Tag Archives: Chapter 13
An overview of eligibility for personal bankruptcy
A person struggling financially in Florida might choose to file for bankruptcy. The Bankruptcy Protection Act of 2005 set up consistent standards for judging someone’s eligibility for protection under Chapter 7. The law imposes a means test to establish the apparent impossibility of fulfilling obligations to creditors. The first step involves looking at the… Read More »
Credit cards can become a debt trap when balances grow
American families owe an average of $5,700 to credit card companies according to industry data, and the figures suggest that people tend to accrue increasing amounts of revolving debt as they grow older. While credit cards provide Florida consumers with a convenient way to defer the cost of large purchases, they can become ruinously… Read More »
Debt settlement companies shut down by authorities
The lawyer general for Florida and the Federal Trade Commission obtained a court order compelling 11 debt settlement companies owned by three people to stop marketing their services. Authorities say that the companies would tell people that they would resolve their credit card debt in exchange for a monthly payment. However, authorities said that… Read More »
American household debt surpasses financial crisis peak
Many Florida residents struggle with overwhelming debt, and figures released by the Federal Reserve Bank of New York on May 17 suggest that Americans now owe more to credit card companies and banks than they did at the outset of the 2008 recession. Total U.S. household debt peaked at $12.68 trillion in the months… Read More »
Rapper files his third Chapter 13 bankruptcy in 3 years
Media reports suggest that Florida rapper Maurice Young, who is better known by his stage name Trick Daddy, has filed his third Chapter 13 bankruptcy petition in as many years. Young is said to have sought debt relief for the third time on the same day that his Miami residence was scheduled to be… Read More »
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 »