Are You Responsible for A Family Member’s Credit Card Debt?

If you click on any of the advice columns related to family relationships, you will discover several queries about relationships that got strained due to money. Various members of a family put each other to shame talking about the financial decisions they did not approve of. Poorer relatives do not like the wealthy ones because they are not generous with them, especially, for repaying credit card debts. In most cases, the eagerness of a family member to insert the chip or swipe the card doesn’t Read More +

Do Not Allow Debt Collectors and Bankruptcy Ruin Your Mental Health

The number of professional economists that have plans to keep on working beyond their 70th birthdays is a lot higher than the overall percentage of workers planning the same thing. But it is stressful to think about money all the time no matter how well you adhere to the budget. Financial hardships can ruin your mental health. This is made worse when debt collectors are continuously bombarding your emails and phones with aggressive communications regarding the debt. The first step for getting out of bankruptcy Read More +

Alternatives to Paying the Collection Agencies

It can be truly unpleasant to deal with collection agencies. A lot of people wonder how their debt became the business of a collection agency in the first place? In most cases, the creditors such as credit card companies or some other organization you have received services from, send the debt to the collection agency after four months of non-payment. If the creditor tried to contact you to seek payment in this period and failed to do so he will send the case to a Read More +

What You Should Know About Bankruptcy and Your Credit

Unfortunately, 2021 hasn’t been a good year for many people financially. The tough economy has led to furloughs and layoffs, leaving people in a disastrous financial position. Even if you’re lucky enough to have been able to return to work, you may find that you’re still faced with a reduction in pay or hours. When faced with financial issues, you must make some tough decisions at the end of the month. You need to decide which bills to pay now and which ones to pay Read More +

Comparing Credit Cards and Debit Cards

Plastic money or cards be it credit or debit are among the most preferred modes of payment after cash. Over the last few years, there has been a substantial increase in the usage of both types of cards to pay for products and services. Although the debit card has no debt liability, credit card debt is something users need to manage while using for payments. Offered in a range of colors and patterns, they have replaced checkbooks that were widely used a few decades ago. Read More +

Sale of Homestead and Other Assets in Bankruptcy

Debtors in bankruptcy proceedings who desire to sell assets of significant value, whether those assets are considered exempt or not exempt, should obtain appropriate permission from the bankruptcy court before doing so. This advice includes the sale of the homestead in the State of Florida. If you contemplate the sale of homestead property, while in bankruptcy, consult with the bankruptcy attorney first to determine the property procedures and the ramifications of such sale. The first consideration in the sale of homestead property while in bankruptcy Read More +

Discharge of Student Loans in Bankruptcy Proposal in New Bill Before Congress

A new bill being presented to Congress will permit the discharge of student loans in bankruptcy provided certain conditions are met. The bill, sponsored by Senator Richard Durbin and Senator John Cornyn, is titled the Fresh Start In Bankruptcy Act. Under the current bankruptcy laws, it is quite difficult to discharge a student loan in bankruptcy. Generally, the debtor must bring an adversary proceeding and obtain a finding from a bankruptcy judge that the student loan constitutes an undue hardship. The undue hardship standard is Read More +

What You Need to Know About Buying A Home After Bankruptcy

Even though we’re still in the midst of a pandemic, most people have at least one friend or family member who’s bought a home within the past year. In fact, the first few months of 2021 have reflected rapid growth when it comes to buying homes. This has been supercharged by the real estate market’s bidding wars at the end of 2020. Despite some people having issues because they made purchases quickly the market still hasn’t slowed down any. With all the talk about buying Read More +

Negotiating Debt with Your Credit Card Company

Statistics show that the average person living in the state of Florida today has over $8,000 in credit card debt. This debt can quickly become unsustainable with how high-interest rates are. Therefore many people are wondering if they can negotiate with their creditors. Unfortunately, the answer is only “maybe” since companies differ in how willing they are to negotiate depending on how far behind in payments you’ve fallen. Know What Your Goals Are Before you pick up your phone to call the credit card agency Read More +

Procedure for Debtors Seeking Early Payoff in A Chapter 13 Bankruptcy

1. THE CHAPTER 13 BANKRUPTCY MUST AT LEAST BE CONFIRMED BY THE BANKRUPTCY JUDGE AND AN ORDER GRANTING THE CONFIRMATION OF THE CHAPTER 13 PLAN FULLY ADMINISTERED. 2. A WRITTEN STATEMENT, DATED, SIGNED AND NOTARIZED, BY THE PERSON(S) OR INDIVIDUAL(S) OFFERING TO ASSIST (THE PAYOR). THE DEBTOR OR DEBTORS IN AN EFFORT TO PAYOFF THE CHAPTER 13 BANKRUPTCY BEFORE THE EXPIRATION OF THE CHAPTER 13 PLAN. THIS LETTER MUST CONTAIN: *PAYOR’S FULL NAME AS STATED ON THEIR SOCIAL SECURITY CARD AND/OR BIRTH CERTIFICATE *THE PAYOR’S Read More +