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March 2017 Archives

Overview of mortgage fraud

Mortgage fraud is, unfortunately, an ongoing problem all over the country. When the 2008 Financial Crisis struck, many people lost their homes as the banks foreclosed on them. But, many banks do not directly attempt to collect on bad debts because the cost is too high. Instead, many banks sell the debts for pennies on the dollar. The “new” creditors then try to collect on the debts.

An overview of property exempt from Chapter 7 liquidation

Chapter 7 bankruptcy is a type of bankruptcy filing that is available to qualified debtors. Chapter 7, unlike Chapter 13, is a liquidation process which results in the complete (or almost complete) forgiveness of the debtor’s liabilities. Liquidation means that the court (through the bankruptcy Trustee) collects and catalogs all of your exempt property and sells it to satisfy your various debts. Since Chapter 7 results in a complete erasure of debts, it is strongly favored option for many people. This post will go over how Chapter 7 works and what properties are exempt from liquidation

Consumer claims AFNI made repeated debt collections calls

A debt collector in Illinois is being sued for allegedly making repeated debt collections calls, despite the fact that the debt was discharged through a bankruptcy case. According to a complaint that was filed in the U.S. District Court for the Southern District of Illinois, the debt collector violated the Fair Debt Practices Act. Debt collections practices in Florida can be just as aggressive.

Can Filing Bankruptcy Help When Facing Foreclosure in Florida?

People often wonder whether filing bankruptcy would help them when their property is about to be foreclosed on. While it is not the ideal situation, many Florida residents find themselves falling behind on their mortgage payments, and while some consumers are able to work with their lenders, most usually resort to foreclosure. During this process, the person's home is repossessed and often sold to the highest bidder at a public auction. The proceeds from such an auction are used to pay towards the mortgage and legal costs of the foreclosure. The customer is then required to pay any costs above the amount of the sale. 

When is Chapter 13 bankruptcy the right choice for you?

Facing an overwhelming amount of debt can change your life. It can lead to threats of foreclosure on your home, loss of your personal vehicle and even garnishment of your wages. If you find yourself in this type of situation, you may consider the many benefits of consumer bankruptcy. Depending on the nature of your debts and your income levels, Chapter 13 bankruptcy may be the best choice to both help you confront your debt and keep your home.

Medical bills leave even the insured struggling with debt

Medical care is expensive, even for those in Florida who have insurance coverage. An accident, prolonged illness or emergency surgery can result in bills totaling thousands of dollars, and most people are not able to effectively manage this amount of debt without assistance. High deductibles and other expenses leave many people struggling with debt, even with a good insurance plan.

Can I stop calls from creditors?

When you're in debt it can feel like there's no hope. You already feel snowed under and every month, the bills keep coming and the debt keeps getting heaped on top of you. Every time you check your mailbox, there's a letter from a creditor to remind you of the trouble you're in. On top of all that, the collection agencies seem to call at the worst times to threaten you.

Is it time to think about bankruptcy?

In the old days, a bankruptcy was thought of as a failure. You would be marked with the metaphorical scarlet letter, refused credit and shunned by the system. Those were the old days. Now the stigma associated with bankruptcy has all but disappeared, and it's considered just another financial move; a way to get a fresh financial start.

What does a Chapter 13 repayment plan look like?

If you've read this blog in the past, you'll know that there are several differences between Chapter 7 and Chapter 13 bankruptcies. The biggest difference is that a Chapter 7 plan gets rid of all debts but lets creditors take some property while Chapter 13 allows you to keep everything in exchange for a payment plan.

What does a Chapter 13 repayment plan look like?

If you've read this blog in the past, you'll know that there are several differences between Chapter 7 and Chapter 13 bankruptcies. The biggest difference is that a Chapter 7 plan gets rid of all debts but lets creditors take some property while Chapter 13 allows you to keep everything in exchange for a payment plan.

Dispelling common bankruptcy myths

If you find yourself snowed under with debt, your heart probably sinks every time you hear the phone ring. You probably dread checking the mailbox every day and you live in fear of others finding out what trouble you're in. You might have considered bankruptcy, but you're concerned about how it would look or you're worried you'd have to give up everything.

Can I file for a Chapter 13 bankruptcy?

People find themselves in financial trouble for a variety of reasons. Maybe they got in over their heads. Perhaps they lost a job or had an unexpected illness take away their ability to make payments regularly. Whatever the reason, feeling overwhelmed by debt can be miserable. If that sounds like you, you may have pondered the idea of filing for bankruptcy. Bankruptcies used to have a negative stigma but these days it's just another way to help you get a fresh start.

Is it time to think about bankruptcy?

In the old days, a bankruptcy was thought of as a failure. You would be marked with the metaphorical scarlet letter, refused credit and shunned by the system. Those were the old days. Now the stigma associated with bankruptcy has all but disappeared and it's considered just another financial move; a way to get a fresh financial start.

Stop debt collectors from harassing you

If you're dealing with debt, you may have just resigned yourself to the fact that incessant calls from debt collectors is normal. You may open the mailbox every day and just expect to find a heap of threatening collections letters. You might even think it's okay for collectors to embarrass you by contacting your friends and family.

What property is exempt in a Chapter 7 bankruptcy

For some people, filing for Chapter 7 bankruptcy is the best way to get a fresh financial start. There are many advantages to Chapter 7. It will let you hang on to future income, you'll be able to discharge debts and you won't have to adhere to a repayment plan. As with any bankruptcy options, there are some drawbacks. A Chapter 7 filing may remain on your record for up to 10 years and you may have to give up some property to help pay debts.

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.

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