Having a Debt Attorney Can Help You Sort Through Accumulated Debt

Wed, Jun 8, 2011

Debt Mitigation

Florida Debt AttorneyStudies have shown that the average American owes $80,000 in credit card debt. This does not include mortgage or car payments. Because of all of this debt, and our shrinking economy, more and more people need help managing and even erasing their debt.

People in need of debt help can hire a Florida Debt Attorney to help them manage credit card debt, mortgage foreclosures, lawsuits, wage garnishments, IRS collections, and credit report problems. An experienced lawyer can help you deal with these issues and guide you through the legal side of erasing your debt.

Finding yourself in the middle of a foreclosure can put extreme pressure on a family. Lenders must file foreclosure papers in public records and therefore you can receive calls from companies promising to help erase that debt. Lenders are usually not very helpful in helping you get back to making a regular payment either.

Banks and lenders have to follow a specific law procedure as well and to ensure that they do not take advantage of you, it is important to hire a Florida debt attorney. They can also give you time to sell your home, find a new job, or negotiate a new payment plan.

A Florida debt attorney can help you restore your credit report to a good number to ensure that you can get loans and lower interest rates. There are legal ways to restore your credit report, and you must be aware of scam artists who take advantage of those with a low credit score.

Many people believe that you cannot undo an IRS tax obligation but that is not always true. Unless tax fraud is involved, a Florida debt attorney can help these charges be discharged in the case of a bankruptcy filing.

If your debt becomes too much and there is no way for you to overcome it, you may want to consider filing bankruptcy. Filing for bankruptcy under Chapter 13 means that you surrender whatever debt you have to the courts, and they take your secured and unsecured loans and repay them or cancel them for you.

It is important to tell your creditors that you will be using a debt attorney and give them the attorney’s name and number. You will not be able to save your home through a Chapter 13 Florida bankruptcy claim unless you file before the foreclosure sale.

When filing your Chapter 13 Florida claim, you must list all secured and unsecured debts. Unsecured debts would be debts acquired through personal loans and bank credit cards used to purchase consumable items such as clothing, food, and vacations. Secured debts would include debts where the creditor has interest in your property to insure payment such as a mortgage, vehicle payment, or the purchase of electronics or furniture. These would be items that would be taken back if payments are not made in the pre agreed upon time.

There are limits on how much you can file Chapter 13 Florida claims, and the amounts are different for secured or unsecured amounts. For unsecured debt claims it cannot exceed more than $337,000. For Secured debt claims the limit is $1,010,000. Because it is harder to file a Chapter 13 as opposed to a Chapter 7 claim, attorney fees are much higher and part of your fees can be paid through your claim.

Whether you need counsel to manage your debt, or you are interested in filing for bankruptcy, there is help for you. Consult a debt attorney in Florida to get more information about how to make your situation better.

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