Tag: Miami bankruptcy attorney

Coronavirus, COVID-19, Foreclosure Defense, Foreclosures

Covid-19 Mortgage Bailouts Decline, New Foreclosure Crisis Looming

Posted on by Admin

Homeowners are struggling to keep up with their mortgage payments as the coronavirus (COVID-19) crisis continues. The mortgage bailouts offered by the federal government and private sector during the crisis have helped temporarily, but as the number of bailouts begin to decline, many homeowners are finding themselves facing the possibility of impending foreclosure.

According to figures from Black Knight, a mortgage technology and data firm, approximately 3.7 million borrowers are still receiving assistance through federal government and private sector mortgage forbearance programs.  This figure represents nearly seven percent of all active mortgages. Forbearance plans allow borrowers to temporarily delay monthly payments for anywhere between three months to a year.

Debt Collection, Debt Relief

How to Work with Debt Collectors When You Are Not Able to Pay

Posted on by Admin

Dealing with debt collectors is stressful, especially when the person owing the debt simply does not have the financial resources to pay. It can be easy to fall behind on bills, and before too long, the consumer will find himself or herself juggling countless collection calls. These calls are not always pleasant. After all, the debt collectors have one job to do and that job is to receive payment on the debt. What is the best way to deal with debt collectors when an individual is not able to come up with the payment?

Stay Calm and Attempt to Work with the Collector

Debt collectors have a reputation of being aggressive when performing their jobs. However, it is important to stay as calm as possible when communicating with a debt collector. If a consumer agrees that he or she owes the debt and does not have the resources to do so, it may still be beneficial to at least attempt to work with the debt collector on paying on the debt. If the person does not have the money but still wants to pay, the collector may mark the consumer down as “refused to pay.” However, do not fear this label. It is essentially meaningless in the collection process. It does not make the collection case against consumer any worse or any better.

Debt Collection

Facing Debt Collection? Know Your Rights.

Posted on by Admin

When someone is facing debt collection, it is important that person knows his or her rights.  The Fair Debt Collection Practices Act (FDCPA) is a federal law that protects consumers against unfair collection practices, including:

  • Calling you repeatedly to annoy or harass you;
  • Trying to collect more than you owe;
  • Failing to send a written notice of the debt;
  • Threatening violence, using profanity or offensive language;
  • Threatening dire consequences (i.e. – lawsuits, criminal prosecution, wage garnishment, jail time, permanently ruining your credit);
  • Calling you before 8 a.m. or after 9 p.m.;
  • Revealing debt to third parties (i.e. – family, neighbors, friends, co-workers, etc.);
  • Contacting you at your work, after you have requested them to stop;
  • Failing to verify disputed debts;
  • Ignoring cease communication requests.
Credit Card Debt

What Happens to Credit Card Debt When a Person Dies?

Posted on by Admin

After an individual dies, one of the big questions that comes up from those handling the estate of the deceased is what happens to that person’s debt? These debts can include medical bills, taxes, and credit card debt. One of the main concerns brought up by clients is whether they will be personally responsible for the credit card debt of their deceased relative. The good news is only the estate will be responsible for any outstanding debt and not the family of the deceased.

Whether the person has a will or no will, his or her estate will need to be processed through probate court. If the deceased had a will, he or she will have named a personal representative who will handle the estate, and if the person has no will, the court will appoint someone to administer the estate.

Credit Card Debt, Debt Relief, Medical Debt, student loan debt

Tips for Managing Student Loans, Medical Debt, Credit Cards and More

Posted on by Admin
DMP - Debt Management Plan acronym, business concept background

Consumer debt encompasses several different categories. However, many people often struggle with the same few categories, mainly student loans, medical debt, and credit card debt. It helps to know how to attack the debt individually in each category if a consumer is looking to pay down their various debts.

Student Loan Debt

If you are struggling with student loan debt, you’re not alone. In fact, it has been reported that Americans carry over $1.5 trillion in student loan debt. This figure amounts to an average individual load of $32,731 per student. If the consumer proceeds towards a master’s degree or professional degree following graduation from undergraduate studies, that amount can get into six figures. Paying down that debt can be a struggle for many, especially during recent times. Currently, the federal government has issued a forbearance on all federal student loan debt during the COVID-19 crisis, which has been extended past September 30.

Bankruptcy Law, Business Bankruptcy

Cheesecake Factory, Dave & Busters & Outback Steakhouse Facing Bankruptcy

Posted on by Admin

The coronavirus (COVID-19) pandemic has hit countless businesses hard, but the restaurant industry has been hit particularly hard.  According to a recent report from S&P Global, some popular large chain restaurants have made the list of businesses struggling to stay afloat.

Three restaurants are going through serious financial difficulties, namely the Cheesecake Factory, Dave & Busters and Bloomin’ Brands, the parent company of Outback Steakhouse.

Credit Score

Common Errors to Look for in Your Credit Report

Posted on by Admin

Consumers should monitor their credit reports on a regular basis, or at the very least once a year. The three major credit reporting agencies allow free annual credit reports, which will pull information on the person’s credit history, including closed and open accounts, as well as several other pieces of important information. However, if the person reviewing the report does not know what to look for in the report, significant errors could be easily overlooked.

A credit report is an excellent way for lenders to get a good idea of how the potential borrower handles his or her credit and debts. This information usually is used to determine whether the borrower is a lending risk or a safe option. If something is on the person’s credit report that is not correct, it should be fixed as soon as possible to ensure that the individual’s credit score stays in the good range.

Debt Relief

The Budgeting Mistake That Could Be Keeping You in a Cycle of Debt

Posted on by Admin

Creating a budget can be a challenge but sticking to one can be even harder. For someone who has less than perfect credit, the creation of an affordable monthly budget is crucial.

Consumers who have subprime credit scores, meaning their scores range between 580 and 669 on the FICO scoring model, often struggle with being able to handle a budget that not only meets their needs but actively works towards paying down debt.

Debt Relief

The Downsides of Using a For-Profit Debt Settlement Company

Posted on by Admin

Carrying large amounts of debt is stressful, which is why many people turn to debt settlement companies to fix the problem. However, it pays to use caution when seeking solutions with consumer debt. Countless for-profit debt settlement companies exist, offering deals that seem too good to be true, hoping that they will be able to entice a consumer to use their service. Consumers who hire a for-profit debt settlement company often find there is more risk than reward.

Debt settlement companies are easy to find, whether on the internet or on TV commercials. We have all seen them.  These companies use lines such as– “Settle your debt for less than you owe”, “We work with your creditors to reduce your monthly payments,” etc.