by Carol Lawson Esq | Jun 16, 2019 | Bankruptcy, Consumer Credit
Are debt collectors constantly call your home and send you threatening letters in the mail, it might be time to consider bankruptcy. Clearwater Bankruptcy evaluates your financial situation to determine if bankruptcy is the best option for you. Your Clearwater Bankruptcy Attorney will explain the specifics of bankruptcy law, and help you understand how to rebuild your credit so you can get a fresh start. Don’t live in fear with the phone off the hook – get the information and answers you need. Debt Relief is what we do! Come in for a Free Consolation today!
Clearwater Bankruptcy, 28870 U.S. Hwy 19 #361, Hodusa Towers, Clearwater, FL 33761,
Phone: (727) 330-1627 email: [email protected]
by Carol Lawson Esq | Jun 13, 2019 | Bankruptcy, Consumer Credit
You can rebuild credit a consumer needs to re-enter the world of credit and add new, positive information to damaged credit reports.
If you reaffirmed a debt in your bankruptcy such as a car loan, you have already taken the first step.
One of the easiest and least expensive ways to add a new line of credit to a credit report is to be added to a loved one’s existing credit card account as an authorized user. They must have good credit and pay on time to help you.
You can apply for and open a secured credit card account. They are also very easy to open, even with a recent bankruptcy.
Credit builder loans are extended by credit unions. Like secured cards, it is typically easy to qualify for credit builder loans even for consumers with severely damaged credit reports and scores. The loans, which are often for small amounts, are reported to the credit bureaus as a positive account as long as payments are being made. They accomplish two things, which are to get something good on your credit reports and to build a small nest egg for emergencies. Check with your local credit union to see if they offer credit builder loans.
Apply for a retail store credit card. Retail store cards are typically issued with very low credit limits and very high-interest rates, which makes them a perfect lending product for consumers with poor credit scores.
Get a joint credit card or loan or with a co-signer. Your joint applicant must have good credit.
Clearwater Bankruptcy, 28870 U.S. Hwy 19 #361, Hodusa Towers, Clearwater, FL 33761,
Phone: (727) 330-1627 email: [email protected]
by Carol Lawson Esq | Jun 9, 2019 | Bankruptcy
How long does a Chapter 13 plan last?
Typically, a Chapter 13 plan lasts from between 36 months to 60 months. The length of the plan depends on several factors: the amount of your average monthly gross income calculated over the six month period prior to the month of filing, the monthly amount of your disposable income, the amount and kind of debt that you have, and the value of your nonexempt property. If the historical average monthly gross income is over the state median you will be forced into a 60 month plan, unless you can pay 100% of your unsecured debt within a shorter period of time.
Clearwater Bankruptcy, 28870 U.S. Hwy 19 #361, Hodusa Towers, Clearwater, FL 33761,
Phone: (727) 330-1627 email: [email protected]
by Carol Lawson Esq | Jun 6, 2019 | Bankruptcy, Consumer Credit
| Art. 10, §4(a)(1); F.S. §§222.01, 222.02, 222.05 |
Homestead-160 acres outside of a municipally or one-half acre within a municipality( the exempt portion of a Homestead may be limited to $155,675.00 of equity) |
| Art.10, §4 (a)(2) |
Personal Property – $1,000 per person |
| F.S. §222.25(4) |
Personal Property – up to $4,000 per person if not claiming or receiving benefits under Florida’s homestead exemption |
| F.S. §121.131 |
Retirement benefits – Public employees – 100% |
| F.S. §122.15 |
Retirement benefits – county officers and employees – 100% |
| F.S. §175.241 |
Retirement benefits – Firemen – 100% |
| F.S. §185.25 |
Retirement benefits – Police – 100% |
| F.S. §222.11(2)(a) |
Head of Family – Disposable earnings< or =$500/week-100% |
| F.S. §222.11(2)(b) |
Head of Family – Disposable earnings>$500/week-100% unless otherwise agreed to in writing |
| F.S. §222.11(2)(c) |
Non-Head of Family – Disposable earnings>$500/week-greater of 75% or 30 x federal minimum wage |
| F.S. §222.13 |
Life insurance proceeds-100% |
| F.S. §222.14 |
Life insurance – cash surrender value/annuity contracts-100% |
| F.S. §222.18 |
Disability benefits – 100% |
| F.S. §222.201 |
Property listed in subsection (d)(10) of section 522 of Bankruptcy Code |
| F.S. §222.21(1) |
Pension money of U.S. pensioner – 3 months if needed for support |
| F.S. §222.21(2) |
Retirement or profit-sharing benefits qualified under IRS 1986 – 100% |
| F.S. §222.22 |
Prepaid Education Expense Trust Fund – 100% |
| F.S. §222.25(1) |
Equity in one motor vehicle – $1,000 |
| F.S. §222.25(2) |
Health aids, professionally prescribed – 100% |
| F.S. §222.25(3) |
Interest in a refund or a credit received or to be received pursuant to § 32 of the IRS Code – 100% |
| F.S. §238.15 |
Retirement benefits – Teachers – 100% |
| F.S. §443.051(2) |
Unemployment Compensation Benefits – 100% except support |
| F.S. §497-413 |
Preneed Funeral Contract Consumer Protection Fund -100% |
| F.S. §620.68(2)(c) |
Partnership property, specific |
| F.S. §632.619 |
Fraternal Benefit Society Benefits 100% |
| F.S. §744.626 |
Veteran’s benefits – 100% |
| F.S. §769.05 |
Damages for Injury or death at work, hazardous occupations – 100% |
| F.S. §960.14 |
Crime victim’s compensation – 100% |
| F.S. §440.22 |
Workers’ Compensation |
Clearwater Bankruptcy, 28870 U.S. Hwy 19 #361, Hodusa Towers, Clearwater, FL 33761,
Phone: (727) 330-1627 email: [email protected]
by Carol Lawson Esq | Jun 3, 2019 | Bankruptcy, Florida Foreclosures, Loan Modification
In re Valone, — F.3d —-, 2015 WL 1918138 (11th Cir. 2015).
Chapter 13 bankruptcy debtors who do not claim the homestead exemption may instead choose the “wildcard” exemption” under Florida Statute section 222.25(4) even if they protect their home through the use of the Chapter 13 bankruptcy process.
Clearwater Bankruptcy, 28870 U.S. Hwy 19 #361, Hodusa Towers, Clearwater, FL 33761,
Phone: (727) 330-1627 email: [email protected]
by Carol Lawson Esq | Jun 2, 2019 | Bankruptcy, Consumer Credit, Florida Foreclosures
If you fail to pay your credit cards, medical bills, have a foreclosure, or car repossession they can sue you for the balance owed. This will normally result in a judgment against you. Judgments are then recorded with the Clerk of Court in the county in which they were an issue.
What you need to know.
How long is the judgment good for?
Lien of Judgment under FSA §55.081 is good for 20 years.
Actions on non-recorded judgments under FSA §95.11(2)(a) are good for 5 years.
Mechanic Lien judgments under FSA §95.11(5)(b) are good for 1 year.
Judgments of Foreclosure where a deficiency is reserved on must have the action on the deficiency filed within 1 year from the foreclosure judgment. FSA §95.11(2)(c)
Many judgments can be re-recorded for an additional 10 years.
The Judgment will appear on your credit report.
Once a judgment is filed against you it will show under public records on your credit report. This is information that is pulled by the credit bureaus through various services. The majority of unsatisfied judgments will sit on your credit report for 7-10 years from the date the judgment is filed by the court. This will have a major derogatory impact on your credit score.
If the judgment is re-recorded before the 7 year period runs, it can appear for an additional 7-10 years on your credit report from the new recording date.
Satisfied Judgments
If you pay a judgment you will receive a notice of Satisfaction from the lender. You need to record this with the Clerk of Court. Some lenders will record these, but many will not. Once the Satisfaction is recorded with the Clerk of Court the next time the credit bureaus pull your public records they will be notified of the update. You can also send a letter of dispute on your credit report with a copy of the recorded satisfaction. This will not result in the removal of the judgment from your credit report, but you can have it noted in consumer comments.
Vacated Judgments
Vacated judgments can be removed from your credit report. Send a copy of the order Vacating the judgment to the credit bureau.
Some mortgage lenders will require judgments to be paid off in order to close on a mortgage depending on your credit.
Credit reports contain inaccurate or missing information about 1/4 of the time. You should check your credit report for each agency on a yearly and follow up on anything that needs to be disputed. You can pull a free credit report here: https://www.annualcreditreport.com/index.action It is best to only pull one report every 4 months so you have a constant snapshot, unless you find an error.
Judgments and Bankruptcy
The underlying debt if disclosed to your attorney, or on your credit report, will be included in your bankruptcy. This means you will no longer be liable under the judgment once your bankruptcy is discharged. However, this does not remove the judgment lien. Additional action, which incurs additional attorney fees in needed.
This action is a Motion To Avoid A Judicial Lien, the typical charge is $400.00 and it is filed during your bankruptcy case. The Order is then filed and recorded in your State Court Action, thereby releasing the lien. These judgments can then be removed from your credit report.
Related Articles:
http://carollawsonpa.com/how-long-does-it-stay-on-my-credit/
Unpaid Debt and the Statute of Limitations
Debt Collection Calls
Debt Collector’s Calling?
Time Barred Debt in Chapter 13
http://carollawsonpa.com/fair-debt-collection-act-and-offer-of-settlement/
Clearwater Bankruptcy, 28870 U.S. Hwy 19 #361, Hodusa Towers, Clearwater, FL 33761,
Phone: (727) 330-1627 email: [email protected]
