Florida residents may have heard about a Supreme Court case regarding bankruptcy and the Fair Debt Collection Practices Act. The question before the court is whether a proof of claim filed in bankruptcy court violates that act if a debt buyer or collector knows that the statute of limitations has expired. It is standard practice…
Debt collection companies in Florida are part of a $13.7 billion industry, but the regulations put into place to protect consumers from abuse and harassment are often ignored according to a report released on Jan. 12 by the Consumer Financial Protection Bureau. The federal agency sent surveys to 10,800 American consumers in 2014 and 2015,…
Residents of Florida who have credit card debt are not alone: 38 percent of American households carry credit card debt from month to month. Letting credit debt roll over instead of paying it off each month is called revolving the debt. Experts suggest ways that someone with revolving debt can work towards being a transactor,…
Florida residents may know that bankruptcy may be used as a way to reorganize or discharge a debt. However, one person who had filed for bankruptcy five times since 2002 was not entitled to a discharge of her debt in a future bankruptcy case. This was the ruling issued by a judge from the U.S.…
Based on the rulings of one bankruptcy court, Florida Chapter 13 bankruptcy debtors cannot make a change to their bankruptcy model plan without going through the formal modification process. The case, which was heard by a bankruptcy court in California, concerned five debtors who changed their model plans to permit them to get a discharge…
Florida residents who are interested in obtaining a bankruptcy discharge may want to know of a recent ruling in a spousal support case. A man who was ordered to pay his ex-wife’s attorney’s fees has lost his appeal of the court’s decision. The man had declared bankruptcy and objected to the order to make the…
Assuming that a Florida homeowner who has filed for bankruptcy owes less on a mortgage than the home is worth, how long a wait is there after the bankruptcy has ended before a refinancing of the mortgage is possible? It partially depends on why the homeowner went bankrupt to begin with. In the event that…
Last week, we started discussing how an unforeseen event: divorce, loss of a job, debilitating injury, serious illness, etc. can wreak financial havoc on even the most financially prudent individuals.Some circumstances can rapidly drain bank accounts and push anyone towards the brink of insolvency. We also explained how those who find themselves in this situation…
While most people understandably believe their finances are secure enough to weather any problems that life may throw their way, this doesn’t always prove to be the case. Indeed, anything from the sudden loss of a job or a divorce filing to the onset of a serious injury or illness can rapidly drain bank accounts,…
