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Miami Bankruptcy Law Blog

How should you tackle debt?

When you're struggling with debt, nothing is more frustrating than not seeing your balances decrease. If you feel like you're treading water, the problem may be that your interest rates and minimum payments are simply too high to make a dent in it.

It's time to seek debt relief options when you're struggling to pay unsecured debts and are unable to do so within five years. If the total of your unsecured debts is half or more of your gross income, it's also time to start looking into other options.

Is foreclosure looming? Take steps to avoid it

Foreclosures happen when individuals cannot pay their mortgages on time. They may go 180 days or longer without making payments, but eventually, a creditor may decide to foreclose on the property.

It is very important for you to pay attention if you have been missing your mortgage payments, because ignoring the notices you receive from your creditors won't help you. The further behind you fall on payments, the more likely it is that you'll lose your home.

What not to give a debt collector over the phone

Chances are, getting harassed by a Florida debt collector is not your idea of a good time, but if this has become your new reality, it may serve you well to learn how to best communicate with them. At Kingcade Garcia McMaken, we recognize that some debt collectors rely on unethical tactics in their efforts to get you to pay up, and we have helped many clients facing increasingly overwhelming debt work to find solutions that fit their needs.

According to the Motley Fool, debt collectors have a job they have to do, and their ultimate goal is typically not coming up with a manageable payback plan, but rather, scaring you into paying off your debt in full. Because their objectives likely differ broadly from your own, it is important to recognize how the ways you communicate with debt collectors can impact your situation.

What are the consequences of losing your home?

The prospect of losing your home may be one of the most frightening and uncertain thoughts you and other Florida residents have while undergoing financial struggles. What are all the things that can happen if the bank takes possession of my house, you may wonder?

If you believe a foreclosure is unavoidable, SFGate explains that you may avoid the heartache and emotional turmoil of the formal process by choosing to hand ownership over to your mortgage lender - known as a deed in lieu of a foreclosure - which may negatively impact your credit less than going through the entire foreclosure process. It is important to note that the bank could pursue you for the difference owed on your mortgage after it sells your home.

Manage your finances after bankruptcy

After you file for bankruptcy in Florida, you may think your financial troubles are over. However, it is important to take care so you do not get into another serious financial situation. At Kingcade, Garcia and McMaken, we know how important it is for you to understand how to manage your finances after bankruptcy.

It is a good idea to examine your financial habits after bankruptcy. The Street says that you cannot stay out of trouble if you do not know how your financial difficulties arose. You should typically identify the events that led to your bankruptcy. If you know that overspending led to your financial situation, for example, then you might realize you need to pay closer attention to your budget. Once you know how you accumulated so much debt, you can implement strategies to make sure you stay out of debt.

Is Chapter 7 bankruptcy a good choice for you?

Florida residents like you may feel pressed into a corner when considering filing for bankruptcy. However, we at Kingcade Garcia McMaken will show you that filing for bankruptcy doesn't have to be the difficult, world-ending thing that some people make it out to be.

Bankruptcy is a good tool that anyone can use to help themselves gain a stronger foothold in their financial situations. Unfortunately, many circumstances can lead to bankruptcy and a number of them are completely out of your hands. You shouldn't have to feel ashamed for actively doing something to take care of your financial struggles, like filing for bankruptcy.

When bankruptcy is a good idea

Many Florida residents may worry about their finances, but they may think that bankruptcy is not a good option for them. However, there are times when people may want to think about bankruptcy.

Bankruptcy may be a good option in several circumstances. According to Lending Tree, bankruptcy can be a good idea if people are in danger of losing their home. If the bank forecloses on a house, people may find that their financial situation becomes even more difficult to deal with. People may also want to consider this option if they lost their job or if a family member has a serious illness. Sometimes people may try to pay back their debt in several ways and find that they are still behind on payments. In this situation, bankruptcy may be helpful. 

Navigate student loans after college

When Florida residents finish their college degrees, they may not realize how many loans they took out until they have to repay that money. Many students may feel overwhelmed when they think about making these payments. However, people may have more options than they realize.

It is important for students to know what kind of loans they have. According to NBC News, students might have private loans, federal loans or both. Different loans may have different terms and sometimes students may have different options for consolidating or refinancing these loans depending on the types of loans they took out. Some students may not qualify for loan forgiveness if they consolidate their private and federal loans, for example, so it is important to understand the nature of each loan before developing a repayment plan.

What should I know about payday loans?

Many services are offered as quick fixes for those who are experiencing financial hardships, especially those who are trying to avoid filing for bankruptcy. One such service is the payday loan. You may have heard about these loans. Perhaps you considered getting quick cash to pay your bills or took advantage of a payday loan in the past. You and other Florida residents should understand how payday loans work, as well as the high risks associated with them.

The National Consumer Law Center cautions against applying for payday loans, especially if you are suffering financially. Unfortunately, these quick, easy-to-obtain loans can be tempting for those in dire financial straits. In fact, payday lenders often target those who are desperate for money.

Can you protect your small business from bankruptcy?

Operating a small business in Florida presents you with unique challenges that should be strategically handled as they are encountered to utilize the competencies of your organization and implement optimal solutions. One challenge you may face is not having as large of a financial structure as a bigger company. However, if managed with care, you can take precautions to prevent missteps that could ultimately leave you signing bankruptcy paperwork.

Perhaps one of the more critical preventative steps you can take is to hire a financial expert who is solely responsible for managing the financial aspects of your company. This is not to say that you no longer need to be involved as you should regularly receive reports that show numbers and where the money is going in and out of your organization. However, with someone well-versed in financial practices at the forefront of your money management, you can confidently pursue day-to-day practices from a financial standpoint. 

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