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Miami Bankruptcy Law Blog

What should be included in the letter to my creditor?

It is not unusual for creditors to be aggressive when trying to collect a debt. They will call repeatedly, send letters in the mail, occasionally drop an email in your inbox and whatever else they feel will get you to pay what you owe. Anyone would be annoyed by this, but when you can't make payments, you will want to find a way to end all communications.

How an automatic stay benefits debtors

Many people who have found themselves drowning in debt have turned to bankruptcy. It is no secret that bankruptcy has many benefits, the most appealing is that you will have your debts cleared. Your debts being erased is a huge plus to filing bankruptcy, but one advantage to filing bankruptcy that people can appreciate long before they can be sure they no longer owe their creditors is an automatic stay.

What should be included in the letter to my creditor?

It is not unusual for creditors to be aggressive when trying to collect a debt. They will call repeatedly, send letters in the mail, occasionally drop an email in your inbox and whatever else they feel will get you to pay what you owe. Anyone would be annoyed by this, but when you can't make payments, you will want to find a way to end all communications.

Child Support and Bankruptcy

Many Americans are facing difficult times with mounting debt, and the anxiety of not being able to meet their monthly payments on mortgages, credit cards, and auto loans is extremely stressful. When you are responsible for paying child support, concerns regarding how you can still support your child also come into play. Freeing yourself from the stresses of the financial burden with creditor protection action can be a very real solution to financial debt without affecting your child support payments. As an increasing number of people are left unemployed, ill or injured and facing large bills with little resources, a growing number of Americans are learning that bankruptcy is a viable option.

Filling for bankruptcies can allow you to create a sound financial plan for the future that does not have to leave you starting over without assets. Under the framework of Chapter 13, you are allowed to disallow certain debts and obligations under federal exemptions law. Bankruptcy exemptions can include child support, spousal support as well as retirement savings and life insurance that allow you to continue to care for your family throughout the process and in the future. Taking this stress away from the proceedings can be a significant relief for those that worry a creditor can actively pursue these assets and arrangements. 

Reducing credit card debt

A growing problem in America today is the trend toward assuming more credit and a reduction in household savings. Numerous factors contribute to why people find themselves carrying more credit card debt than they can manage. Typically, changes in financial resources are the principle culprit to unwieldy credit payments. Losing your job or suffering a personal injury and maintaining daily expenses can often mean that credit can be a ready resource to paying bills. Unfortunately, this practice of bridging the financial gap between jobs or during periods of illness is not a viable way to achieve financial relief.  

Suffering under the burden of staggering credit card debt can be a crushing experience that can leave you hopelessly weighed down under the financial burden of major monthly payments; however, Chapter 13 bankruptcy might be a viable solution that can stop creditor harassment, prevent financial actions such as foreclosure and offer a fresh financial start. Renegotiating unsecured credit card debt through the filing of Chapter 13 can lead to more manageable payments reduce economic challenges. 

Develop a plan that guards against home foreclosure

The family home is the greatest asset that you will own when it comes to economic security and emotional commitment.  You strive to provide a safe and happy place to raise your children and build memories that will last a lifetime. Unfortunately, your financial situation can change overnight, and the significant monetary cost of servicing mortgage debt can be overwhelming. The realization that you may lose your home to foreclosure can be devastating. The process of mortgaged property repossession is a tool that your lender can use to seize your house to recoup the outstanding debt owed on the property if you are unable to maintain predetermined repayment.

The stress of possibly losing your family home is devastating. You have undoubtedly taken steps to guard against such a catastrophic upheaval; however, there are times when even the best plans can fail to work out. It is vital to realize that lenders can only foreclose on your home after following certain steps and the process is quite involved.

Know your rights and options to stop creditor harassment

A growing industry in America today seems to be debt recovery and no wonder with the current economic climate and the ever growing trend towards cheap credit. While interest rates remain at record lows and access to credit increases, a significant number of American households find themselves in a tight financial position. A sudden change in employment, a prolonged injury or sickness might be enough to push many into a credit crisis that could threaten home foreclosure, loss of property and more.

As a preamble to financial actions, creditors will invariably begin to contact you to arrange payments on overdue amounts. At times, they will hire third party firms to call your home, business or place of work; however, some collection agencies can be overly zealous in their pursuit, and it can begin to feel like harassment. An already stressful financial reality can be increasingly overwhelming when bill collectors start overstepping what you feel is reasonable. Contacting associates and friends or repeatedly calling to attempt to make you pay is not an unheard of practice but is by no means acceptable.

Bankruptcy exemptions let you free yourself from debit

With the ready availability of credit at historically low rates, more and more people are assuming ever increasing amounts of debt. Unfortunately, carrying large debt loads can leave you vulnerable if there is a change in your current financial situation. A sudden loss of employment, an injury or illness can make it difficult to pay your creditors. While the stresses of juggling credit card bills, car and house payments on top of daily expenses can be alleviated with personal bankruptcy protection, knowing your rights and what is exempt from the proceedings is critical.

Within the framework of debt relief legislation, there is an option to make exempt real property such as the family home in which you reside to retain home equity. You might also opt to exclude your car required for work purposes from the bankruptcy. The laws that govern debt protection are not meant to leave you without the means to carry on a productive life but rather to compensate creditors within reasonable means and thus permit homestead exemptions, jewelry, and personal property exclusion.

Dealing with debit collection and harassment tactics

Gone are our parent’s days of saving to purchase big ticket items. With the ready availability of large amounts of credit at historically low-interest rates, everyone can buy what they want, now. We use credit for houses, cars or everyday expenses that let us enjoy a better quality of life. However, access to cheap credit has its costs. While we obtain this debt with the intention of paying it back, our financial profile can quickly change with illness, injury, unemployment and other unexpected events. When unforeseen circumstances happen that adversely affect our ability to repay creditors, we must make stressful decisions.

When excessive debt load outweighs household income, we often have to face actualities such as bankruptcy or foreclosure protection. Creditors are any party to whom money is due, and often these lenders will hire third party companies that take a percentage of any debt collected. Aggressive tactics used by bill collectors that work on behalf of your creditors can exacerbate an already difficult situation.  While it is understandable that lender's want to receive payment, unlawful behavior to collect on your outstanding balance is unacceptable. 

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