Tag Archives: Chapter 13
How to manage and reduce credit card debt
Florida residents may be interested to learn that the average household has $5,700 in credit card debt. That number increases to around $16,000 if a household doesn’t pay off its balances in full at the end of each month. The first step in paying off a credit card debt is determining how manageable the… Read More »
Debt settlement versus bankruptcy
Many Florida consumers are seeking debt relief. For a variety of reasons, families and individuals may find that their debt load is simply unmanageable and then decide to consult with a professional about their options. In some cases, they may consider working with a professional debt settlement company. In debt settlement, clients are typically… Read More »
Some older Americans facing financial struggles
Making ends meet on a fixed income can be difficult for Florida residents, and a study from the University of Michigan suggests that many older Americans are finding it especially hard to cope. The school’s Retirement Research Center’s annual Health and Retirement Study, which has polled more than 20,000 Americans aged 50 or over… Read More »
Bankruptcy rule changes in the offing
Beginning on Dec. 1, Florida consumers who plan to file for Chapter 13 bankruptcy will be subject to new rules approved earlier this year by the Supreme Court. The upcoming changes have been contemplated and debated since the Obama administration and will be presented to Congress later this year for final approval and implementation…. Read More »
Dealing with legal action by credit card companies
If a Florida resident gets too far behind on a credit card debt, it may be possible for the credit card company to initiate a lawsuit. However, this does not necessarily mean that a legal battle is on the horizon. In some cases, it may be possible to settle the matter with good faith… Read More »
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 »