Many people in Florida are struggling financially. From unexpected medical bills to overwhelming mortgage or rent payments, debt and financial hardship are not uncommon today and many people are seeking bankruptcy for relief from their overwhelming debt. There is good...
Medical debt overwhelms millions
Medical costs have long been a common reason that Americans file bankruptcy. This may be due to not carrying health coverage at all, high insurance deductibles, or being forced to use a less expensive plan that did not cover the underlying injury or illness. CNBC...
Is it a good idea to get a credit card after bankruptcy?
There are mixed opinions about whether or not a consumer should get a credit card after the filing of a bankruptcy. A consumer’s credit score is normally very low when a bankruptcy case is filed. The creditors have normally not been paid for several months. After the...
Common exemptions in Chapter 7 bankruptcy
Chapter 7 bankruptcy often best applies to those facing the most severe financial challenges. Usually, it involves an approach where many non-exempt assets are liquidated to repay as much as possible to creditors before the debt is discharged. There is no other...
Avoiding stress shopping during the pandemic
Memories of empty shelves are all too clear from the early days of the pandemic. Hot items included toilet paper, cleaning wipes, sanitizer, and foods with a long shelf life. This was fueled by the panicked headlines in the media about this and other matters. The U.S....
What happens to my retirement savings if I file for bankruptcy?
A major concern for people who need help with debt relief is whether their retirement savings will remain intact. Fortunately, 401(k)s, IRAs, and most types of retirement plans are exempt from the reach of creditors. However, you will want to avoid doing anything with...
How the economic stimulus can affect your Chapter 13 bankruptcy
Earlier this year, to combat the dramatic economic slowdown caused by the pandemic, Congress passed a wide-ranging economic stimulus package called the CARES Act that included $1,200 payments to tens of millions of Americans. Some of the law’s provisions can affect...
Qualifications for Chapter 7 personal bankruptcy
Florida residents are being burdened with overwhelming debt and it has been worsened by the COVID-19 pandemic. Many people are suffering and struggling with anxiety and depression due to the debt, layoffs, the economic shutdown and the everyday worries we all have...
What can Chapter 13 do to your debt?
Not all fresh starts have to come with a reset. Bankruptcy tends to sound like you are going back to square one and putting a long road between you and good credit. It does not have to be drastic. Sometimes your case would benefit best from a Chapter 13...
What happens to property liens in a Chapter 7 filing?
If you're filing Chapter 7, your goal is to remove as much of your debt as possible. This action becomes more complicated when liens are attached to pieces of property. Generally, a bankruptcy filing doesn't automatically remove a lien. The law gives you more options...