Category: Chapter 7 Bankruptcy
In the U.S., your financial credibility is all about your credit report and credit scores. Yet, if you are submerged in debt, and the loan sharks are after you, you might have no option except to file bankruptcy. In such cases, your credit score might plummet even further than where it is currently. And the worst…
If you struggle to keep up with your debt, filing for bankruptcy in Florida may be the solution. Bankruptcy allows borrowers to stop all collection efforts and get a fresh start immediately. Phone calls, wage garnishments, foreclosure sales, and collection notices must stop immediately after filing bankruptcy. Bankruptcy also provides a discharge of debt to give…
The COVID pandemic has had a devastating impact on the health and financial stability of many Floridians. In response to the COVID pandemic, Florida issued a foreclosure moratorium. A moratorium is a temporary prohibition or suspension of an activity. The foreclosure suspension was in effect for many months but recently expired. Fortunately, there may still…
The coronavirus has had a devastating impact on the lives of countless Americans. Many have fallen ill, and others have become unemployed and are struggling to meet their financial obligations. Congress has recently enacted new laws to help homeowners struggling to pay their mortgage because of COVID. To learn more about which option may be…
Chapter 7 bankruptcy is designed to eliminate debt and give borrowers a fresh start. The Chapter 7 process is the shortest termed bankruptcy that you can file. A Chapter 7 case typically takes about 90 days, depending on how many assets and creditors you have. There are a lot of potential benefits to filing Chapter…
In most cases, obtaining a discharge will be the primary reason why a borrower files for bankruptcy. If a debt is discharged in bankruptcy, the borrower will be released from all personal liability on the debt. Further, creditors will be restricted from taking any collection action against the debtor for debts discharged in bankruptcy. Creditors…
Unexpected medical bills can financially devastate a family for many years to come. The rising cost of health care is proving to be a tremendous burden on families. Most people file bankruptcy because of medical bills. A study by the American Journal of Medicine found that 62.1% of all bankruptcy cases are attributable to medical reasons. Further,…
In Chapter 13 bankruptcy, there should be no risk of being forced to liquidate assets. Chapter 13 is a reorganization bankruptcy where borrowers pay debts according to a court approved payment plan. On the other hand, Chapter 7 is a liquidation form of bankruptcy. Borrowers won’t have to pay their debts, but in exchange, the…
Florida is a judicial foreclosure state. Therefore, a bank or HOA seeking to foreclose a home must receive approval from a judge. The case must be filed in the circuit court where the property is located. Under Florida foreclosure law, all mortgage foreclosure cases are to be conducted in a court of equity. Courts of equity…
The coronavirus (COVID-19) has had a devastating impact on the lives of countless Americans. Many have fallen ill, and others have become unemployed and are struggling to make end’s meat. Whether the impact has been to your income or the expense of supplies needed to prepare for this emergency, the unexpected tragedy has caused great…