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June 2013 Archives

Bankruptcy and protected assets

When Florida residents are trying to deal with large amounts of debt, there are several debt relief options that are available to them. If someone is not making enough money to be able to realistically pay back what they owe, they may consider filing for bankruptcy. The benefits of bankruptcy are that people's unsecured debts can be mostly or completely wiped out. In many cases, individuals are not required to pay anything else to creditors after filing.

Defaulting on credit cards may result in closure of accounts.

Depending on the card holder agreement, Florida residents may find their credit limits drastically reduced or their line of credit cancelled after a default on a different credit card account. No matter what the circumstances of the late payments, the credit card company may have the right to cancel a credit account -- even if that account is in good standing -- if the customer fails to pay on other accounts.

Will filing for bankruptcy help save my home?

Many Florida residents are still struggling to save their home from foreclosure, and one option that some are considering is filing for bankruptcy. Filing for bankruptcy may save someone's home from being repossessed by a bank, but there is more to it than just filing. To begin with, people need to determine if a Chapter 7 or Chapter 13 bankruptcy will be better for their situation. If someone does not plan carefully, filing for bankruptcy could end up only delaying a foreclosure.

Chapter 7 and loan modification troubles

Some Floridians who filed personal bankruptcy may seek a loan modification from their lenders with no success. In certain cases a lender won't modify a mortgage loan, but homeowners still need to get caught up on their mortgage arrearage. It may seem like a lose-lose situation. However, that doesn't mean residents may not have a way to save their homes from foreclosure.

Florida sees some mortgage relief

A bill was signed by Gov. Rick Scott that distributes some $200 million in funds earmarked for mortgage relief. He also vowed that banks will be held accountable and families will be protected from foreclosure abuse. However, states, including Florida are complaining that the banks are delaying requests formortgage modifications.

Taverna Opa restaurant files for bankruptcy

A restaurant in Dolphin Mall filed for bankruptcy, although the restaurant continues to operate. Taverna Opa sought the debt relief protections of the Chapter 11 bankruptcy option. The restaurant is owned by Opa Restaurant Group, which has several restaurants throughout Florida.

Bill looks to give consumers 120 days to work out medical debts

Florida residents might be interested in learning about a new bill that was proposed to help protect the credit of consumers who have medical debt. Medical debt can do serious harm to a person's credit report. In addition, one in 10 insurance claims are incorrectly processed. This means that debt collectors are often working with account information that is potentially inaccurate or out of date.

Early payments lead to foreclosure for Florida man

A Florida man is facing foreclosure by Wells Fargo for making his house payments too early. In spite of records showing that the man paid his mortgage note early and in excess of what was due, the foreclosure is proceeding. According to the bank, the man did not follow loan modification guidelines, which is why they are foreclosing.

Does credit card debt keep the doctor away?

A recent study indicates that there is a link between large amounts of credit debt and people not seeking out medical care when they are ill. Approximately 64 percent of those who did not see a doctor say they have a large amount of credit card debt. This group was followed by 58 percent who say they already have large medical debts and avoid seeking medical treatment. This topic may be of interest to Florida readers due to the large number of retired residents on fixed incomes.