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personal bankruptcy Archives

Innovative startup wants to relieve medical debt load

Unpaid medical bills burden many Florida residents, especially those without insurance, but also people who have insurance with high deductibles and copays. A startup company called Better was formed to help people address out-of-network medical expenses, and it has announced that it intends to apply its proceeds to settling medical debt for people who cannot pay.

Fed interest rate hikes to raise payments for debtors in Florida

Credit cards, adjustable-rate mortgages and home equity loans tie their interest rates to a rate set by the Federal Reserve. This rate establishes the cost of short-term loans between banks, and increases ripple out to Florida borrowers and affect their payments. The Federal Reserve has already raised this critical rate twice in 2017 by one-quarter percent each time. Financial experts expect a third increase by a similar amount later later in the year.

The number of health plans with high deductibles increases

Since the implementation of the Affordable Care Act, a rising number of people in Florida and the rest of the nation have been using health plans that have high deductibles. This is according to a study recently conducted by the National Center for Health Statistics at the United States Centers for Disease Control and Prevention.

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.

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