Tag Archives: Chapter 13
Role of medical debt in falling bankruptcy filings
The debate over potential benefits of the Affordable Care Act has continued due to efforts at overturning the law. One of the more contentious arguments has been that the ACA has reduced the need for bankruptcy as a result of medical debt. Two inclusions in the ACA make such an argument tenable. The law… Read More »
Credit card debt uncertainties after death
Credit cards are a fixture in most Florida households. However common they may be, many do not know what happens with a person’s credit card debt after death. No single answer applies to all cases, because there exist a diversity of state laws and card arrangements that can impact the outcome. A look at… Read More »
The automatic stay in personal bankruptcy cases
Some Florida residents who are struggling with unsustainable financial situations choose to file for bankruptcy to stop lawsuits filed by their creditors or prevent their paychecks from being garnished. An automatic stay is granted when an individual files a Chapter 7 or Chapter 13 personal bankruptcy, and it requires creditors to cease all collection… Read More »
Credit card mistakes to avoid
Some Florida consumers may be making mistakes with credit cards that could lead to a reduced credit rating or to struggling with debt. For example, late payments can hurt a person’s credit rating and can also cause fees and interest to mount. After six months without payments, a debt could be charged off by… Read More »
Prioritizing paying off debt
Florida consumers who are struggling with their obligations might wonder how they should prioritize paying off their debts. For example, a person may have student loan debt, owe money on one or more credit cards, have hefty mortgage payments, and have an auto loan. There are a number of factors that must be considered… Read More »
Avoid high credit card debt with these strategies
Whether consumers in Florida use a credit card as a matter of convenience or necessity in an emergency, they must be mindful of the details of their credit account. Awareness of the interest rate on unpaid balances is essential. This rate usually falls between 13 and 20 percent, which means that interest charges can… Read More »
The impact of interest rate hikes
Florida residents who are able to absorb higher interest rates from the Federal Reserve will still benefit from creating a debt repayment plan. Someone who is currently paying off a $5,000 credit card balance at a 15.5 percent interest rate will take 10 years and four months to do so in full. That person… Read More »
Bankruptcy and investments
Debtors in Florida can use personal bankruptcy, either Chapter 7 or Chapter 13, to manage or settle their debt. However, they should be aware of which of their long-term investments may have to be included in the restructuring of their debt or which may be subject to liquidation. The Employee Retirement Income Security Act… Read More »
The benefits of requesting debt validation
Some Florida residents may get worried after receiving a notice from a debt collection agency. While many people might be quick to pay these bills in an effort to avoid hurting their credit, it’s often better to proceed with caution when a debt collection agency comes calling. Some experts advise consumers to receive proof… Read More »
Feds go after bank and credit card arbitration clauses
People in Florida who have attempted to sue a bank or credit card company very likely could have been thwarted by an arbitration clause tucked into the fine print of their contracts. These terms empower companies to force disgruntled customers into private mediation instead of the courtroom when disputes erupt. If a group of… Read More »