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Will my family have to pay my debts after I die?

You have worked hard all your life to be able to pay your bills, but like most Americans, you have some debt. You might even have significant debt that you are certain you will not pay off before you die. What happens to your debt after your death, though? Is Floridians’ debt wiped clean after they pass away?

Not necessarily, according to NerdWallet. As you may already know, during the probate process your estate will be used to repay your creditors before your beneficiaries receive a penny. What remains after paying off your debts will be distributed to your loved ones, according to the wishes you left in your will. The executor you named in your will is the one who will be responsible for paying your debts – if necessary, liquidating some assets, such as your home, to satisfy creditors.

Creditor abuses you should never have to put up with

As you may know, being deep in debt goes hand in hand with dealing with creditors. You may not know, however, that there are some debt collection practices that violate consumer rights laws. You and other Florida residents should understand which debt collector practices are lawful and which ones violate the Fair Debt Collection Practices Act.

According to the U.S. Federal Trade Commission, the FDCPA was passed to protect those in debt from collection practices that are unfair, deceptive or abusive. The fact that this federal law exists does not mean these practices are uncommon. What behaviors are unlawful under this act? The following scenarios have happened to countless debtors and may have happened to you:

  • A debt collector may have falsely informed you that you are breaking the law by not paying your bills and threatened you with law enforcement fines or imprisonment.
  • A collector might have posed as an attorney, law enforcement officer or government agent to intimidate you into paying the debt.
  • Collectors might have used foul language on the phone with you or made threats of physical harm.
  • You might have received documents and deceptively told by collectors that they are legal documents, or vice versa.

You can find an apartment to rent after bankruptcy

Uncertainty about the future is one reason that keeps people from filing for bankruptcy even though it makes sense in many situations. For example, a filing could wipe out medical debt, credit card debt, mortgage debt and more, and relieve stress.

However, if you worry about finding a place to live afterward, that could be stopping you. The good news is that there are ways to find an apartment after bankruptcy.

Get relief from overwhelming debt in West Palm Beach

If you are feeling suffocated by overwhelming debt with collectors calling you and the immense pressure of not having enough money to meet your monthly obligations, you are certainly not alone. Many people in West Palm Beach are in the same situation and do not know where to turn.

The good news is that you do have options. You do not have to struggle with the weight of crippling debt all by yourself. You can find a way out. Here is some information that can help.

3 steps to take after your car is repossessed

If you are already struggling to manage your finances and someone comes along and repossess your car, this can compound the problem even further by making it difficult or impossible for you to get to work or earn a living. It can also impact your credit score, making it even more difficult to dig yourself out of the hole. The steps you take after the repossession, however, can have a considerable effect on your ability to get your vehicle back and return to work.

If you are facing a repossessed vehicle, consider taking the following steps.

3 routes for trying to stop a foreclosure

If you are facing the threat of a foreclosure, you may dread even thinking about the facts that got you into this place. The thought of a foreclosure is depressing; it probably never entered your mind when you first bought your home. However, even if you are falling behind on payments, you do not need to lose all hope.

There are some steps you can take to try prevent the foreclosure process even if you get a notice of default. Here are some possible avenues for attempting to stop a foreclosure

Can you get a loan during bankruptcy?

From securing a house to paying off a new car, there are a number of reasons why Florida residents require loans. Many low-interest personal loans are available as well as other types of financing to look into. 

You may discover you require a loan at some point in your life, and for some people, that time is right in the middle of their bankruptcy. Filing for bankruptcy does not make it impossible to secure a loan, but it does make it a bit more difficult. Above all else, you want to be certain you use this loan for something advantageous. You would not want to dig yourself deeper into a financial pit. 

Should you worry about a stigma surrounding bankruptcy?

You might be considering filing for Chapter 7 or Chapter 13 bankruptcy, but several things are holding you back. You have long believed that there is an embarrassing stigma to going bankrupt and that doing so would be giving up – a very last resort. If so, you are not alone. Countless people experiencing financial difficulties in Florida and elsewhere are facing a difficult decision. Will it help to file for bankruptcy, or is it simply too shameful to try?

In the first place, why is there such a perceived stigma surrounding bankruptcy? Your family and friends might have vehemently advised against it, stating that it would ruin your reputation for life. You may worry about your credit score suffering or not getting approval for a home or auto loan again. You might feel guilty about the prospect of discharging your debts, believing that it is your responsibility to repay what you borrowed.

Bankruptcy can help stop wage garnishment

The rate at which individual people filed for bankruptcy hit an all-time high during the Great Recession. The number continues to decrease, and as of 2016, a little under 800,000 people filed for bankruptcy, according to Bloomberg BNA.

Americans who have accumulated too much debt may be hesitant to file for bankruptcy. However, it can be a useful tool for getting your financial accounts back on track. It is especially worth looking into if you currently have part of your wages garnished. While the exact results will vary on a case-by-case basis, there are many circumstances where a person can end wage garnishment through bankruptcy. 

Why feeling ashamed of your debt could lead to more debt

Many people struggling with a mountain of debt commonly feel emotions such as shame, guilt, unhappiness and sadness. After all, they may be afraid of losing their house, creditors could be hassling them and/or they are having a hard time recognizing how everything happened. It is easy to attribute debt, especially credit card debt, to moral failings.

However, these negative emotions could result in even more debt.

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