Category Archives: Chapter 13
District court overrules bankruptcy court decision
A bankruptcy ruling may have implications for Florida residents who file for bankruptcy. In Vermont, a district court ruled that a bankruptcy court in the same state did not have the power to impose sanctions. Mortgage company PHH Mortgage Corp. had been ordered to pay a total of $375,000 to the Legal Services Law… Read More »
Why debt may be charged off
If a Florida resident doesn’t make credit card or other debt payments in a significant amount of time, it may be marked as charged-off on a credit report. This means that a creditor has decided to write it off as a loss, and the creditor may sell it to a debt buyer or some… Read More »
Debt relief options for people with bad credit
Reducing debt quickly could be challenging when a person has a low credit score. Although people with good credit may be able to use consolidation loans or new low-interest credit cards to lower their monthly payments, these options might not be available to Floridians with credit scores below 600. Fortunately, there are still some… Read More »
Chapter 13 bankruptcy can help save a home
People in Florida who are struggling with serious debts may consider Chapter 13 bankruptcy as a way to obtain much-needed debt relief and protection from the loss of property. Chapter 13 bankruptcy allows people to create a debt repayment plan that stretches over three to five years, allowing people to pay off their debts… Read More »
How bankruptcy affects a person’s credit
Medical debt is the top reason people apply for bankruptcy although there are a number of reasons a person may fall into debt. Some Florida consumers might consider filing for bankruptcy but might be concerned about how it will affect their credit record and how long it will remain on that record. Depending on… Read More »
Medical bills contribute to rising credit card debt
Some Florida residentsmight be struggling with credit card debt because of medical expenses. Medical debt is the number one reason that people file for bankruptcy, and it is not a cost that is easily controlled. Unlike downsizing a residence or cutting back on spending, if a person needs a medical procedure, there is usually… Read More »
Data says homeowners pay more credit card interest than renters
Florida readers that own homes or are considering homeownership may be interested in data released by NerdWallet that indicates homeowners are more likely than renters to incur higher credit card interest charges. According to the data, renters rack up $537 annually in credit card interest charges while the average homeowner incurs $1,001 in interest… Read More »
Necessary spending tops reasons for credit card debt
Florida credit card holders may be interested in the results of a recent study that challenges the notion that reckless spending is the main reason Americans wind up in debt. According to a survey conducted by CompareCards by Lending Tree, necessary spending to make ends meet is the main reason that people wind up… Read More »
Chapter 13 has new deadlines and streamlined process
Florida consumers who are planning to file for Chapter 13 bankruptcy have some procedural changes to consider. They became effective on Dec. 1, 2017, and they mostly apply to deadlines for paperwork from creditors. Some updates, however, enable a smoother process for debtors because they will not need to file separate motions for the… Read More »
Avoiding running up debt during the holidays
In Florida, it is common for people to go more deeply into debt during the holidays. It may be smarter for people to avoid using their credit cards to purchase gifts and to pay for holiday travel as much as they can so that they don’t get in over their heads. People may want… Read More »