Filing for Chapter 7 bankruptcy has the advantage of discharging debt you owe. However, if you used certain property as collateral for a loan, you still will have to provide some sort of compensation to the creditor to avoid losing the property. What do you do when you qualify for a Chapter 7 bankruptcy but want to keep a secured debt? The good news is that you may be able to do both. By reaffirming the debt, you can still file for Chapter 7 and retain the property.
A financial and consumer information company that tracks national trends has reported some encouraging news for homeowners in Florida and across the country. The level of home foreclosure inventory as well as the number of completed foreclosures has significantly decreased over the past year. The company includes all homes at some point in the foreclosure process in its definition of foreclosure inventory. Homes lost to foreclosure make up the number of completed foreclosures.
Many people in Florida and throughout this country look for ways to save money and reduce expenses. Financial experts cite credit card debt as a burden to a majority of households. On average, consumers pay around $1,300 a year in interest on their credit cards. A personal finance website has offered several suggestions on how to eliminate that debt.
A prominent credit rating agency has published a report on lending trends in Florida and across the country. One area of interest was the default rate for loans that were modified. The study states that a loan modification that took place since 2014 was more like to re-default faster than a loan that was modified earlier.
A noted business school has published a study that suggests there are psychological factors when it comes to paying bills. Households in Florida and throughout the country maintain an average balance of $16,000 in credit card debt at any given time. Many consumers pay only the minimum payment due each month, even if they in a position to pay more.
Florida residents and others throughout the country often get into debt for a variety of reasons. A recent survey conducted by a personal finance website asked questions regarding credit card debt. The survey revealed that emotions play a big part in how consumers view debt.
The new administration in Washington has no plans to replace a program that expired in December after being in place for the past eight years. The Home Affordable Modification Program was established in 2009 in an effort to help struggling families during the mortgage crisis. Many Florida residents and others across the country whose objective was avoiding home foreclosure through loan modification hoped to participate in the program. However, the program was not as successful as the former administration had hoped.
Much of the focus on bankruptcy is about how to reduce or eliminate your debt and have a fresh financial start. While it is important that you have good information on the right bankruptcy approach for your situation, there is more you need to know. Since 2005, U.S. bankruptcy law has required that consumers take a credit counseling course as part of their bankruptcy filing. Understanding what this means and how to go about it can save you time and money.
About 25 percent of the people in this country think about money more often than any other topic. Florida residents are no exception. There are many strategies to develop financial strength, but one practice can be beneficial in several ways. Paying down credit card debt can reduce minimum monthly payments, thus potentially increasing available cash flow.
A Jacksonville representative recently filed a bill in the Florida House that would give lienholders more rights in foreclosure proceedings. The bill proposes legislation that would allow documentation from bankruptcy cases to be considered in home foreclosure actions. A new section of Florida Statute, titled "Actions in Foreclosure," would be created as a result of the bill.