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Court says recent credit card charges not evidence of fraud

Florida residents who are struggling with debt might wonder whether they can file for bankruptcy and if they can discharge recent debts. In a West Virginia case, a bank tried to claim that a debtor could not discharge almost $8,000 worth of credit card debt incurred around two months before she filed for Chapter 7 bankruptcy. Under the Bankruptcy Code, a person cannot discharge debt for services incurred within 90 days of the bankruptcy filing or for luxury goods if a single creditor is owed more than $675 for those goods. The woman had taken a cash advance on her credit card in the amount of approximately $8,000 two months before her bankruptcy filing.

Getting a bankruptcy off a credit report

If a Florida resident files for Chapter 7 bankruptcy, it will likely stay on his or her credit report for 10 years after the filing date. If a person files for Chapter 13 bankruptcy, it will remain on the report for seven years. Unfortunately, there are very few instances in which a person can get the fact that he or she filed for bankruptcy taken off his or her credit report once it shows up on it.

How bankruptcy may help with auto loan debt

Florida residents may be aware that a lender may repossess a car for not making loan payments. Even if the car is repossessed, a borrower may still be on the hook if the amount that the lender receives from a subsequent sale is less than the balance remaining on the loan. This is referred to as a deficiency, and the borrower is responsible for paying that.

Making debt payments

Young adults in Florida who are part of the millennial generation may have big decisions in mind like purchasing a home or starting a family. Others may have already achieved these important personal milestones. Millennials often have to make major life choices while balancing large debts. Half of them have more than one long-term debt to pay off, and two-thirds have one source of debt.

Florida debtors may be able to make property transfers

Florida residents who are considering filing for bankruptcy and are thinking about transferring certain assets out of their estate before doing so may be interested in a 2016 decision of the U.S. Court of Appeals for the 9th Circuit. According to the Bankruptcy Code, a discharge could be denied for debtors who attempt to make property transfers less than a year before they file for bankruptcy. This time requirement is designed to prevent people from improperly taking advantage of the system and defrauding legitimate creditors.

Identity theft and bankruptcy

Florida residents who have been victims of identity theft should make sure that they take the appropriate steps to correct the situation. While bankruptcy may be a useful financial and legal tool to use for certain financial problems, using it to fix the damage caused by identity thieves may not be the best choice.

Filing for bankruptcy may save pawned assets

Florida residents who are experiencing financial problems or just need some extra money often apply for a secured loan. This is a loan that is backed by an asset such as a car or a property title. If a debtor doesn't make payments, the creditor has the right to seize the asset that was put up as collateral.

Can credit card debt be discharged in bankruptcy?

Excessive credit card debt can lead to financial stress and harassing calls from collection agencies. Many of these collection agencies provide misleading information that may lead consumers to believe that filing bankruptcy is no longer an option for getting rid of credit card debt.

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