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Tampa Bankruptcy Law Blog

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.

Steps for Paying off Student Loan Debt

Paying off student loans might seem impossible when there are other financial obligations to worry about in life. However, paying off student debt is achievable, it just takes some planning and time to get there.

Follow these 4 steps to get on track to being student loan debt free:

1. Don't rush paying off student loan debt. Before you pay off any debt make sure you first have an emergency fund that can at least cover three to six months of rent. You don't want to not be able to afford your home on top of having student loan debt. Also start putting some extra money into a retirement fund, sometimes your employers will match what you put into that fund.

Can credit card debt always be discharged in bankruptcy?

There are many kinds of debt, but perhaps the most common amongst all people in the Tampa area, and elsewhere across the country, is credit card debt. Credit card debt is easy to accrue, but can be very difficult to pay off for many people. In fact, some people get into so much credit card debt that they have to consider filing for bankruptcy just to get out from underneath all that debt.

Of course, there are many questions that people have when it comes to filing for bankruptcy, including: “Will all my credit card debt be discharged if I choose to file for bankruptcy?” Part of that depends on which kind of bankruptcy you choose to file. If you choose to file Chapter 7 bankruptcy then it is possible to completely discharge all of your credit card debt, including overdue fees.

The Trouble with Co-signing your Children's Student Loans

When a parent decides to co-sign their child's private student loan, it seems like a good idea, right? You're helping your child get their college education. It's their debt anyway isn't it? WRONG!

Co-signing your children's private student loans could mean more headaches for you. Being able to apply for more financial aid could be hindered or you could be denied for lines of credit even though you have a good credit score. Co-signing basically means that the student loan debt is yours along with your children's debt, even though the loan is under their name.

Common reasons for filing Chapter 13 Bankruptcy

Life has a way of throwing people for a loop. At Timothy J. Sierra, we know that things don’t always go as planned. Even though you make the best plans and do everything you can to see those plans through, unforeseen problems can arise, including problems that can wreak havoc on your financial affairs. We know that just about anyone in the Tampa area can end up in financial turmoil, which can even lead to bankruptcy.

Although some people might have the impression that bankruptcy only happens to irresponsible people that is simply not the case. There are many different circumstances that can lead to a person choosing to file for bankruptcy. When you decide to file for personal bankruptcy, you typically will choose between Chapter 7 and Chapter 13.

New Changes Under CFPB to Foreclosure Process

In the past week, according to HousingWire.com, the Consumer Financial Protection Bureau is working toward adding additional measures to make sure that homeowners going through foreclosure are being treated fairly by mortgage companies . Some of the measure include:

1. Extending protections to the borrower. As of now the mortgage service is required to give the borrower certain protections for foreclosure. This includes the right, only once during the life of the loan, to be evaluated under the CFPB's requirements to avoid foreclosure. With the new rule, borrowers can use the protection again on any loan current since the last loss mitigation application.

Could credit card rates be rising next year?

The holidays are officially here, which means a lot of different things to a lot of different people. However, one thing that almost everyone has in common when it comes to this time of year is the shopping. The holiday spending frenzy officially kicks off on Black Friday, or in may cases on Thanksgiving Day, and runs right up until the end of the year with all the after-Christmas deals. With all that spending going on many people in the Tampa area will surely be adding to their credit card bills.

That spending could lead to even more debt, and according to financial expert Suze Orman, the debt could be adding up even faster. That’s because, according to Ms. Orman, the Federal Reserve plans to raise the federal funds rate in 2015. That also means that the prime rate will rise too. The prime rate has been sitting at 3.25 percent since 2008. However, now that the country’s financial crisis appears to be over, and with the federal funds set to go up, the prime rate will also increase.

Steps for Dealing with Debt collectors

Afraid to answer the phone, because you feel that a debt collector will be on the other line? Well you are not the only one. There are over one third of Americans who owe about $5000 in debt collections. Debt is detrimental to your life in many ways: it can lower your chances of getting a loan, how much you pay for insurance, and your ability to get a job or even a promotion.

Financing in Your 40s

For someone in their 40s, at this point in life they should have all student debt paid off and credit card debt cleared. Life earnings may increase, which means we should be adding more to our savings for the future of not only ourselves but our children or dependents. This should all be a part of financial management in our 40s, along with continuing to grow funds.

Things You Did Not Know Could Hurt Your Credit Score

These days debt is a concern among a majority of Americans; people are constantly looking at ways to boost credit score. However, borrowers and debtors need to be aware that credit scores are not only attached to credit card spending, but most financial decisions we make in life. Also be aware of some issues that can lower credit score even more, and how to avoid them from hurting you financially.

New Client Form Disclosures under the new Bankruptcy Law 2005

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

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