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Miami Bankruptcy Law Blog

What's the worst that could happen?

The volatile economy. Counting on an income that was unexpectedly lost. Not closing the deal you thought was a sure-thing; there are any number of reasons why you incur debts that you have no way to pay back in a reasonable amount of time. The reason that got you into the mess you are in is irrelevant. Whether you can pay your way out is all that matters, at least to your creditors.

The skinny on Chapter 13 bankruptcy

There are two common types of bankruptcy, one obliterates debts but also causes you to potentially lose some of your most relied upon assets and one that allows you to keep your assets but develop a repayment plan over a span of several years where you must be diligent and not sway from your scheduled payments.

How do you know when it is time to file for bankruptcy?

First, you are not alone. You are not a failure. You are not the only person who has been hit by a tough economy and financial decisions that didn't go as planned. You are not the only number your creditors are calling, even though it may seem they couldn't possibly have time to call anyone else with as many missed calls as you are getting from them.

What is lien stripping?

In the last decade or so as the U.S. market has crawled out of recession, you may have come across the term "lien stripping." Lien stripping is a process used in Chapter 13 bankruptcy by homeowners or borrowers who owe much more on their secured debts (debts backed by property like a house or car) than the property is actually worth.

As with most legal issues, only a skilled bankruptcy attorney can help you assess whether your situation would benefit from stripping off a lien from your debt. The following provides some general situations where lien stripping might be appropriate or helpful, but you should speak with a lawyer about the particulars of your case.

Are home equity loans a solution to debt?

A mortgage can be an incredibly hard loan to manage. Unless you have stellar credit, paid a big down payment, bought a budget-friendly house and managed to avoid monster tax payments, you likely found yourself committing to an uncomfortable monthly mortgage payment.

 

Does bankruptcy take care of student loans?

Millions of people file bankruptcy each year, but only a small fraction of people try to include their student loan debt because they believe that student loans cannot be included. This is a myth, though doing so is complicated. You'll need to work with an attorney, but when faced with student loan debt repayment, it is important to explore all of the options available.

Today, there are several student loan repayment and forgiveness options:

Beware of mortgage foreclosure scams

As with most debt related woes, if you are unable to make your monthly mortgage payments, it is a good idea to let your lender know and discuss possible options to help you through temporary hardship. Or, make bigger decisions to help you through a long-term inability to meet payment requirements.

The objectives of the Fair Debt Collection Practices Act

The Fair Debt Collection Practices Act was designed to hold debt collectors to a higher standard, an ethical standard that would grant the consumers relief from otherwise unscrupulous debt collection practices.

Is your credit report telling the right story?

If you are looking to buy a home, rent an apartment or start a new job, chances are someone will need to check your credit score. The information available through your credit history can prove to be the difference between getting what you want and being denied.

Considering how powerful your credit history can be, it is crucial that it be an accurate representation of you as a borrower. Unfortunately, your credit report may be telling a very different story than you think if it includes inaccurate or outdated information. If you are in this situation, you need to act fast and take steps to repair your credit history before it costs you the home or job of your dreams.

What happens if I ignore debt collectors?

Debt collectors can cause significant anxiety. When you get so behind on payments that you ultimately resign that you cannot pay and block the calls as they come in, will they ever just go away? What is the worst that can happen? What is most likely to happen?


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