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May 2014 Archives

What will happen after filing for Chapter 7 bankruptcy?

For those in Florida for whom the financial outlook is dire, filing for personal bankruptcy is a viable option to secure fast and lasting debt relief. Many, however, are uncertain what to expect when considering this option, and can fall victim to misinformation on the subject. The following tips are offered in the hopes of educating Florida consumers about the Chapter 7 bankruptcy process, and what to expect once the paperwork is filed.

Could debt consolidation ease credit card debt woes?

No one plans to let their credit card debt get out of hand, but for many, unforeseen circumstances or an inattention to spending habits can lead to a serious debt issue. In many cases, credit card debt levels reach staggering heights before it becomes obvious that something must be done to regain financial stability. One path that many in Florida consider is debt consolidation.

A military approach to tackling debt relief

For those in Florida who are buried under a mountain of debt, it can feel as though one is waging a war against his or her own finances. One recently published article is written from the perspective of a soldier who served in the Army National Guard for nine years, including a 17-month stint in Baghdad. In addition to his service to his country, this soldier has also struggled with unmanageable debt. He decided to tackle his need for serious debt relief using the principles he learned from his years of service, and he shares those tactics in his book, “Soldier of Finance.”

Orlando residents may find debt relief by living frugally

Student loans continue to be a financial burden for many individuals in Orlando and across the country. Some may turn to bankruptcy or other debt relief options in order to eliminate some of their other financial obligations. This may result in making more money available to pay off student loan debt. Under current law, student loans may not be discharged in bankruptcy except under certain hardship exceptions. However, a Chapter 7 or 13 bankruptcy may prove to be beneficial in some situations.

Taking an aggressive stance against credit card debt

For many Florida consumers, a single financial setback can lead to a spiralling debt scenario. The loss of a job or a serious illness can cause an immediate drop or cessation of income. Next comes the need to rely on credit cards to cover the basic costs of living. Before long a mountain of credit card debt accumulates, and consumers find that the need for debt relief is urgent.

Tax debt can be discharged through Chapter 7 bankruptcy

When financial trouble arises, Florida consumers often experience a snowball effect in which debt mounts, stress levels rise and the need for debt relief becomes even more urgent. In many cases, distressed consumers fall behind on their tax obligations, and have to add tax debt to the list of outstanding financial accounts. While Chapter 7 bankruptcy can lead to the elimination of tax debt, many consumers spend a great deal of time and effort trying to repay those debts on their own, even as their overall financial standing worsens.

Florida residents can take hold of debt judgments with bankruptcy

When one has access to credit but is experiencing financial difficulties, it can lead to serious problems. In some cases, one may be able to pay down the accumulated debt over a period of time. Unfortunately, for many people in Florida, the outpouring of creditors calling, legal actions being taken and the unwarranted threats coming from creditors can lead individuals into a psychological spin where they see bankruptcy as their only option.

Credit card debt collection rules: Know your rights

For many in Florida, periods of financial hardship lead to the need to rely on credit cards to cover basic living expenses. Many people are able to pay down those balances within a short period of time, until a sudden change in their financial lives creates a credit impasse. An unexpected job loss or illness can throw one's life off-balance and lead to a serious credit card debt issue. Making matters worse, once those accounts fall past due, credit collections begin.

Getting a mortgage after Chapter 7 bankruptcy

The dream of owning a home is still among the top priorities for many Florida residents. This is true even in cases that have been defined by serious financial hardship in recent years. Many individuals who are considering filing for Chapter 7 bankruptcy worry that their ability to ever own a home of their own will be challenged by having sought bankruptcy protection. This, however, is not true and is one of the leading misconceptions about the bankruptcy process.