Articles Posted in Credit Cards

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After the death of a friend or loved one, it can be very confusing what to do with their finances. When an individual dies, sometimes the debt they leave behind must be paid by their estate, other times it does not. If the deceased had a co-signer on a debt, then that co-signer is still legally responsible for that debt. In some states, a spouse may also still be liable for certain debts such as health care expenses.

Oftentimes, a relative is NOT liable for the debts of the deceased. But a creditor may call you and imply that you are responsible or try and guilt you into paying. This may be illegal and our Jacksonville Consumer Law Attorney may be able to make the creditor stop their collection activities against you and sue the creditor for any damages.

Before you pay for these debts, contact a Jacksonville Consumer Law Attorney to discuss if you must pay the debt or not.

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Famous singer Toni Braxton filed for relief under Chapter 7 Bankruptcy in September of 2010, listing luxurious personal property items, such as a Porsche, lavish household contents, and expensive jewelry. She claimed around $1.6 million in assets. The judge in her case has now granted her a discharge. This means that she will no longer be liable for certain debts. This is her second bankruptcy preceding since 1998.

To see what assets of yours you would get to keep after filing for bankruptcy, contact a Jacksonville Bankruptcy Attorney today to discuss your specific situation.

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If you receive a summons from a collection agency, you have two options: respond or do not respond. If you do not respond, you will get a default judgment against you. This opens you up for garnishments or liens on your property. The better option is to respond to the complaint filed against you. This will give you the opportunity to defend yourself and/or negotiate a settlement. You only have a certain amount of time to respond to the summons, so you must do so in a timely manner. The time limit that you have should be listed on your summons, it is usually between 21 and 30 days.

If you have received a summons and would like to speak with Jacksonville Bankruptcy Attorney call 904-685-1200 today.

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When you file for Chapter 13 bankruptcy, you will pay off your debts through a Chapter 13 Plan that lasts anywhere from 3-5 years. A Chapter 13 Plan allows a debtor to catch up on most any debt, including mortgage arrearages, owed taxes, missed payments on vehicles, HOA dues, legal fees, fines owed to the city or state, and more.

Your unsecured creditors might also get some payments through the Chapter 13 Plan. If they will and how much will they receive is determined by your means test and the amount of unexempt property that you have. Any amount of unsecured debt that you have over this amount will be discharged at the successful conclusion of your Chapter 13 bankruptcy. For example, if you owe $20,000 in unsecured debt and your case only dictates that you must repay $5,000 to unsecured creditors, the $15,000 balance gets discharged or forgiven when you successfully complete your Chapter 13 Plan. If your case dictates that no money must be paid to unsecured creditors, then the entire balance of $20,000 would be forgiven.

To see how a Chapter 13 Plan would be structured for your specific situation, contact a Jacksonville Bankruptcy Attorney today for a free consultation.

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As you probably know, credit rating agency Standard & Poor recently downgraded the United States’ credit rating from AAA to AA+. S&P also gave the US a negative outlook, which means S&P could downgrade the US again within the next two years to AA+. S&P is not the only rating agency, however. Moody’s and Fitch both left their AAA ratings in tact, but said they might reconsider those ratings at a later date.

But what does this mean to you? Aside from the increased political bickering on TV and in Washington, the downgrade could have some negative side effects for the American consumer.

First, we may see a rise in inflation. This is due in large part to the slowing economy and rising amounts of currency in circulation.

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There are two aspects of this question: marrying someone who is currently filing bankruptcy, and marrying someone who has already filed bankruptcy. One thing to keep in mind is that the bankruptcy code allows a person to file individual bankruptcy even if married, so marrying someone who is currently undergoing bankruptcy proceedings isn’t necessarily going to drag you into the mix. However, the person in the bankruptcy might have to disclose to the court the new income that marriage will bring into the household.

Whether you’re marrying someone currently undergoing bankruptcy or someone who filed years ago, you should know that you both have separate credit scores, so your spouse’s bad credit won’t kill your good credit just because you tie the knot. As time goes on, your spouse’s credit will improve and the bankruptcy will not matter as much.

If you or your new spouse is thinking about filing bankruptcy, you should contact a Jacksonville Bankruptcy Attorney to discuss the ramifications for both you both.

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Yes, a creditor can freeze or take money out of your bank account if they have a judgment against you from the court. (If your delinquent debt is for unpaid taxes or child support, sometimes the creditor can take out money from your bank account without a judgment.) If you have a joint account and the other person on your account has the judgment, the creditor can also seize the funds from your account. It is up to you to prove at a hearing that these funds taken from the account are yours, and not the joint account holders. A Jacksonville attorney can help you do this properly.

A creditor can take this money from your account with no warning in most cases. They must notify you in writing the next day that they have taken the money, but by that time the damage is already done. Your bank must also notify you after the funds are taken.

A Jacksonville consumer law attorney can quite possibly get this money back for you, however. Oftentimes certain money is exempt from the creditor’s grasp, but you must have a hearing to prove it. Social security income and veterans benefits income are exempt from being taken. Also, certain retirement income and disability income are exempt. There is other exempt monies as well. Contact our Jacksonville lawyer today to see if the money taken from your account is exempt and learn how our legal team can help you get it back.

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First let me say that you should contact a Jacksonville consumer law attorney before the creditor gets a judgment against you. Only by addressing the complaint or lawsuit timely do you have a chance to avoid a judgment.

If a judgment has already been entered against you, a Jacksonville attorney may still be able to help you from getting your wages garnished. There are laws regarding what monies may be garnished and from whom. For example, the wages of the head of a family cannot be garnished unless that person’s net wages are more than $500 per week AND that person has agreed in writing to allow their wages to be garnished. Someone is a “head of the family” if they reside in Florida and provide more than one-half of the support of a dependent. If you do not qualify as a head of the family, you still might have protection against wage garnishment. Contact a Jacksonville attorney who specialized in wage garnishment today if you might be at risk of wage garnishment to protect your rights.

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In many countries around the world, if you cannot pay your debt, you can be thrown in jail. The United States is not one of those countries. In the U.S., you cannot be thrown in jail for defaulting on your financial obligations. (An exception is child support obligations or when you are ordered to do so by a court- you are not actaully put in jail for failing to pay the debt, but for being in contempt of court for not following the judges order)

A creditor can, however, take you to court and get a judgment against you. It is very important if a creditor files suit against you to contact a Florida Bankrupcty attorney to discuss your case. If you do not properly and timely answer the creditor’s complaint, the creditor can get a default judgment against you, even if you dispute the validity of the debt. After getting a default against you, the creditor may be able to garnish your pay. A Jacksonville consumer law attorney can help you defend your suit and even negotiate with the creditor. Call 904-685-1200 today for a free consultation.

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In 2008, personal debt was higher than the United State’s Goss Domestic Product (GDP). The Federal Reserve of New York released figures in May 2011 showing that household debt rose $33 billion from March 2010 to March 2011. Personal debt now sits at $11.5 trillion.

These startling numbers shouldn’t come as a surprise to many, unless one is considering the magnitude of how much $11.5 trillion actually is . People simply took on too much debt from the pre-housing market and financial boom and bust. As a consequence, consumers are more frightened and less able to spend with debts looming overhead. This formula makes one thing certain; that the economy will take longer to fix, especially as the wheels are just beginning to turn.

Getting out of personal debt is a gradual process and the best practice is to continue to pay your bills and to save as much as possible. If you face problems with creditors or lenders, you may benefit by contacting a Jacksonville Bankruptcy Attorney. The US economy might not follow suit right away, but if consumers focus on clearing their personal debt the Nation-wide benefits are sure to follow.

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