings even after a couple filed for Chapter 13 bankruptcy, it was sued and ordered to pay more than $45 million in damages. The case… Read More »
Some consumers harassed over medical debt
The second-largest number of complaints about collection agencies violating the Fair Debt Collection Practices Act comes from Florida, and in many cases, those debts are medical debts. Some collection agencies use prohibited practices like calling repeatedly, calling employers or threatening consumers. In other cases, the debts do not even belong to the people who… Read More »