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West Palm Beach Law Blog

How a low credit score impacts mortgage eligibility

If you are on the market for your first home, you are probably getting a crash course in personal finance and how your financial status ultimately impacts your ability to secure a loan. Among the many factors a potential mortgage broker will look at when determining whether to extend you a loan is your credit score, which gives them an idea of how likely you are to pay back money owed.

While the decision of whether to extend you a loan will depend on your credit score in combination with other key factors, there are certain minimum guidelines you must typically meet.

How to deal with a vehicle cramdown

Debt can threaten to rule your life, but many people avoid addressing the issue for fear that doing so will force them to liquidate their assets. While liquidation is one potential solution to debt, it is not necessarily required. In Chapter 13 bankruptcy, in fact, a vehicle cramdown may allow you to reduce the principle on your loan. Here are some things you should know about this option.

Understanding vehicle cramdown

How do you raise your credit score after filing for bankruptcy?

Have you decided you are tired of being smothered by your debt? Bankruptcy is a valuable option for dealing with medical bills, divorce fees, overwhelming credit card debt or costs incurred because of job loss. However, many people like you fear what bankruptcy will do to their credit. Rebuilding your credit after bankruptcy may be easier than you think if you are proactive.

 

Debt collection harassment techniques

People in Treasure Coast who are struggling to pay their bills on time are already stressed out about their financial situations. But when creditors resort to using deceptive tactics to collect delinquent payments, they are breaking the law. These tactics are done to intimidate and coerce people into paying their debts even when they do not have the means to do so. The Fair Debt Collection Practices Act (FDCPA) offers debtors protection from creditor harassment. People who want to put an end to creditor harassment should make themselves aware of the harassing ways used to collect payment.

Is debt consolidation or bankruptcy right for you?

Many people in Treasure Coast struggle with debt. With the car note and mortgage due every month and credit card and medical debts coming back to haunt them, it is no surprise that many people feel that they are in way over their heads financially. Bankruptcy and debt consolidation are potential opportunities that may help you to get control over your finances. However, you should take some time to understand them so you can determine if they really are appropriate for your circumstances.

Are my creditors illegally harassing me?

Anyone who has suffered from overwhelming debt knows the stress of the collection calls that never stop coming. It is important to understand that both federal and Florida state law place limitations on acceptable behavior for creditors trying to collect a debt.

Federal law

The Fair Debt Collection Practices Act (FDCPA) is a federal law that prohibits certain types of abusive behaviors by third-party debt collectors. These include calling before 8 a.m. or after 9 p.m., making threats, contacting your neighbors or family, calling your workplace, using auto-dialers or pre-recorded messages or misleading you as to their identity or the amount you owe.

Common bankruptcy myths

Many people in West Palm Beach are under the impression that bankruptcy is a cure-all for their financial woes. Although many people use it to overcome their debt so they can start over financially, it is not always the ideal solution or quick fix that many perceive it to be. Anyone who is considering bankruptcy should make themselves aware of some common misconceptions so they can avoid complications.

Is combining credit card debt a good idea?

Have you ever been forced to pay a late fee on a credit card not because you were unable to make the minimum payment, but because you simply forgot to pay it by the due date? If so, you are not alone. Many people struggle with paying their bills on time, and while this may happen because of a lack of funds, it, too, may result simply from having too many things going on in your head at a given time.

Debt consolidation is designed to allow you to pay off your financial obligations by combining multiple debts into one, single amount. While consolidating your credit card debt can be a useful method of getting your finances back in manageable order, there are some situations in which doing so may cause more harm than good. You may want to think twice before combining your credit card debt if you:

What bankruptcy can and can't do for you

Whatever you think of bankruptcy, you might have a few of the details wrong. It's understandable. We don't tend to give it a lot of thought until the day it matters very much to us. Bankruptcy can be scary because we often don't know someone who's been through the process. Relying on friends for advice won't help, especially if we're too embarrassed to ask.

Here's a fact: bankruptcy is more common than you'd think. There's no reason to be ashamed. It's a financial tool that exists to help people. It's a serious decision, but it's not a personal failing.

How to manage mounting medical debt

Many people in Florida are struggling to pay their medical bills. Health care costs are increasing faster than wages, and the unemployed have little to no income to spare. Millions of people resort to filing for bankruptcy just to get the collection calls and bills to stop. In an effort to save money, many people are putting themselves at risk of more health problems by forgoing their medical treatments and medications. If you find yourself losing sleep at night because of your financial situation, there are some steps you can take to lower your medical debt or eliminate it completely.

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