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Tampa Bankruptcy Law Blog

Americans are still buried in Medical Debt

When a patient goes to the hospital for a procedure they are aware that there will be cost and payments due for the medical attention they have received. These patients are usually able to sort out the cost of their medical bills due to insurance or payment plans. However, what patients do not put into account are the unexpected medical costs that are added on to medical bills, this is what sends patients into debt. More than 63% of Americans receive medical bills higher than what they expected after medical treatment.

Refinancing for Student Loans

Refinancing is a term most associated with mortgage payments on homes, but now refinancing is involving student loans.

Refinancing student loans will essentially save borrowers money; that is the goal. However, one needs to qualify to refinance first, and most student loan debtors are not eligible. Refinancing student loans requires a high credit score and a steady income from applicants.

Tips for improving your credit score with high credit card debt

Anyone in debt knows the many difficulties that can come with being in financial trouble. Having overwhelming debt not only makes it hard to get out of debt, but it can also negatively affect your credit score for many years. For that reason, many people in the Tampa area might be under the impression that one cannot improve his or her credit score if he or she has serious debt.

However, there are in fact some things one can do to improve a credit score even with bad credit card debt. Of course paying down credit card debt quickly will always help improve one’s credit score, but not everyone has the extra cash flow to do just that. If that’s the case, there are other measures one can take.

The ins and outs of Florida foreclosure law

Although housing markets around the country continue to have their ups and downs, the foreclosure market is different for every city, including Tampa. At Timothy J. Sierra, we know that Florida continues to have the nation’s highest foreclosure rate and we understand that many people in our area are affected by this problem.

When it comes to foreclosures, there are many issues that are time-sensitive. In order to make sure your foreclosure process goes smoothly its important to know those issues and take care of them as quickly as you can. According to ForeclosureLaw.org, these are just a few of the important items you should be aware of about Florida foreclosure law. Judicial foreclosure is available in Florida, while non-judicial foreclosure is not an option in the state.

Credit Card companies are willing to help with debt, just ask.

Have a late fee on your credit card? Want to get it taken off your statement? Then call your credit card company and ask for it to be removed! What is the worst that they will say? No.

A recent report by creditcards.com showed that 90% of credit card users who asked their card companies for a wave of a late fee got their request granted. Also more than half of credit card holders who ask for lower interest rates on their cards get that approved. It's that easy, just ask.

How to handle garnishment of wages

Not making payments on time and failing to pay debts off can mean more headaches for American debtors. Millions of American debtors get their pay garnished, due to lack of payments on debts. However, garnishment can be avoided by taking action before it is too late.

Negotiate a payment plan with your creditor or the debt collecting firm. Tell them your financial situation and state a realistic amount you are able to pay each month. This will work in some situations, but creditors might decide otherwise, and still want to take part of your monthly wages; they usually have to get this approved in court, so you will have to right to contest it.

How often can you file for bankruptcy?

There are many different financial situations in life that can lead a person to consider filing for bankruptcy in the Tampa area. However, bankruptcy is a serious matter and it should never be entered into lightly. That being said, sometimes people have no other choice than to file for bankruptcy. Some people even have to file for bankruptcy more than once, but are there limits on how often you can file?

There are several rules and limitations to keep in mind when filing for bankruptcy. Those regulations will also differ depending on which kind of bankruptcy you file. According to BankRate.com, you cannot file Chapter 7 bankruptcy and receive a bankruptcy discharge more than once within an eight-year period. However, you can file for Chapter 13 bankruptcy if it has been at least four years since your Chapter 7 filing.

Should Millennials Avoid Credit Cards?

Credit card debt is a big issue for many Americans today, however, you cannot have credit card debt without having a credit card in the first place. Today 60 percent of Americans from the ages of 18 to 29 do not own a credit card. Millennials are opting out of having credit cards to avoid getting themselves into debt.

Credit card debt jumps by $28 billion in second quarter

Just about everyone in America, including most in the Tampa area, have credit card debt. Credit cards can be a convenient way to purchase things but too many times people are unable to control their spending and they wind up in debt. Unfortunately, despite the negative effects of having debt, most people still get into this financial trap; and it appears that the problem might be getting worse.

According to CardHub.com, during the second quarter of this year, Americans added more than $28 billion to their credit card debt. That is the highest amount in the last six years. What’s more, that number is 200 percent more than in the second quarter of 2009, when the country was coming out of the “Great Recession.” 

Student Loan Debt is Hindering the Housing Market

We all have heard the news recently that student loan debt is a rising problem in America. Now to add to all the problems it causes, student loans are causing a drastic decline in Americans 20- 39 years of age from purchasing homes. Today national student loan debt is now at $1.1. Trillion, according to the Federal Reserve Bank of New York.

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Timothy J. Sierra, Attorney at Law
118 South Rome Avenue
Tampa, FL 33606

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