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Orlando Bankruptcy Law Blog

Dolphins player proves home foreclosure can affect anyone

When the economic collapse caused a housing crisis, some may have assumed that only those who struggled financially found themselves in dire straits and on the verge of personal financial collapse. However, the struggle to avoid home foreclosure and stay on stable financial ground was one that spanned across all economic classes of society. In fact, a well-known Miami Dolphins football player, Bob Kuechenberg, finds himself at the center of a Florida home foreclosure case.

Kuechenberg played 14 seasons with the team, and he was also a Pro Bowl choice six times. Back in 2003, the football player bought a house for $387,000. At some point in 2007, he got a mortgage for the three-bedroom home.

Florida resident avoids home foreclosure with program

After the economic collapse, many banks were found to be practicing scrupulous techniques that resulted in people losing their homes when they didn’t have to. Banks were ordered to pay fines, and some homeowners were finally approved for the help they needed to avoid or recover from home foreclosure. One Florida woman found that the value of her home decreased, but she has recently received the help she needs to keep her home.

The woman had a mortgage of $4,600 and found herself falling behind when her income decreased and her business slowed way down. The value of her home was plummeting, so she was unable to get her lender to refinance the mortgage. The woman ended up behind to the tune of four years’ worth of payments and on the verge of losing her home.

Tips for Florida residents with credit card bills

Despite the economic recovery, many people still struggle with credit card debt. In fact, it is estimated that the average amount of credit card debt for a household in the United States is $6,700. However, there are tips for people who live in Florida who may be seeking ways to pay off credit card bills and get back on stable financial footing.

One method for controlling those credit card bills is through a balance transfer. This is cited as an underused method of consolidating credit card debt. A balance transfer can be a means of putting all credit card debt on one card.

Man on trial for alleged loan modification scam

When the housing market hit a major wall and quickly slid downward, many struggling homeowners sought means of protecting their home ownership status while actively seeking ways to make payments lower and more manageable. One popular means of staying in one’s home during the crisis in Florida and beyond was through the option of a loan modification. However, as is the case with many ways to help homeowners, there were unscrupulous people who devised ways to defraud or rob homeowners when they were at their most vulnerable.

One man is currently facing charges for essentially bilking desperate homeowners out of thousands of dollars. The man has been arraigned and is accused of stealing from 42 victims. He is accused of taking more than $92,000 from these applicants who were under the impression that he ran a legitimate loan modification program.

Despite proof of payment, woman has home foreclosure nightmare

When someone buys a home, there are many means of making the mortgage payments each month. Direct deposit, money orders or a personal check are all an acceptable means of payhment each month. Despite one woman’s proof that she was paying each month, a Florida homeowner still found herself in the midst of a home foreclosure nightmare related to how payments were made. She is now suing the bank because of it.

The woman bought the home in 2007. She sent in payments by mail for over a year. She then received a notice saying her home was being foreclosed. The mistake was found to be the fault of a bank employee who was depositing the amount into another mortgage account that was listed under the name of the woman’s daughter.

Tips to help Florida residents stave off credit card debt

Despite the economic recovery, some people find themselves still struggling with finances, namely credit card debt. For those in Florida who have more than one credit card or rely on them to make ends meet from time to time, credit card debt can be difficult to control or manage. Despite the struggle, following a few tips may be the key to managing this form of debt and moving forward from credit card debt altogether.

One vital tip is to find a way to stop charging at all. While canceling cards is not always a great plan, keeping them from being accessible may be. An accurate budget planned out month to month can help someone plan and track credit card payments. Tracking each dollar and progress toward paying off balances can be an invaluable incentive to continue to pay down debt.

Good news for Florida home foreclosure rates

As the recession wanes, certain economic indicators have shown a marked improvement in the housing market. While there is marked recovery, Florida and a few other states still struggle with the aftermath of the housing crisis. Despite that struggle, there are current numbers that show the home foreclosure crisis is getting better in Florida and that growth is being tracked all over.

Sales of homes in general in Florida are on the rise, according to new numbers released. The number rose almost 2 percent last month. Compared to last year, there has been a 4.61 percent rise in the sale of homes.

Family fights home foreclosure for years

Whenever a family runs into financial trouble and seeks various means of help, there may be lots of paperwork and documentation involved. The quest to obtain a mortgage modification or going through the bankruptcy process as a means of avoiding home foreclosure can be time-consuming, and the paperwork may be vital for dealing with any miscommunications. Florida residents who are working to avoid home foreclosure may be interested in the story of one family who found themselves foreclosed on after years of keeping records to support their quest to stay in the home.

The battle the family has endured has gone on for over a decade. The issues started when they received notice that they missed a payment, and the lender planned to foreclose on the home. They provided documentation stating otherwise, multiple times. The next year, they applied for a modification due to financial hardship. They also filed bankruptcy during this time.

Seeking debt relief after small amounts of debt accumulate

Medical debt can quickly accumulate after a serious illness, surgery or unexpected accident, which can lead a Florida individual to seek debt relief. Many people do not consider that even a small amount of medical debt can lead to financial problems and other types of debt. When an individual is considering debt relief options because of any type of owed balance, bankruptcy may be a viable option.

Although from another state, an older American learned what even a small amount of medical debt can do to long-term finances. This man learned that he owed $640 in medical bills after he had a stroke. The amount had gone unpaid and had been sent to collections. He had been receiving calls and messages over this bill of less than $1,000.

Can you protect IRA assets during Chapter 7 bankruptcy?

It has always been a matter of complication when determining if inherited IRA accounts can be affected by Chapter 7 bankruptcy. Recently, the Supreme Court ruled that inherited IRA accounts are eligible to be confiscated for the purpose of discharging debts. A recent case involving a Chapter 7 bankruptcy resulted in the ruling, which could affect Florida bankruptcies from now on.

The hearing originated from a dispute over an inherited IRA account from 2001. A woman received this fund from her mother upon her death. She filed for bankruptcy 11 years later and argued that this IRA account should be protected from her creditors. During the bankruptcy process, certain assets will be liquidated. A court-appointed trustee will oversee the money from these assets being distributed among creditors, thus pulling an individual out of debt.

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