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West Palm Beach Law Blog

What to do after vehicle repossession

The rate at which people filed for bankruptcy hit an all-time high during the economic recession. Things have been on the decline, and in 2016, approximately 800,000 people filed for bankruptcy in the United States.

Once a person starts defaulting on important payments, it is entirely possible for a lender to repossess the car. This can be extremely inconvenient, and many people panic when this occurs. It is important to remain calm and follow these steps to get through this time all right.

3 warning signs you have too much credit card debt

Credit cards are great when you use them wisely. If you do not handle them with care, you can significantly damage your finances. There is always the risk of high-interest debt piling up. If you are noticing you are not able to pay off your full credit bill each month, you might be wondering how bad of a situation you are in. It is possible that you are in more debt than you realize.

You need to know when you have too much debt so you can consider bankruptcy or other debt relief options. Here are some of the top warning signs that you have too much debt.

Options when you are facing foreclosure

If you are among the many who believe they are only a missed payment or two away from foreclosure, you may feel a large amount of anxiety as you try and navigate through the process of saving your home. You may have already tried improving your ability to pay each month by relying on tactics such as taking on a second job or renting part of your home out to a paying tenant. If such efforts proved fruitless, however, you may have reached the stage when you are trying to determine whether to continue to fight for your home or make the difficult decision to fold.

If you suspect a foreclosure is likely in your near future, consider taking the following steps.

3 tips for preventing foreclosure

Missing mortgage payments can lead to the threat of foreclosure. If you struggle to stay on top of your house payments and are afraid of losing your home, you should take action and seek necessary help as soon as possible. Acting now will help you avoid headaches down the road, such as more expensive options, paying a deficiency judgment or losing your home altogether.

While you might be stressed and scared, it is possible to prevent foreclosure. Learn a few tips you should put to good use to save your home.

How can people tell they are heading toward massive debt?

Debt has the potential to overwhelm a person's life. In a report published by USA Today, the average American consumer has about $5,550 worth of credit card debt. That is not even including all the other types of debt one may accumulate.

The best way to handle debt is to avoid it in the first place. However, if a person has already missed a few credit card payments, it is important to be aware of the warning signs of taking on too much debt.

Removing an HOA lien on a home

If you are juggling a monthly or annual homeowner's association payment in addition to your monthly mortgage, you may, like many Americans, struggle to pay both in full before they are due. An HOA lien is what happens if you fail to pay your HOA fees or assessments on time, and the association comes after you. This type of action can cause significant problems, and in some cases, it can give your HOA the power to foreclose on your home.

There are, however, some steps you may be able to take in defense of such an action. If you are unable to pay your HOA fees and an HOA lien is placed on your home, consider taking the following actions.

How mortgage modification works in Chapter 13 bankruptcy

If you are struggling to make your mortgage payments, you might be afraid you will lose your home. Bankruptcy is often a scary term, but it does not have to be. If done correctly, declaring bankruptcy can help you modify your mortgage loan.

The process might sound intimidating and complex, but it is easily understood with the right help. Keep reading to learn how loan modification works in a bankruptcy situation. 

Are you too far gone in debt?

Bankruptcy has the potential to help many people start over financially. However, issues such as perceived shame prevent some people from filing.

Another issue that keeps many from filing is the fact that they do not realize they are too far gone in debt. Living a certain way has become "regular life," and these people are too close to their situations to realize that things do not have to be that way.

What happens if your vehicle is repossessed?

People who are overwhelmed with debt face many hard choices. Sometimes, they decide to skip some loan payments for a few months in order to keep the electricity or other essentials on.

However, if you skip your car payments, that could mean your vehicle gets repossessed at some point. What happens then?

Can you stop a wage garnishment?

The threat of a wage garnishment can be devastating to your finances. Many debtors are not aware that they have rights when it comes to wage garnishment and do not know what to do to prevent their income from seizure. Under federal law, a creditor cannot take more than 25 percent of your disposable income, but under Florida law, there are even more protections for you

Florida law on wage garnishment

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