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Tampa Bankruptcy Law Blog

Can student loan debt be discharged in bankruptcy?

For many Americans, student loans are a source of considerable anxiety and uncertainty. Unfortunately, some people in this position do not understand their options or have any idea of which steps to take next. However, in Tampa, Florida, and throughout the country, it is very important for anyone who is struggling with overwhelming debt to closely review their situation and do everything they can outline the best path forward. While some people may feel hopeless with regard to their student loans, they could be able to enjoy the peace of mind that comes with tackling debt and should try to address their student loans as soon as possible.

According to the Higher Education Services Corporation's website, student loan debt usually can't be discharged by filing for bankruptcy. However, if someone can prove that repaying their student loans would cause an undue hardship, they may be able to discharge their student loan debt in a Chapter 7 or Chapter 13 bankruptcy. Although it isn't impossible, discharging student loan debt by filing for bankruptcy can be complicated and HESC recommends that people talk with an attorney to understand how filing a bankruptcy petition could have an impact on their student loans.

What’s the best way to eliminate credit card debt?

It’s 2015 and what better way to start the New Year by making a real push to get out of debt. The thing about debt is that it never sleeps. It is always there, hanging over you like a dark cloud. The only way to get out from under this cloud is to eliminate debt completely. However, it can be difficult to escape debt’s hold, but there are some things people in Tampa can do to overcome debt, including credit card debt.

There are many opinions on reducing and eliminating credit card debt, but some methods are better than others. Let’s take a look at some of the ways you can eliminate your credit card debt, or at least reduce it, according to RealSimple.com. 

2014 Nationwide Bankruptcy Filing Dropped 12 Percent

Bankruptcy filings have dropped 12% this year, but that is not necessarily a good thing... In a recent report by American Bankruptcy Institute(ABI) partnered with Eqip Systems, Inc., their data states that over 900,000 nationwide bankruptcies were filed in 2014, which is a 12 percent drop from over a million filings the previous year in 2013.

A Happy Retirement

Retirement may seem scary; you no longer receive that pay check regularly and now you rely on the fact that you saved enough money to be happy in your later years. Like many others you are not alone in your concerns about retirement; here are some steps to take in order to help you being retirement on a good foot:

Is bankruptcy more effective than debt consolidation?

At the law offices of Timothy J. Sierra, we know that bankruptcy can seem like a huge step for most people. After all, declaring bankruptcy can have long term and lasting implications. We know that no one in the Tampa area wants to be in a position wherein he or she has to consider bankruptcy, but unfortunately, it is necessary for some individuals in order to get out of debt.

Some people want to avoid filing for bankruptcy at all cost, which means they will consider other options, like debt consolidation for example. While debt consolidation can be an effective way to get out from underneath severe financial strains, it is not always the right answer. In fact, in many cases, bankruptcy is a better option than debt consolidation, for a lot of people.

Medical Debt is Bringing Down Credit Scores

Debt is avoidable. If we pay our mortgage each month and pay off our credit cards we can stay out of debt right? Well other circumstances can cause credit scores to drop, and we might not even be aware they exist, such as medical debt.

Common reasons for foreclosure

Although foreclosures continue to occur all around the country, there are some positive signs that the housing market continues to improve, including here in the Tampa area. According to a recent report in the Tampa Bay Times, Tampa ranked number five in single-family homes sales in November amongst all 20 metropolitan areas in Florida.

However, despite the good news many families in the area still face the possibility of foreclosure. Although many people think foreclosure occurs simply because people get in over their heads when they purchase a home, the fact is, there are many reasons that people are forced to lose their homes to foreclosure. Many times, people have to choose foreclosure because of circumstances beyond their control.

Study shows students might be clueless regarding loan debt

People in Tampa come from all walks of life. Although everyone is different, there are some things that almost everyone has in common. One of those things is debt. Whether it’s credit card debt, medical debt, or student loan debt, just about everyone owes money to a creditor. Debt can be very debilitating, but it can be especially difficult if you don’t even realize how much you have.

According to a new study, a large portion of freshman college students are not really aware of how much debt they are getting into when they take out student loans. In fact, according to a recent survey of almost 600 students at one university showed that 60 percent of college freshman don’t know how much they owe in debt for their first year in school.

Financing at 50

In our 50s we start to think about retirement and having all this disposable money to do what we want with. This all might be feasible if you still are thinking in the money saving mindset. At this time in our lives we don't want to be hit with a financial circumstance that puts us back at money saving square one, do we? No! It is important to stay educated, even at this age on how to maintain financial security.

More Debt from Auto Loans

Auto loans are a huge problem to the rising debt in America, and in a recent report, by Experian, a credit and research firm, states that the balance of delinquent car loans is totaled at about $4 billion.

The trouble is that there is an increase of lending to borrowers who have damaged credit and not a lot of disposable income. With allowing those who should not be able to take out car loans the privilege, debt is on a continuous rise.

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

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