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Tampa Bankruptcy Law Blog

The truth regarding common bankruptcy myths

What comes to mind when you hear the term bankruptcy? There are many aspects of bankruptcy as well as many different types of bankruptcy filings. Many people in the Tampa area, and elsewhere, have preconceived notions regarding bankruptcy. However, many of those beliefs are not completely accurate. In fact, some myths are entirely wrong.

One common bankruptcy myth, according to U.S. News and World Report, is that anyone who files for bankruptcy is financially irresponsible. Of course, this may be true for some people, but not everyone who has to file for bankruptcy is bad with his or her money. There are many other factors that can lead to bankruptcy. Including long-term unemployment, unexpected medical debt, or going through a divorce.

Will forgiving student loans boost home purchases?

Student loans have a total debt of $1.2 trillion, and is a huge hindrance to the United States economy. In recent news, private firms have been seeking innovative ways to combat student loan debt. One Wall Street firm, BlackRock is looking to pay off some student loan debt for first time home buyers in America.

Money Saving Tips for your 30s

People in their 30s are in the financial carry over from their 20s: still paying off debt for credit cards and student loans, and building savings. However, in this decade of life is when people start thinking about purchasing a home, and possibly starting a family.

Can I prevent my medical debt from damaging my credit score?

Any kind of debt, including medical debt, is bad and can lead to long-term financial problems. Some debt situations get so bad that some people in the Tampa area have to consider bankruptcy. In fact, medical debt is the leading cause of bankruptcy filings in the United States. Not all debt is that bad, but almost any debt will negatively affecting your credit score, including medical debt. So is there anything you can do to prevent medical debt from damaging your credit score?

According to an article on Forbes.com, even if you pay off your previous medical debts, it can still take many years for those debts to be removed from your credit report. However, there is new hope for those consumers who want to prevent medical debt from hurting their credit scores.

Money To-dos for our 20s

Money issues are shared by all ages. However, what period in life can affect our financial situation differently, whether in our 20s, 30s, 40s, etc.

For those of us in our 20s we are freshly out of college, or newly in the working world; either way there are bills and debts to pay off, and money is not at our dispense. It is important for someone in their 20s dealing with budgeting money to keep in mind these tips to handle money:

How to get help from medical debt

Debt of almost any kind is bad. However, just about everybody in America, including many in the Tampa area, have some kind of debt. At Timothy J Sierra, we know that debt can lead to many forms of financial trouble, and in extreme cases can lead a person to consider filing for bankruptcy. We also know that while many people have mortgage and credit card debt, medical debt is another severe problem in America.

In fact, according to an article from MainStreet.com, medical debt is actually the leading cause of people filing for bankruptcy claims in the United States. The article also points out that according to NerdWallet.com, every year Americans fork over three times as much money in third-part collections from medical debt, than they pay in credit card or bank debt combined. In 2012 alone, collectors took in $21 billion in medical debt from American consumers.

College Tuition Does Not Belong on Credit Cards

Many people view using credit cards to pay for items as a way to gain "rewards" and receive benefits. However, this only happens when purchases made on a card are paid off regularly and on time. Reward credit cards are certainly not a smart way to pay tuition payments for college.

Six tips for improving your credit after a bankruptcy

If you are considering bankruptcy, then that means you find yourself in a tough financial situation. Although bankruptcy is generally considered a negative, there are some positives that can come from filing for Chapter 7 or Chapter 13 bankruptcy. Many people in the Tampa area wonder, however, if they can still pick up the pieces and start rebuilding their credit quickly, after filing for bankruptcy.

There are several steps one can take to start improving his or her credit score after filing for bankruptcy. There’s no doubt that when people file for bankruptcy they are going to see a hit to their credit score. It’s inevitable. How far a score a drops depends on how high it was to begin with. However, there is hope and in order to start rebuilding one’s credit there are some important steps to take.

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.

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

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