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March 2018 Archives

Tax exclusions for loan modification and other debt forgiveness

The recent mortgage crisis was devastating for many Florida residents and others around the country. Homeowners in financial straits often had difficulties making house payments in a timely manner. In many instances, those struggling financially were faced with a loan modification, foreclosure or short sale. Consumers were allowed to deduct these forms of mortgage debt forgiveness on their taxes. Industry advocates are hoping to make this tax exclusion permanent.

Wage garnishment may be issued to collect unpaid credit card debt

If any residents in Florida or anywhere around the nation are having difficulty making ends meet, the last thing they need is to have part of their job earnings withheld. However, wage garnishment is a fairly common practice by creditors. Wages are most often garnished to collect unpaid credit card debt, child support, taxes or student loans. Financial experts recommend several steps to those who may experience wage garnishment.

Credit card debt for the nation at record high

Consumer confidence in the economy appears to be growing in Florida and all around the country. While this appears to be a positive trend, there is one financial indicator that is causing some concern among experts. The country's credit card debt has recently reached a record high.

New federal relief program may stem home foreclosure rate

When natural disasters such as floods, tornadoes and hurricanes occur, it is devastating for families to lose their homes and belongings. In 2017, many Florida residents and others around the country were displaced and unable to work. This resulted in the inability for some individuals to remain current with their mortgage payments. However, thanks to the Federal Housing Administration, homeowners were extended mortgage relief and were able to avoid home foreclosure.

How higher credit card debt is likely this year

When the federal funds rate is increased, interest rates rise likewise for consumers in Florida and across the country. An increase like this would affect a variety of financial instruments, including credit cards. For those people who carry credit card debt, the situation could prove to be difficult.

Consumers waiting on tax refund to file Chapter 7 bankruptcy

Many Florida residents and others around the country are excited to learn that they will be receiving a refund after they submit their tax returns. Financial experts have a litany of suggestions about how people should put their tax returns to good use. However, many consumers are still struggling financially. Research shows that some families are waiting for their tax returns so that they will be able to afford filing for Chapter 7 bankruptcy.

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Paul Urich
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