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July 2017 Archives

Florida pitcher Hernandez files for Chapter 13 bankruptcy

Florida baseball fans certainly remember watching Livan Hernandez pitch in the 1997 World Series, bringing the Marlins to victory and winning the honor of Most Valuable Player. However, Hernandez may feel anything but victorious these days, and the value of most concern is likely his dwindling assets. Fans may have been surprised to learn that the retired pitcher recently filed for Chapter 13 bankruptcy.

Is a short sale right for you?

When you keep getting further and further behind on your mortgage, a short sale can be one of the options on the table. Informing yourself about possible solutions and speaking with an experienced attorney can help you make the decision that is best for you.

Loan modification may not solve mortgage problems

Waking up in the morning to the fear that something bad is going to happen can begin to wear on a person. Will the bank call again today? Will another notice arrive in the mail about the defaulted mortgage? What options are left when there simply is not enough money coming in to pay all the bills? Some may consider contacting the bank to discuss a loan modification, but this course of action is not always successful.

Have a plan to eliminate credit card debt

Living a debt-free life is a goal of many Florida residents and others around the country. However, millions of the nation's households have credit card debt. With an average debt per household of $8,448 and an average interest rate of 14 percent, a family may spend over $1,000 on interest. Experts recommend several steps to take to become debt free.

Questions answered about home foreclosure process

The country's economic crisis has affected many consumers in Florida and around the nation. Some are struggling to make ends meet and wondering how to fulfill all their financial obligations, especially their monthly mortgage payment. Those who are unable to make their mortgage payments on time may be in the home foreclosure process. A realtor addressed several issues regarding foreclosures.

401(k) loans should not be first choice to help consolidate debt

For some Florida residents and others around the country, the amount of debt they have incurred seems overwhelming. To reduce the debt, several alternatives are considered by consumers. Most elect a balance-transfer credit or a personal loan to consolidate debt, while others take out a home equity loan. However, those that decide to pursue a 401(k) loan may be taking undue risk.

Credit card debt level down in 1st Quarter 2017

There have been some positive signs in the economy for Florida residents and others across the country. However, for the first quarter of 2017, the nation experienced a slight increase in all loan categories of household debt, except for one. According to a personal finance website, credit card debt was down by almost 2% per household.

Chapter 13 bankruptcy filings down under Affordable Care Act

Many residents in Florida and around the country are enjoying the benefits of a stronger national economy. One indicator that reflects the economic improvement is the amount of people who file for personal bankruptcy. According to recent reports, the number of filings for both Chapter 7 and Chapter 13 bankruptcy have decreased by 50 percent in the last six years. An analysis by Consumer Reports suggests that a possible reason for this decline could be attributed to the Affordable Care Act, or ACA.

Banks see slower payoffs for credit card debt

While many economic measures are showing improvement for Florida and elsewhere around the country, one indicator is not moving in a positive direction. According to reports from national financial services company, many consumers are no longer paying off their credit card debt as timely as before. As a result, there has been a recent increase in the number of charge-offs for credit cards.

Recent loan modification lawsuits provide lessons for consumers

Many Florida residents and others around the country struggle to make their mortgage payments each month. In some cases, consumers have sought a loan modification from their lenders to potentially reduce the amount of required monthly payments. However, there have been a number of court cases challenging if some of these modifications are legally binding.

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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