Debt is more than money owed. For some people it becomes a downward spiral that consumes your life, your health, and your loved ones while you work extra hard. Sometimes you can't fix the problem on your own. Declaring bankruptcy can mean a clean start, but it's a bold life choice and it's hard to know when it's the right time to file.
For a variety of reasons, many people wrestle with the decision to file for bankruptcy. They may be scared of what their friends and family will think or they may be anxious about what it will do to their credit score and ability to function financially. Many just think that filing for Chapter 7 bankruptcy automatically means forfeiting all of their assets as the bank seizes their home, takes away the car and sells possessions to pay off creditors.
Foreclosures in Florida have been a big problem since the Great Recession. While the nation as a whole is recovering from the foreclosure boom, Florida still tops the list of states with the most foreclosures with more than double the state in the number two slot.
In our last blog post, we discussed how falling into the cycle of payday loans can lead to financial devastation. Sadly, some people might feel the pressure of creditors in such a way that they feel they have no other options available. In some cases, people are spending so much money paying bills that they end up taking out a payday loan so they can buy groceries.
It's no secret that the owners of payday loan companies reap huge profits off the backs of their low-income customers. Poorer neighborhoods in and around the Miami area are dotted with them, block after block.
Just last week, we discussed some of the actions that are off limits for debt collectors to do. Those actions are illegal and meant to protect consumers from harassment. Some of our Florida readers might be surprised to learn that even though those actions are illegal, some debt collectors still do them. If you find yourself being harassed in an illegal manner by debt collectors, we want you to know that you can take a stand against the debt collector.
When it comes to foreclosure, it is no secret that Florida has had more than its fair share of difficulties. It seems as though those troubles haven't quite gone away yet. Florida is still one of the states at the top of the foreclosure list.
Miami debtors, have you been taken in by a debt collection scam? Recently, in the neighboring state of Georgia, a 48-year-old man who founded the debt collection agency Williams, Scott & Associates was arrested, along with six employees, by federal agents for running a scam targeting debtors.
For many people, filing for bankruptcy is something they liken to being straight out of a nightmare. They might have visions of having everything they own being taken away from them in short order once they file. That, however, isn't necessarily the case for people who file for bankruptcy.
One of the myths Miami residents may believe about filing for bankruptcy is that they will have to surrender their vehicle to their creditors. This, of course, would really be onerous to debtors,making it difficult or impossible to get to work or to meet family obligations without a car.