When people receive a foreclosure notice on their property in Florida, their first instinct is often to panic and feel hopelessness. While foreclosure is no casual issue, people do have the chance to stop the process in its tracks depending on how they handle their situation. Their ability to take a step back and assess their situation and what can be done to modify the outcome may allow them enough time and resources to change what happens.
A common misconception that many in Hernando County may have regarding bankruptcy is that the laws and regulations governing it are easily abused. By extension, the opinion that those same people have of those who file for bankruptcy is that they are simply overspenders looking to get away with not having to pay their bills. Yet in reality, many of those seeking bankruptcy protection are ordinary people who have seen unfortunate circumstances land them in some dire financial straits. As many know, such circumstances can arise multiple times during one's life.
Whether you run a retail business or a company that deals with manufacturing, finance or any other field, you may face many challenges each day. As a business owner, being taken to court is one of the most difficult problems that you may encounter. Not only can litigation damage the reputation of your firm, but it may lead to serious financial repercussions too. In some instances, the financial impact of a business lawsuit may be so severe that a business owner may be pushed into bankruptcy.
Among the more common misconceptions about bankruptcy is that it comes without consequences. Many in Hernando County might see it as an easy way for you to get away with not having to pay your bills. It might even be tempting for you to view it as a more attractive option than having to submit to the harsh demands of your creditors. Be you should know that bankruptcy, for all of the financial protection it offers, can indeed have a negative impact. This is mostly felt in your credit rating, which could hinder your ability to borrow money for important purchases such as buying a home. Indeed, how long does it take to qualify for a mortgage after bankruptcy is one of the more common questions posed to us here at The Day Law Office.
For recent graduates in Florida, student loan debt can seem overwhelming. Entry-level positions, which are common post-graduation, may not always provide a sufficient level of pay. As a result, chipping away at debt may seem like an uphill battle, which can be very disheartening. In this case, Forbes offers the following advice.
Now that the holiday season is in full swing, many people in Florida are hitting the malls in search of that perfect gift for friends and family. While you’d naturally want to lavish your loved ones with presents, if you’re facing financial instability it’s important to limit spending this time of year. In this case, Forbes offers the following tips.
If you are familiar with U.S. bankruptcy law, then you probably understand why Chapter 7 cases are the most popular form of personal bankruptcy. They offer the chance to have debts be discharged, allowing one to get back on their feet in Hernando County (financially speaking) that much faster. Yet not everyone qualifies for Chapter 7 bankruptcy. Chapter 13, on the other hand, is viewed as almost being the default option that everyone qualifies for. There are scenarios, however, in which you may not qualify for a Chapter 13 bankruptcy either.
Most in Hernando County may assume that when one files for bankruptcy, their debts are discharged and they are no longer required to pay for them. This is indeed what happens in a Chapter 7 case, and there is good reason behind this popular assumption; indeed, according to information compiled by the American Bankruptcy Institute, 63.72 percent of all non-commercial bankruptcy filings in the second quarter of 2018 were Chapter 7 cases. Yet people have another option to consider when filing for personal bankruptcy: Chapter 13. This type of bankruptcy is often referred to as a "wage earner bankruptcy" in that filers are still required to pay their debts back over time.
Like many in Hernando County, you may be surprised at being asked to go through credit counseling prior to seeking personal bankruptcy. The reason for this requirement is three-fold; first, according the Administrative Office of the U.S. Courts, it is a federal requirement. Second, the hope is that you'll be able to avoid the issues that led to you struggling with debt in the future, and education such as this (as well as that which comes from the required debtor education you have to complete prior to your bankruptcy being discharged) should help with that. Finally, pre-bankruptcy credit counseling is to help both you and the courts understand if bankruptcy truly is your best option.
If you have a lien on your property in Florida, it could prevent you from being able to sell your property and pose a threat to your standing with your creditor or lender. If left unattended for too long, it could also begin to affect your credit and create problems that are much more complex to deal with than if you had initially taken care of the lien when it appeared. Fortunately, with a little work, you can get a lien removed on your property so you can regain your good standing.