Tag: Miami bankruptcy attorney

Debt Collection

What Consumers Need to Know About Debt Collection Rules ‘Regulation F’

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Several new debt collection rules have been announced by the Consumer Financial Protection Bureau (CFPB). These rules, through what is called Regulation F, offer greater control to consumers over the various method and times they will be able to be contacted by debt collectors.

Regulation F was implemented by the CFPB on October 30, 2020, and December 18, 2020. The regulation was created to interpret the Fair Debt Collection Practices Act (FDCPA). The FDCPA is meant to protect consumers from abusive collection tactics by third-party debt collectors. Regulation F officially went into effect on November 30, 2021. The FDCPA and the regulations included in Regulation F apply only to third-party debt collectors and not original creditors.

COVID-19, Foreclosure Defense, Foreclosures

Foreclosure Filings are up 132 Percent from 2021

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The number of foreclosure filings is up by more than 132 percent when compared to 2021. According to statistics from Black Knight, the number of active foreclosure cases involving homes that have begun the foreclosure process on a seriously delinquent loan, went up by over than 7,000 cases in March 2022. This increase is the first one seen in a year-to-year comparison in over 10 years.

Additionally, more than 78,000 U.S. properties had a foreclosure filing during the first quarter of 2022. This figure is 39 percent higher from the previous quarter and 132 percent more when compared to one year ago, according to figures from ATTOM. Black Knight also reports that the number of serious mortgage delinquencies, mortgages that are 90 days or more past due, are 70 percent higher than they were before the COVID-19 pandemic hit in 2020.

Debt Collection, Debt Consolidation, Debt Settlement

Can Settling a Debt Harm Your Credit?

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Escaping debt can be a long, arduous process. Many times, consumers find success in working with the creditor directly on settling the total amount owed, satisfying the debt by paying an amount that is much smaller than what was originally owed. While debt settlement can lift the burden carrying a large amount of debt places on a consumer, it also comes with its negative attributes, as well. In fact, according to new reports, debt settlement can actually end up harming a consumer’s credit score more than it helps.

A debt settlement can lower a person’s credit score by 100 points or more, according to the National Foundation for Credit Counseling. It can take up to seven years to recover from that negative hit.  

COVID-19, Credit Card Debt

Seventy-Five Percent of Americans Have Missed Credit Card Payments Due to COVID-19 Pandemic

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The COVID-19 pandemic has pushed many Americans into financial struggles. The disruption to employment, childcare, and school routines crippled the economy and forced millions of women and families to the financial brink. While many have bounced back, others continue to struggle.

According to a new survey from Forbes Advisor, 75 percent of American consumers have reported missing payments or making a late payment at least once on their credit cards due to the COVID-19 pandemic.

Medical Debt

Major Credit Reporting Agencies to Remove Majority of Medical Debt from Consumers’ Credit Reports

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Beginning in July 2022, the three major credit reporting agencies, Equifax, Experian, and TransUnion, announced they will remove approximately 70 percent of medical collection debt from their credit reports.

Specifically, paid medical collection debt will be the debt no longer included on consumer’s credit reports. The hope behind these efforts is to allow consumers more time to address their medical debt with their healthcare providers and insurance companies prior to the debt being reported.

Consumer Debt, Consumer News

Survey Shows 1 in 5 Workers Run Out of Money Before Payday

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As the cost of living rises and inflation is at an all-time high, many American households have been pushed to the brink. According to a recent study from Salary Finance, 1 in 5 workers cannot make it from paycheck to paycheck.

As the cost of living continues to rise, many Americans are finding themselves struggling to make ends meet.  According to Salary Finance, approximately 20 percent of employees run out of money before their next paycheck. This is up five percent from the previous year.

Small Business Bankruptcy

The Future of Small Business Bankruptcy

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The COVID-19 pandemic hit the nation’s economy hard, forcing many businessowners to make some tough decisions regarding their business’s future. Government stimulus efforts, as well as lower interest rates, kept many businesses afloat, which brought Chapter 11 bankruptcy filings to an all-time low.

At the same time, Subchapter V of the 2019 Small Business Reorganization Act (SRBA), opened the doors and made filing for Chapter 11 bankruptcy simpler and more streamlined for attorneys and business owners. The CARES Act temporarily also tripled the debt limit for eligible small businesses to file for bankruptcy. However, now that those measures are coming to an end, Congress has been asked to pass legislation to extend the measures, keeping the elevated limit of $7.5 million. These measures failed last week, and the limit expires as of Sunday.

Bankruptcy Law, student loan debt, Student Loans

Democrat Lawmakers Push for Student Loan Debt Bankruptcy Reform

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Discharging student loan debt through a consumer bankruptcy case has been next to impossible for borrowers facing a financial crisis. Bankruptcy reform advocates have been calling upon lawmakers to make this process easier for student loan borrowers with no success. Recently, several prominent Democrat lawmakers have called upon the president to help make these reforms through executive action. In addition, they have also sent separate requests to two federal agencies to do the same.

In order to receive a discharge for their federal student loan debt, borrowers facing a bankruptcy proceeding have been required to file a separate legal action within their already open bankruptcy case and to prove that they would suffer an “undue hardship” if forced to continue paying on their student loan debt.

Timothy Kingcade Posts

As Home Rental Prices Soar, Rent-Control Measures Return

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With rent prices surging across the country, legislators are looking for ways to curb the surge and help tenants stay in their homes. State lawmakers have come up with different options for rent control legislation to help with the effort, including putting a limit on how much landlords can increase their rent.

For the most part, rental prices have been on the rise since the start of the COVID-19 pandemic. According to real-estate broker, Redfin Corp., rental prices are up on average by 18 percent over the past two years. Most of these proposals restrict how much a landlord can raise rent by no more than two to ten percent in an effort to hold off any continued increase.

Debt Collection

Can a Debt Collector Contact me on Facebook?

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Debt collectors will resort to any tactic possible to contact a consumer regarding an outstanding debt. Traditionally, these communications have come in the form of phone calls or letters, but as technology has advanced, text and email communication have become a common way of reaching consumers. Debt collectors are also resorting to tracking people down through their social media accounts.

A federal agency issued a new rule that allows debt collectors to contact people by email, text message, and social media platforms, including Twitter, Facebook, and Instagram.