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Orlando Bankruptcy Law Blog

Florida families not getting help to avoid home foreclosure

Being in a position of financial hardship and unable to keep current on a mortgage can leave a home owner desperate for help. When that homeowner is unaware of options, that homeowner may not seek available help or may not make the most informed or best decisions regarding ways to avoid home foreclosure. One recent report notes that Florida is not dispersing mortgage assistance money as effectively as other states, leaving many homeowners struggling who may be entitled to that relief.

Federal mortgage assistance money was given to each state as a means of helping homeowners avoid home foreclosure during and after the recession. Florida was reportedly given $1 billion to help those in need. So far, the Sunshine State has only dispersed half that amount.

Handling a spouse's credit card debt after a death

Laws pertaining to who is responsible for credit card debt can be complicated. It is essential for married couples in Florida to understand the status of the credit card debt of both spouses and how the debt may affect them as individuals should one spouse pass away. When one spouse dies and debt collectors come calling, the living spouse may find him or herself swamped with the other person's debt and unsure about his or her options.

One woman recently inquired as to what may become of her terminally ill husband's credit card debt after he passes away. The first thing the woman in that scenario has been advised to do is to check her credit report. This should outline which credit card accounts consider her simply an authorized user and which consider to a primary user. If she is a primary user, she may certainly be held accountable for the debt after the death of her husband.

Chapter 13 bankruptcy might be the answer to money troubles

Financial strain for any reason can be stressful, and available solutions may be confusing. The options for dealing with financial troubles vary depending on the source of those troubles and whether those money problems are actually temporary or a long-term problems. If the financial strain placed on a Florida family is the result of a temporary situation, Chapter 13 bankruptcy may be the best way to deal with those financial issues and get a fresh financial start.

Chapter 13 bankruptcy is best known as a reorganizational bankruptcy. This type of bankruptcy can help families or individuals who may have lost jobs, divorced or otherwise temporarily fallen on hard financial times. It essentially gives families time pay back debt over a period of years. In addition, Chapter 13 can remove the risk of losing assets by stopping foreclosure actions.

How do I know if I need a bankruptcy attorney?

Sometimes the closer you are to a problem, the harder it is to solve. This is especially true when emotions are involved, because they tend to cloud our logic and prevent us from making rational decisions.

The debt that many of us carry around is a perfect example. Once it starts spiraling out of control, intense feelings of guilt, fear and even failure can quickly take hold. Even if you've considered seeking professional help with your money problems, you might agonize over whether it's the right choice.

Community rallies around woman facing home foreclosure

Confusion over a reverse mortgage and beneficiary rights can present much stress after a loved one's death. One woman is at risk of losing her family home to home foreclosure based on the actions her mother allegedly took in regards to a reverse mortgage and its confusing terms. Florida homeowners who have considered reverse mortgages may want to be clear on the terms to help their beneficiaries avoid home foreclosure or disputes with lenders.

The woman at the center of a recent case making news is trying to keep a home that was appraised at $9,000. However, the woman's mother took out a reverse mortgage 10 years ago. Debt from that reverse mortgage has amounted to $60,000. The woman says she was unaware of the reverse mortgage that her mother took out on the property.

Florida home foreclosure rates finally dropping

Florida families, like families all across the country, were hit hard by the recession that began a few years ago, particularly when it came to keeping the family home. Despite the struggles many Florida families have had to endure over the past seven years while fighting to regain financial footing, there is some good news on the home foreclosure front for the Sunshine State. Florida has ranked number one for home foreclosures for some time but has recently relinquished that ranking, thanks to showing signs of improvement.

Based on comparisons with August of 2014, the number of homes in Florida facing foreclosure in August of 2015 has dropped by 33 percent. The entire country has seen a decline of homes caught in the home foreclosure process. The drop for the country overall is reported at 6 percent compared to last August.

Before modifying your loan, consider all options

There are times when a homeowner has difficulty keeping up with mortgage payments. That struggle may be temporary or for the long-term. Sometimes, Florida homeowner may be unsure whether or not he or she will ever feel financially secure enough to keep up with home mortgage payments. While the urge to seek a loan modification may be strong when it is touted as a quick solution, it makes sense to consider all of your options before modifying your loan.

One downside of jumping straight into the loan modification process before exploring other options is that the homeowner seeking the modification has no leverage for negotiating a resolution that works in that homeowner's favor. If bankruptcy is filed beforehand, the quest for a loan modification may be handled differently and more in line with what may be best for that individual homeowner. Filing also freezes any foreclosure action, giving you time to explore all alternatives. 

Can bankruptcy be the best way to keep your house?

The thought of losing the family home can be a constant source of stress and fear for any family. As the recession hit Florida, many families unexpectedly found themselves in a position where they had to explore options to save their homes from foreclosure. While struggling to regain financial footing, it may be worth exploring whether filing for bankruptcy is the best way to keep your house.

First of all, the fate of a house under a bankruptcy filing will depend on the type of bankruptcy filed. Both Chapter 7 and Chapter 13 bankruptcy will halt the home foreclosure process. This stay of the home foreclosure process can give you needed time to decide the best course of action and if keeping the home is really the best decision. If you decide that keeping the home is the best choice, Chapter 13 bankruptcy may be the best bet.

Florida families may need help with credit card bills

The feeling of accumulating debt is often equated with the feeling of drowning. Credit card bills can give people that same feeling as interest rates, late fees and the balance that never seems to decrease causes fear and stress for Florida families. For families who cannot get out from under credit card bills on their own, there are options that may help families regain control and avoid any further detriment to credit scores.

One option for those drowning in credit card bills is to file Chapter 7 bankruptcy. Under this form of bankruptcy, credit card debt can be discharged. This essentially means the debt is wiped out, and you will not have to keep making payments that seem to not even make a dent in the balance.

Burt Reynolds falls behind on house payments, sells home

Even the rich and famous can have trouble managing finances and finding a way to gain back control of those finances after a certain point. Actor Burt Reynolds is one example. He recently sold his Florida mansion after it was on the market for years; he had declared bankruptcy years ago after falling behind on house payments.

Reynolds owned the 12,500 square foot home since 1980. He bought it for $700,000. The actor accumulated debts of up to $10 million after a divorce and some bad investments. His career also had a lull that may have affected his income. He ended up filing for bankruptcy in 1996.

Paul Urich
Orlando Office

Law Office of Paul L. Urich, P.A.
1510 East Colonial Drive
Suite 204
Orlando, FL 32803
Phone: 407-896-3077
Fax: 407-896-3041

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