The holidays are over and it’s time to get back to reality! Many of us have made New Year’s resolutions to manage our money better and some of us even mean it!
Living off of credit cards
In my law practice, I have been seeing a lot of folks who have been living off of credit cards. They just can’t do it anymore. Sometimes they can’t manage the minimum payments, or the credit limit has been used up, or in many cases, they just can’t handle the stress anymore. These people need relief!
- You are being sued by a creditor.
- Your home is in foreclosure.
- You have lost your job and haven’t found new or similar employment.
- You have had a decrease in income, but not a decrease in expenses.
- You have overwhelming medical or credit card debt.
- You are struggling to pay for your home or vehicle.
- Your credit card minimum payments have increased because the company just raised the interest rate even though you have been faithfully and painfully make the minimum payments.
- You don’t have any more credit.
Chapter 7 vs Chapter 13 Qualifications
I will also explain a Chapter 13 to you.Chapter 13’s are designed for people who make too much money for a Chapter 7 or for people who are trying to get caught up with payments on collateral such as a home or a car. In a Chapter 13 bankruptcy, people make payments over a 3-5 year period to a bankruptcy trustee who pays the money to creditors. All unsecured debts are then discharged.
A lot of people are worried about whether they can keep their home, furniture or cars if they file for bankruptcy. Generally, in Florida the law allows for complete protection of your home and provides exemptions to cars and other property, depending on the value.
To contact attorney Debra G. Simms, P.A. in Port Orange or New Smyrna Beach, FL please call 877.447.4667.
