Florida was one of the hardest hit states when the housing market crashed in 2008. Even all these years later, many homeowners are still feeling its effects. For many of those who are still delinquent on their mortgage loan payments, avoiding home foreclosure is a...
Year: 2015
What is life like after Chapter 7 bankruptcy?
One of the reasons why many Florida residents shy away from filing for bankruptcy is the misconception that life afterward will be difficult. The credit industry tends to propagate this myth to keep people from seeking Chapter 7 bankruptcy relief. However, there is...
Should you file for Chapter 7 bankruptcy together?
When a Florida married couple's financial situation becomes dire, it can create an overwhelming burden on their lives and their marriage. Making the decision to file for Chapter 7 bankruptcy can be the first step in alleviating a couple's burdens. Once that decision...
Florida drops to 3rd in home foreclosure rates
Since the housing market crashed seven years ago, Florida took one of the hardest hits in the country. Home foreclosure rates in the state have kept it in the top five for years now. Even though Florida remains in the top five at number three, according to most recent...
The benefits of filing for Chapter 13 bankruptcy
Due to the addition of the means test to the U.S. Bankruptcy Code, many Florida residents do not qualify to file for Chapter 7 bankruptcy. Those people often qualify for Chapter 13 bankruptcy, and they might not be aware of its advantages. Below is a discussion of...
What happens when you file for Chapter 7 bankruptcy?
For many Florida residents, bankruptcy is the best way to remedy their financial issues. A successful Chapter 7 bankruptcy often gives individuals and their families a fresh financial start. Getting to that point, however, requires adherence to certain rules and...
What is a means test?
In the past, just about anyone could file for Chapter 7 bankruptcy. That is no longer the case. When the Bankruptcy Code was revised in 2005, a means test was added in order to ensure that a filer is not able to repay at least a portion of his or her debts. Now, this...
Should you agree to a short sale to stop home foreclosure?
There are still numerous residential properties here in Florida that are distressed because their owners were victims of the housing market crash. As many homeowners face the possibility of foreclosure because they are unable to make their mortgage payments, either a...
Young people are not the only ones with high credit card debt
When young adults here in Florida and elsewhere across the country make financial mistakes, they have time to fix them prior to retirement. However, the older they get, the more difficult it may be to recover. Young people are no longer the only ones who incur high...
Short sale or foreclosure — which is the better option?
If you're struggling to pay your mortgage every month or have already missed several payments, you may be wondering what will become of your home and how much longer you can afford to hold on to it. Unfortunately, unless you have a realistic expectation of a financial...