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Miami Bankruptcy Law Blog

What happens to your credit after bankruptcy?

It's good to consider the pros and the cons when determining whether bankruptcy is right for you. A common concern is what a bankruptcy filing will do to your credit report and how long it will remain on your credit to deter you from getting a line of credit or a mortgage. That is why it is important to fully understand what happens to your credit after filing for bankruptcy.

The 3 factors that could save your home in bankruptcy

One of the primary concerns many people have when trying to determine if bankruptcy is right for them is whether or not they will have to pack up and move out of their home. If they do, will they have a difficult time gaining approval for a rental? Knowing you can keep your home in some circumstances may come as a great relief to many.

Bankruptcy is a cure, not a disease

Bankruptcy. Isis. Foreclosure. If the first and last words invoked the greatest fear in you, that probably means you have a very real concern about your finances. Of those circumstances, bankruptcy and foreclosure may be the events that affect you and not someone else far away.

What is the repayment plan for Chapter 13?

When you file for a Chapter 13 bankruptcy, you are given a finite amount of time in which to submit a repayment plan with the court and for your creditors. While many file the repayment plan with the petition for Chapter 13 bankruptcy, you are given 15 days in which to file, provided you are not requesting an extension in which to do this.

Protecting yourself from credit-collecting bullies

We tell our kids that bullying is wrong; we tell them that being mean, making threats and trying to force people to do things they shouldn't do is hurtful and abusive. Unfortunately, many adults across Florida are dealing with a bully of their own: a credit collector.

Credit collection is a thriving industry right now. Between student loans, skyrocketing medical expenses and an economy in recovery, millions of Americans are carrying some amount of debt. And collections agents are eager to get their hands on payments. To do so, they routinely employ aggressive, relentless tactics to try to get people to pay. In some cases, these methods are lawful; in other cases, they cross the line into harassing and illegal.

Why avoiding foreclosure is so important

Most people have at least a cursory knowledge of what foreclosure is. When you are unable to make your mortgage payments for some specified amount of time, you lose your home. But who do you lose your home to, and what options might you have to avoid foreclosure? What are the consequences that come with foreclosure?

The financial path to relief

If you are facing financial ruin, if you cannot make important payments, much less minimum payments on credit cards, you probably know how devastating the future can look. It may seem wise to take out additional credit cards and loans in hopes that you will one day be able to pay them all off, but the reality is, if you are only paying minimums or are not paying at all, ever getting to the point of paying off your cards is probably little more than a pipe dream.

Are there laws against creditors calling me all day?

When you are falling behind and your bills, you may try to manage your stress and pay off a little with each paycheck. You may feel that surprising relief from having no disposable income but also having paid down your debt. But then the phone rings. It's not a number in your contact list, so you Google it. Ah, it is a creditor you have not yet been able to pay. The feeling of relief is gone and anxiety is creeping back in. You may block the number but an hour later another call comes in, one number off from the previous one and you recognize the city and state as being the same as the recently blocked caller. Upon searching the Internet again, you verify it is the same creditor. And this just keeps happening.

Aren't there laws against creditor harassment? Can they really call you morning, noon and night? How many times can a creditor call you in a day?

What rights does CARD provide me?

Nearly one decade ago, a new law came into play called the Credit Card Accountability Responsibility and Disclosure Act. It served to protect credit card holders from various unscrupulous tactics that had become almost commonplace practices by credit card companies.


Get your finances straight now and buy later

There is no arguing the interconnectivity of our global economy. When something major happens outside the U.S., so often for us it means a change is coming, whether it is to our gas prices, stocks or interest rates. In this case, with Britain's decision to depart from the European Union, we are fielding reports that mortgage rates will be dropping. But as we have seen with gas prices, the price decline is not instantaneous and will likely take time to yield the most favorable rates.

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