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May 2013 Archives

People with credit card debt less likely to seek medical care

Medical bills can be difficult for Floridians to handle in even the best of circumstances. Everyone knows about the high cost of medical care, and few people are able to handle the bills on their own without some type of coverage. Some people even forgo medical care when they’re sick, to avoid falling further into debt.

How consumer debt can affect your credit score

Every Florida resident knows that a bad credit score can negatively affect a person’s ability to purchase a home, car, or obtain a line of credit. There are many ways you can hurt your credit, and sadly it’s all too easy to do this. Several factors, such as too much credit card debt, opening up too many lines of credit at once, and keeping high balances on credit cards can all lower a credit score, sometimes alarmingly quickly.

Same-sex Florida couple may have trouble with bankruptcy

Bankruptcy affects people of all ages and financial situations. With the financial challenges that are still widespread in our state, it's common for married couples to file for either Chapter 7 or Chapter 13 bankruptcy. But bankruptcy among married couples hadn't been a gender issue in Florida until now. Lawyers are saying a recent bankruptcy filing will be a first in Florida, whether a same-sex married couple wins or loses their bankruptcy case.

Florida veterans facing a multitude of financial difficulties

Today’s job market and financial challenges are bad for millions of Florida residents, but experts say many veterans face a unique set of challenges and setbacks. It’s fair to say that once they’re discharged from the military, veterans should be allowed to enjoy financial security after serving our country. Unfortunately, many veterans are finding themselves in just the opposite position, with unemployment, debt, and even foreclosure being part of a list of problems that add stress to the lives of former servicemen and women.

Types of Student Loans

There are three types of student loans, Federal, State or Private. The difference is important to know because each has different options for payments and borrower rights. Federal loans are backed by the Department of Education. If the loan is not guaranteed by the Department of Education then it is either a state or private loan. The promissory note will indicate what type of loan it is. To check to see if your loan is Federal, you can log into National Student Loan Database System. After establishing a PIN you can get a complete history of your federal loans. If a loan is not listed there, it is either a state or private loan. You may also check your credit report or you can ask the debt collector or the person calling. The NSLDS is important as it contains who the originator of your loan. This will lead you to be able to determine what type of federal loan you have, such as a direct loan or FFEL. The type will dictate what remedies are available for repayment. For more information, contact the Law Offices of Timothy J. Sierra.

More than half of Florida residents uninsured or underinsured

With the many different types financial difficulties Floridians have to contend with, such as foreclosures, credit card debt, student loans, and unemployment, it’s really no surprise that problems paying medical bills are just another aspect to the problem. Many people in the state have issues with overwhelming medical debt. A recent survey has released numbers that show the true depth of the problem.


Young people are less likely these days to take out loans to buy a house or a car because they are overloaded with student debt. The Federal Reserve Bank of New York had a study that showed 43% of Americans under the age of 25 had student debt in 2012, averaging $20,326. In 2003, only 25 percent had student debt in the amount of $10,649. In the past, younger Americans with student debt were more likely to own homes that those without student debt. However, that trend is reversing because student debt payments may be taking income away from a mortgage payment. The auto market as well could be affected by the amount of student loan debt being carried by younger Americans. This fact could have greater implications for the US economy as it has been driven largely by the housing and auto markets. 

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  • " I recommend Timothy Sierra a loyal and dependable lawyer. When you talk to him you feel that you are with a friend or a member of your family. Timothy is able to lead you in every step of the process. Good job Timothy."
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