Are Household Goods and Furniture Exempt in Bankruptcy?

To a certain extent, yes. Household goods and furniture can be exempt from bankruptcy liquidations. Florida bankruptcy exemptions can be quite generous depending on your eligibility and how you file. This page gives a brief overview of bankruptcy exemption laws in the state.

However, it is important to remember that the law governing bankruptcy can be complicated. To make sure you remain compliant and do not miss out on any exemption benefits, it is best to have your case reviewed by an experienced bankruptcy attorney. Contact Loan Lawyers today to schedule your free, no-obligation consultation. Read on to learn more.

What is the “Wildcard” Exemption?

You can exempt personal property up to $1,000 in value when you file for bankruptcy. If you do not qualify for Florida’s generous homestead exemption enshrined in its state constitution and statutes, this number increases to $4,000 as an individual filer. The number doubles to $8,000 for joint filers.

These are sometimes known as “wildcard exemptions” because they allow bankruptcy filers to select the types of property they want to exempt. In other words, you are not limited to specific household items and other assets.

Other Bankruptcy Exemptions in Florida

Again, Florida law is particularly generous when it comes to bankruptcy exemptions. For example, under Fla. Stat. Ann. § 222.18, you could exempt disability income benefits. Under Fla. Stat. Ann. § 222.21, you could also exempt pension money and certain tax-exempt funds or accounts. Further, under Fla. Stat. Ann. § 222.22, you can exempt qualified tuition programs, medical savings accounts, Coverdell education savings accounts, and hurricane savings accounts

These are just some of the exemptions available in Florida. An experienced bankruptcy attorney can review your case and make sure no others you may be eligible for are overlooked.

Who Qualifies for Florida’s Bankruptcy Exemptions?

Florida bankruptcy rules require that you reside in the state for 730 days (i.e., two years) before filing your petition with a bankruptcy court. If you have not lived in the state for the required period, the exemptions from the previous state where you resided apply. If you did not live in one state during the two years before filing, the exemptions available in the state where you lived for most of the 180 days before the two years prior to filing would apply instead.

Further, under the homestead exemption, you can exempt an unlimited amount of equity in your home or other eligible property. However, the property must not exceed 160 acres unless it is in a municipal, in which case it must not exceed half an acre. Finally, you must also have owned the property for at least 1,215 days to be eligible for the homestead exemption when filing for bankruptcy.

Consult With Our Experienced Bankruptcy Attorneys Today

Loan Lawyers provide legal representation you can depend on when dealing with creditors and facing foreclosure. Our bankruptcy law firm can explore tailored solutions for each client’s unique needs and implement them to achieve the most favorable outcome on their behalf.

If you want to learn more about personal property exemptions in a Florida bankruptcy, contact us today to schedule your free, no-obligation consultation with one of our experienced attorneys. We are here to help.

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What Are the Most Common Reasons for Filing a Chapter 7 Bankruptcy?

Bankruptcy is a legal process that allows a person or business to have their debts discharged when they no longer have the financial means to pay them. Filing for bankruptcy is possible under Chapters 7, 9, 11, 12, 13, and 15 of the Bankruptcy Code. This page explores the top reasons individuals file for bankruptcy under Chapter 7.

If you need help to understand your rights and options under the Bankruptcy Code, contact Loan Lawyers to schedule your free, confidential consultation today. Read on to learn more.

Why File for Chapter 7 Bankruptcy?

If you are considering filing for bankruptcy, you are not alone. Each year, hundreds of thousands of individuals and businesses file for bankruptcy throughout the United States. Chapter 7 bankruptcy allows you to sell off (“liquidate”) your non-exempt assets and use the proceeds to pay off as much of your debt as possible. At the end of the process, the presiding court will discharge any remaining eligible debts, meaning that you no longer need to pay them.

Individuals and businesses file for Chapter 7 bankruptcy instead of pursuing other forms of debt resolution when they fall so far behind on payments that they can no longer keep up with their financial obligations. Chapter 7 allows them to reset their finances from zero after all other options are exhausted. This course of action represents a last resort for individuals struggling to pay off debt.

Common Reasons People File for Chapter 7 Bankruptcy

Multiple factors can come together and leave someone in a precarious enough financial situation that they need to file for bankruptcy. No matter your situation, our legal team is ready to listen to your story and help you explore options. Some of the most common reasons why people file for Chapter 7 bankruptcy include:

• Loss of Income – In general, individuals may fall into debt experiencing a significant reduction in income due to the loss of a job, pay cut, or reduction in work hours.
• Unaffordable Mortgages – The largest source of debt for many individuals and families are loans taken out to purchase a home, known as mortgages. Falling behind on mortgage payments can ultimately lead you down a path toward bankruptcy.
• Credit card debt – People can find themselves with unmanageable debt after racking up significant credit card balances. Bankruptcy can provide a solution when they can no longer afford to make at least minimum payments for an extended period.
• Medical expenses – People who suffer serious injuries or become severely ill may incur significant debt to pay for medical expenses not covered by insurance, including co-pays, co-insurance, deductibles, and non-covered services.
• Divorce or separation – Separating from a significant other in a breakup or divorce can have a serious negative impact on your finances. For example, the need to maintain two separate households is a common source of financial strain after separating from a significant other.

These are just a few of the most common reasons you may find yourself considering Chapter 7 bankruptcy. No matter the circumstances, Loan Lawyers is here to help you evaluate your legal rights and options going forward.

Need Help Filing for Chapter 7 Bankruptcy? Contact Loan Lawyers Today

If you can no longer pay your debts and feel like you have exhausted your options, Chapter 7 bankruptcy may be the best option for you. Contact Loan Lawyers today for a free, confidential consultation to discuss your eligibility. Our legal team can evaluate your situation and work with you to find the best path toward financial health.

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How Are Utility Bills Treated in Bankruptcy?

If you’re struggling with unmanageable debts, you might consider filing for bankruptcy. But you may also have questions about the practical effects – particularly when it comes to bankruptcy and utility bills.

So what happens to the utility bill debt you owe? And can utility bills be included in Chapter 7 or Chapter 13 bankruptcies? The answers to those questions depend on several factors, including what chapter you file under.

What Happens to Past-Due Utility Bills in Bankruptcy?

Past-due utility bills are unsecured debts – debts you owe that aren’t tied to collateral. There are no physical items for your creditor to take possession of if you don’t pay these debts. Unsecured debts are the opposite of secured debts, such as mortgages and auto loans backed by collateral like homes and vehicles. If you fail to pay your loans for secured debts, your lender can take away the collateral – for example, by foreclosing on your house or repossessing your car.

Unsecured debts can be discharged under both Chapter 7 and Chapter 13 bankruptcy. However, each chapter’s process – and what that means for the filer – varies considerably.

How Are Utility Bills Treated in Chapter 7?

In a Chapter 7 bankruptcy, your non-exempt possessions are liquidated to pay off your unsecured debts. Creditors of secured debt can also take back the collateral in your possession. Any debt left over – including your utility debt – is discharged, meaning you no longer have to pay it.

However, you must pay your new monthly bills throughout the process to retain service. The utility company can also require you to provide “adequate assurance of payment,” such as prepayment for service or cash deposits.

How Are Utility Bills Treated in Chapter 13?

When you file for Chapter 13 bankruptcy, you create a three- to a five-year repayment plan to pay back some or all of your debts – including unsecured debts like past-due utility bills. During your repayment plan, you must make regular payments to a bankruptcy trustee. The trustee then distributes the money to your creditors, including utility companies. You might not need to repay 100 percent of your past-due utility bills or other unsecured debts during Chapter 13. However, these debts will not be fully discharged unless you complete your court-approved repayment plan.

As with Chapter 7, you will need to pay your current utility bills throughout the bankruptcy process to keep your service.

Can You Still Get Services from Utility Companies that You Owe?

In most cases, you can still receive services from utility companies even if you owe them money – if you can pay your monthly bills after filing for bankruptcy. The utility company is required to treat you as though you are a new customer. They also can’t try to collect past debts while you are in bankruptcy.

Contact an Experienced Bankruptcy Lawyer in Fort Lauderdale Today

Are you interested in making a fresh financial start through bankruptcy? If so, the Fort Lauderdale bankruptcy lawyers at Loan Lawyers are ready to provide the support and guidance you need. Contact us now to discuss the specifics of your situation in a free case review.

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Consumer vs. Non-Consumer Debt

Loan Lawyers, LLC is licensed to practice law in the state of Florida. If you have a legal matter that you would like to discuss and you are NOT located in Florida, please contact your state’s Bar Association to get the information of a lawyer that can assist you in your home state. Thank you.

Debts can be classified as either consumer or non-consumer, which can have an important impact on which bankruptcy chapters are available to you. But what differentiates the two, and what does it mean for you?

What Is Consumer Debt?

Debt incurred for personal or household purposes is considered consumer debt. Consumer debt includes forms of borrowing used to buy goods or services for personal use.

Consumer debt is often unsecured, meaning it’s not backed by collateral. This makes it easier for consumers to obtain credit. But it also means that the lender has fewer options for collecting the debt if the borrower defaults.

What Is Non-Consumer Debt?

On the other hand, debt incurred for business or investment purposes is non-consumer. This can include loans or lines of credit used to finance a business, purchase commercial real estate, or invest in stocks, bonds, or other financial instruments.

Non-consumer debt is typically secured by collateral, such as a business asset or real estate – giving the lender more options for collecting the debt if the borrower defaults.

When Does the Type of Debt Matter in a Bankruptcy Case?

One of the main reasons that the distinction between consumer and non-consumer debts matters involves the Chapter 7 bankruptcy means test. Consumer debts apply to the means test, while non-consumer debts do not. Failing this means test allows a court to dismiss a Chapter 7 filing and convert it to a Chapter 11 or Chapter 13 filing. The presumption is that the debtor has enough income to repay some or all of their debts. If more than half of their debts are non-consumer, the debtor does not have to pass the means test to file Chapter 7.

While the distinctions between consumer and non-consumer debts play less of an active role in a Chapter 13 bankruptcy, they still have an impact. Filing for Chapter 13 places an automatic stay on consumer debts, meaning it stops most collection actions. This stay protects not just the filer but also any codebtors. However, codebtors do not receive the protections of an automatic stay on non-consumer debt.

Common Examples of Consumer and Non-Consumer Debt

Common types of consumer debt include:

• Credit card debt
• Personal loans
• Auto loans
• Mortgages

Alternately, non-consumer debts include:

• Business loans
• Commercial real estate loans
• Investment loans
• Equipment Financing
• Lines of credit for business purposes

Contact a Debt Law Firm in Florida for Help

With over 100 years of combined legal experience helping consumers, Loan Lawyers is a trusted resource for anyone struggling with debt. We’ve helped more than 8,000 Floridians get out of debt, and we can put this track record to work on your behalf. We understand that every debt case is unique and requires a personalized approach – one that we’re ready and willing to offer you during this difficult time.

Let us help you regain financial stability and restore your peace of mind. Contact Loan Lawyers today and take the first step toward a brighter financial future.

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5 Little-Known Tips To Use Bankruptcy And Stop Eviction In Florida – A Guide For Renters!

Florida Tenants Facing Eviction Can Use This Sneaky Bankruptcy Trick to Stay In Their Homes!

Loan Lawyers, LLC is licensed to practice law in the state of Florida. If you have a legal matter that you would like to discuss and you are NOT located in Florida, please contact your state’s Bar Association to get the information of a lawyer that can assist you in your home state. Thank you.

The COVID-19 pandemic has been difficult on all Floridians. Hundreds of thousands of people lost their jobs and businesses closed at an alarming rate. People also lost their homes, as they could not pay their rent and were in fear of eviction.

At the time, Governor DeSantis placed a moratorium on evictions and foreclosures, so people would not fear losing their home when there were shelter in place orders in effect. Unfortunately, those moratoriums are long over and they are not expected to go into effect again.

With so many people still struggling, there are still many Florida residents in fear of losing their homes. To prevent this from happening, it is natural to wonder if bankruptcy could help you avoid eviction or stop foreclosure. Like with so many other legal questions, the answer is that it depends. If you want to avoid eviction and think bankruptcy may be an option, you should speak to a Florida bankruptcy lawyer as soon as possible.

Bankruptcy Will Provide an Automatic Stay

As soon as you file for either a Chapter 7 or Chapter 13 bankruptcy, the court will issue an automatic stay in your case. An automatic stay prevents creditors and debt collectors from contacting you trying to collect on the debt you owe. As its name suggests, the automatic stay happens right away, which means as soon as you file, all contact will stop. Unfortunately, while the automatic stay will prevent creditors from contacting you, it does not always work the same for landlords that are trying to collect on the rent, or even evict you.

Automatic stays do not last forever and in the case of landlords, the time period may be very short. Landlords do have the right to ask the bankruptcy judge to lift the automatic stay on rent immediately, and many courts will grant these requests. If this happens, the landlord can start the eviction process all over again, and you may be evicted from your home.

Even when an automatic stay is lifted, it takes time for it to happen. You can use this time to find another place to live if you feel as though the eviction will go through. If you think you will be able to make any payments for past due rent, you can also use that time to collect it and give yourself the best chance of staying in your home.

If you filed a Chapter 7 bankruptcy, there is a chance your landlord may even simply wait until the bankruptcy case is over to evict you, which could take three to four months. Once the case is final though, your landlord will likely have the right to evict you from the premises if there is still unpaid rent.

It is important to note that an automatic stay will not stop an eviction if your landlord has already obtained a final judgment for eviction against you before you filed bankruptcy. Automatic stays only apply to the debt you had on the date you filed bankruptcy.

Bankruptcy Can Eliminate Unpaid Debt

Filing Chapter 7 bankruptcy can delay an eviction, but it will not necessarily stop one. However, after you are evicted, a Chapter 7 bankruptcy can eliminate any unpaid rent debt you still owe. Clearly, you also will not have to pay rent for the current premises going forward, as you will no longer have a lease agreement. It is for these reasons that many people consider bankruptcy when trying to avoid eviction. If you were paying too much rent, bankruptcy can help you walk away from it and get a fresh start.

Eliminating rental arrears can also make it easier for you to find a new place to live. You may need the first and last month’s rent, as well as a security deposit and the other fees associated with moving. Bankruptcy will also allow you to discharge other types of debt you may be carrying, such as credit card debt, personal loans, and unsecured medical debt. Getting rid of these debts can also free up some money that can help with finding a new place to live.

While there are many benefits that come with filing bankruptcy to avoid eviction, there are certain consequences you should know about, too. For example, any type of bankruptcy will appear on your credit report, and future landlords will likely look at this to determine if they want to rent to you. To avoid this, some people try to find a new place to live before they file for bankruptcy.

Chapter 13 Bankruptcy Can Help You Avoid Eviction

Although a Chapter 7 bankruptcy may not help you avoid eviction, a Chapter 13 bankruptcy can. When filing Chapter 13, you are not asking the court to discharge your debt, but you are asking them to reorganize it into a repayment plan. Your rent, including what you owe and what you will owe in the future, can be part of this repayment plan, allowing you to stay in the premises.

The repayment plan is also drafted using your income and your current expenses, so the payments are affordable for you. It is crucial that you make any and all payments according to the repayment plan. If you do not, your landlord can complain to the bankruptcy trustee and your case may be dismissed. In that case, your landlord could continue to pursue an eviction and you likely would not be able to file bankruptcy again to stop it.

Call Our Bankruptcy Lawyer in Florida Today

Bankruptcy may be able to stop an eviction, but the process is a long and difficult one. There are also many benefits and some drawbacks to filing, so it is important to speak to a South Florida bankruptcy lawyer that can advise on the specifics of your case. At Loan Lawyers, we have helped thousands of borrowers successfully pursue bankruptcy, and we want to put that experience to work for you. Call us today at (954) 523-4357 or contact us online to schedule a free consultation.

Why Choosing the Right Bankruptcy Lawyer Could Change Your Life

 

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How to Prepare for Your 341 Meeting After Filing for Bankruptcy

Loan Lawyers, LLC is licensed to practice law in the state of Florida. If you have a legal matter that you would like to discuss and you are NOT located in Florida, please contact your state’s Bar Association to get the information of a lawyer that can assist you in your home state. Thank you.

Within 20 to 40 days after you file for bankruptcy in Florida, the court will mail you and your creditors a notice for your 341 meeting of creditors. The court’s notice will include the meeting’s date, time, and location.

This meeting is a required part of the bankruptcy process. You should know what to expect, how to prepare, and how our bankruptcy attorneys at Loan Lawyers can help you.

What Is the 341 Meeting for Bankruptcy in Florida?

A 341 meeting is required by the Florida bankruptcy law section 341, which is why it is referred to by that name. It’s also often called a creditors meeting. Its purpose is for you to answer questions under oath about the financial information in your bankruptcy petition package, such as lists of creditors, schedules of assets, liabilities, income, expenditures, and a statement of your financial affairs.

You, your attorney, and a Chapter 7 trustee attend the 341 meeting. The trustee is a “private, impartial individual paid to administer and oversee your case on behalf of the U.S. Trustee’s Office.” The creditors are not required to attend, and it’s common for them not to do so. This meeting is not a court hearing, so a judge does not attend.

What to Expect at a 341 Meeting of Creditors

You can expect a creditors meeting to occur within 20 to 40 days after filing your bankruptcy petition. You are required to attend this meeting.

The trustee will conduct the meeting, administer an oath to you, verify your identity, and ask standard questions and other optional questions to evaluate the information in your petition. A record of the meeting will be taken. A typical 341 meeting lasts about 15 minutes.

How to Prepare for a 341 Meeting After Filing Bankruptcy

Before the 341 meeting, you must submit several other required forms and statements – each with its own strict filing deadline. It is acceptable to file these documents with your bankruptcy petition. If you have not already done so, you need to file:

• Certificate of Credit Counseling Course – You must have completed this course within 180 days before filing your bankruptcy petition. If not filed with your bankruptcy petition, it needs to be filed within 14 days after filing your petition. 
• Copy of your most recent tax return – You must provide the trustee with this at least seven days before your meeting date. 
• Statement of Intention – If filing for Chapter 7, the deadline to submit your Statement of Intention is 30 days after filing your petition or on or before the date of your meeting –  whichever comes first. 

You should prepare to bring photo identification and a document showing your social security number. Also, plan to dress professionally.

Contact Loan Lawyers to Help You Prepare for Your 341 Meeting

If you are looking for a fresh financial start, let the bankruptcy attorneys at Loan Lawyers guide you through the bankruptcy process. We’ve helped over 8,000 clients in Florida get out of debt and move on with their lives. To learn more about how we can help you, contact us today for a free consultation.

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Can I Negotiate a Wage Garnishment?

Disclaimer: Loan Lawyers, LLC is licensed to practice law in the state of Florida. If you have a legal matter that you would like to discuss and you are NOT located in Florida, please contact your state’s Bar Association to get the information of a lawyer that can assist you in your home state. Thank you.

A wage garnishment is a court order obtained by a creditor to seize a portion of a debtor’s paycheck, bank account, or other assets to meet a debt obligation. If you are already struggling to pay your debts, the effects of wage garnishment can be especially hard on your finances. However, you may be able to negotiate the terms of wage garnishment or avoid it altogether. The team at Loan Lawyers is here to explain the options for negotiating, contesting, vacating, or ending a wage garnishment.

Is It Possible to Negotiate a Wage Garnishment in Florida?

It is sometimes possible to negotiate a wage garnishment directly with the creditor. Most creditors want to recoup as much of their debt as possible and may be willing to work out a deal. Build your argument before approaching the creditor. Collect evidence showing how detrimental the wage garnishment is to your financial stability or how you qualify for an exemption. In either case, the creditor may agree to a solution that doesn’t involve a garnishment, such as an adjustment payment plan or a settlement for a lump sum.

How to Get Rid of Wage Garnishment Completely

The court clerk must notify you when a creditor files a court order seeking to garnish your wages. You have the right to file an exemption within 20 days of receiving notice. If you file a claim of exemption, the creditor has 14 business days to file a response to your claim with the court. If the creditor doesn’t respond in time, the court can cancel the garnishment.

Some exemptions and other strategies that may allow you to contest or stop a wage garnishment include the following:

• Head of household exemption – Under Florida law, you may legally stop a wage garnishment if you qualify as a head of household. A head of household pays at least 50 percent of the living expenses for a child or other dependent.
• Exempted income – Certain types of income are exempt from wage garnishments, such as retirement benefits, veteran’s benefits, disability benefits, workers’ compensation, alimony, and child support.
• Federal protections – Under federal law, wage garnishments cannot exceed 25 percent of your disposable earnings or the amount of your weekly income over 30 times the federal minimum wage, whichever is less.
• Pay off the debt – This may not be an option for everyone. But if you can come up with the money to pay off the debt, you will eliminate the creditor’s need for wage garnishment. For example, you could ask family or friends for money, consolidate the debt with another loan, or sell an asset.
• Bankruptcy – If you do not qualify for any exemptions and cannot possibly pay back the debt or make ends meet while having your wages garnished, you should consider filing for bankruptcy. While bankruptcy comes with drawbacks, it would stop any wage garnishments. Depending on the type of bankruptcy you file, you may be able to structure a repayment plan, liquidate some assets, or discharge some debts.

RELATED: Wage Garnishment FAQs

Do You Need a Debt Lawyer to Investigate Your Wage Garnishment?

To best understand your legal options for dealing with wage garnishment, consult a knowledgeable debt settlement attorney at Loan Lawyers today. Our foreclosure defense, debt defense, and bankruptcy law firm has helped many Florida clients find a way through or out of wage garnishment. Contact us today for a free consultation.

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Is It Possible to Switch Between Bankruptcy Chapters in Florida?

Are you in Chapter 13 bankruptcy proceedings in Florida and wondering if you can switch to Chapter 7? Loan Lawyers is here to help. Chapter 7 bankruptcy allows individuals to get a fresh start by liquidating assets to cover some debts and discharging other debts. Chapter 13 bankruptcy creates a plan where the debtor can repay all or part of the debt owed to creditors over three or five years. Once all payments are complete, the remaining debt can be discharged.

Contact Loan Lawyers for a free consultation to learn more about whether you can switch between bankruptcy chapters in Florida, when and how that might be beneficial, and what’s required.

Can You Convert Your Chapter 13 Bankruptcy to Chapter 7 in Florida?

It is possible to convert from Chapter 13 bankruptcy to Chapter 7. To know if this is true in your particular situation, you should consult a bankruptcy attorney who can determine whether you are eligible and discuss the pros and cons of switching.

For example, after you file for bankruptcy, you must wait a specific period before you can file again. The duration of the waiting period depends upon the type of bankruptcy you previously filed. If you have a prior bankruptcy, your attorney will tell you whether you’re outside the waiting period and could convert to a Chapter 7.

To convert, you must file a Notice of Conversion with the court and pay a conversion fee. An attorney can help you with this process.

Benefits of Switching Bankruptcy Chapters

Switching to Chapter 7 bankruptcy might be beneficial to you if:

• You cannot maintain the Chapter 13 bankruptcy payment plan.
• You have experienced a significant loss of income.
• You no longer wish to keep an asset that your Chapter 13 bankruptcy plan was designed to save.

Do You Qualify for Chapter 7 Bankruptcy?

Before deciding to convert to Chapter 7 bankruptcy, you must ensure you qualify. First, you must pass a means test demonstrating your income falls below Florida’s median family income for your household size. If your income exceeds that amount, you might still be able to qualify after a detailed analysis of your income and expenses.

When the Court Might Force You to Convert to Chapter 7 in Florida

The court could order you to convert to Chapter 7 bankruptcy “for cause.” If the court believes you are trying to manipulate the bankruptcy system, it could force you to enter Chapter 7 bankruptcy and liquidate nonexempt assets to pay back creditors. For example, this may happen if it appears that you are hiding assets or lying on forms.

Contact Loan Lawyers Today for Help Switching Bankruptcy Chapters

If you are having trouble keeping up with a Chapter 13 bankruptcy repayment plan, Loan Lawyers can help you explore whether converting to Chapter 7 bankruptcy would be a good option for you. Our bankruptcy attorneys aim to find the best financial solution for each client and will never pressure you. Contact us today to schedule a free consultation.

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Does a Voluntary Repossession Affect Your Credit?

Loan Lawyers, LLC is licensed to practice law in the state of Florida. If you have a legal matter that you would like to discuss and you are NOT located in Florida, please contact your state’s Bar Association to get the information of a lawyer that can assist you in your home state. Thank you.

If you fall behind on your car payments and cannot catch up, you can give your car back to your lender. Lenders call this voluntary repossession, and it can potentially give you some financial breathing room. But before you turn your car over to the bank, you need to consider all the potential consequences. To learn more about voluntary repossession in Florida, contact a skilled car repossession lawyer at Loan Lawyers today.

Can Voluntary Repossession Have an Impact on Your Credit?

One reason many people consider voluntary repossession is to protect their credit score. Unfortunately, giving your car to your lender is unlikely to protect your credit. Many lenders consider a voluntary repossession the same as an involuntary repossession, leading to a negative mark on your credit report.

How Much Does a Voluntary Repossession Affect Your Credit?

Estimates vary, but you can expect a voluntary repossession to lower your credit score by 50-150 points. How big of a drop you will see depends on factors such as your prior credit history and how many payments you made before the repossession. A large drop in your credit score can severely impact your ability to obtain future loans for a car, home, or other large purchases. Some lenders may not give you credit after your score drops, or you may have to accept a loan with a high-interest rate.

How Long Does a Voluntary Repossession Stay On Your Credit?

According to Experian, one of the three main credit reporting agencies, a voluntary repossession is considered a loan default. Loan defaults lead to derogatory marks on your credit report that can last up to seven years. You may be able to remove a derogatory mark from your credit report by paying the balance you still owe on your loan or working out an arrangement with your lender.

Pros and Cons of Voluntary Repossession

There are pros and cons to surrendering your car to your lender if you fall behind on your payments. The benefits of voluntary repossession include the following:

• A better repossession experience — Involuntary repossessions upset many people because they often happen at inconvenient times. A voluntary repossession allows you to choose when you turn over your car, giving you time to make plans.
• Lower repossession expenses — If a lender repossesses your car, you may owe additional fees on top of your loan balance. Voluntarily turning over your car means you do not have to pay repossession costs.
• Less stress on you — For better or worse, turning over your car to your lender means you do not have to worry about the car any longer. You may still owe a balance and have other problems to worry about. But you do not have to worry about maintaining your car or when the bank will take it.

Some negative effects of voluntary repossession of a car include the following:

• Lower credit score — You will likely see your credit score drop after you give your car to your lender, which could impact your financial future.
• You may still owe a balance on your loan — You might need to pay back your lender even after giving them your car, though typically just the remaining balance not covered by the car’s resale. An outstanding loan balance can cause significant financial stress.
• You no longer have your car — You may have ways to get where you need to go after surrendering your car. But these options will likely be less convenient than driving yourself.

Talk to an Experienced Car Repossession Lawyer in Florida Today

The Florida foreclosure defense, debt defense, and bankruptcy attorneys at Loan Lawyers can help you decide whether to voluntarily repossess your car. We will protect your rights and help you find the best way forward from this challenging situation. Call us today or visit our contact page for a free consultation.

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Can a Loan Modification Stop Foreclosure?

Loan Lawyers, LLC is licensed to practice law in the state of Florida. If you have a legal matter that you would like to discuss, and you are NOT located in Florida, please contact your state’s Bar Association to get the information of a lawyer that can assist you in your home state. Thank you.

Homeowners who can no longer afford their mortgage payments have options for stopping foreclosure and keeping their homes. Depending on the circumstances, a homeowner may consider applying for a loan modification with their lender to avoid or stop a mortgage foreclosure. But how exactly does a loan modification prevent a homeowner from losing their property to foreclosure? Learn from our Florida loan modification attorneys below.

What Is Loan Modification?

In a loan modification, a lender and borrower agree to change the terms of a loan. Loan modification often happens when a borrower can no longer afford payments under the loan’s current terms. Altering the terms of the loan can provide temporary relief from payments or reduce the monthly payment amount to a more affordable level.

Examples of terms that can be modified include:

• Modifying the type of loan, such as changing from an adjustable-rate mortgage to a fixed-rate mortgage
• Reducing the interest rate
• Extending the loan term
• Pausing payments for a certain period
• Recapitalizing the loan to fold in missed payments
• Reducing the amount owed on the loan, typically by having the lender agree to forgive a portion of the balance

Who Can Use Loan Modification?

Loan modification frequently is used by homeowners who can no longer make their mortgage payments. A homeowner who has defaulted on their mortgage may use loan modification to avoid foreclosure. Lenders tend to grant loan modification to borrowers who have suffered some form of financial hardship but will resume making payments soon or can afford lower payments.

Circumstances where borrowers may seek loan modification include:

• Loss of a job with a reasonable chance of securing new employment soon
• Sudden illness or temporary disability that results in missed time from work or substantial medical bills
• Loss of income due to the death of a financially contributing family member
• Separation or divorce
• Increases in housing or living costs, such as an increase in property taxes

Advantages and Disadvantages of Loan Modification

The advantages of seeking loan modification during foreclosure include the following:

• You can keep your home by pausing payments if you experience temporary financial difficulty or reducing mortgage payments to a more affordable level.
• Loan modification can help you resolve missed payments or a default on your mortgage.
• You may avoid damage to your credit rating that foreclosure would cause.

However, there are disadvantages of loan modification as a way to stop foreclosure, such as the following:

• Most types of loan modification result in you paying more money throughout the loan than you would under the original terms.
• You may have to pay fees as part of the loan modification process.
• You can incur tax liability if the lender forgives part of the mortgage.
• There may be an impact on your credit score if the loan modification is reported to the credit bureaus as a debt settlement.

Talk to an Experienced Foreclosure Defense Lawyer About Modifying Your Loan

If you are facing mortgage foreclosure, a skilled foreclosure defense lawyer can help you learn more about how options such as loan modification can help you keep your home. Contact Loan Lawyers today for a free, confidential consultation with our foreclosure defense, debt defense, and bankruptcy law firm to discuss how we can help you find the best solution to resolve your foreclosure.

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Difference Between Debt Consolidation and Debt Settlement

Loan Lawyers, LLC is licensed to practice law in Florida. If you have a legal matter that you would like to discuss and you are NOT located in Florida, please get in touch with your state’s Bar Association to get the information of a lawyer that can assist you in your home state. Thank you.

If you are struggling to pay off debt, you may have heard about debt consolidation and debt settlement — two financial strategies to manage your debt. While these methods may sound similar, they function differently and are often used to resolve specific issues. 

Contact Loan Lawyers for a free consultation with a debt defense lawyer to learn more about debt consolidation vs. debt settlement.

What Is the Difference Between Debt Consolidation and Debt Settlement?

There are a few key differences between these two methods of debt management. First, debt consolidation combines debts from multiple creditors into a single debt that may have a better interest rate and more manageable terms for the debtor. Debt can be consolidated through a balance-transfer credit card, personal loan, home equity loan, or debt consolidation loan. This method may offer advantageous terms, such as a lower interest rate that allows the debtor to save money. It can also help the debtor pay off debt sooner and reduce the payments they must make.

Debt settlement involves purposefully withholding payment from a creditor for a period, typically two or three years. The debtor then attempts to settle the debt with a much lower lump-sum amount. They may try to negotiate debt resettlement or hire a for-profit company to help. However, it can be risky in either case.

Pros and Cons of Debt Consolidation vs. Debt Settlement

There are advantages and disadvantages to each debt management strategy. The pros of debt consolidation are:

• Fewer payments to manage
• Lower monthly payments due to a lower interest rate or extended payment schedule
• Credit may improve if the credit utilization ratio is reduced

The cons of debt consolidation include the following: 

• Original debt is not eliminated but extended over time
• Bad credit may prevent a debtor from getting a lower interest rate 
• There may be fees involved
• The pros of debt settlement are:
• Opportunity to settle for a much lower amount, saving significant money
• Possibility to settle relatively quickly

However, there are cons of debt settlement, such as: 

• No guarantee that a creditor will agree to settle
• Accrual of late fees and interest charges while payments are being withheld 
• Potential damage to a debtor’s credit score
• Possibility of being scammed by debt settlement companies

Debt Consolidation vs. Debt Settlement: Which Is Better for You?

You should consider several factors when determining which financial strategy is better for you. The main issues to take into account include the following: 

• How much debt do you owe
• Whether you are delinquent and, if so, how far behind you are
• Your credit score
• Your ideal timeline for paying down debt

An experienced debt relief attorney can evaluate your financial situation, explain your options, and help you choose the best strategy for your case. 

Contact Loan Lawyers Today for a Free Consultation

If you struggle to manage your debt, contact Loan Lawyers today for a free consultation. Our foreclosure defense, debt defense, and bankruptcy law firm can help you find the best solution for your case. We work directly with each client on a personalized, detailed approach to solving debt problems.

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HOA Foreclosure vs. Bank Foreclosure

Loan Lawyers, LLC is licensed to practice law in the state of Florida. If you have a legal matter that you would like to discuss and you are NOT located in Florida, please contact your state’s Bar Association to get the information of a lawyer that can assist you in your home state. Thank you.

The word “foreclosure” understandably triggers fear and anxiety in most homeowners. As a homeowner, you should understand how one initiated by a homeowner association (HOA) differs from traditional bank foreclosure.

The team at Loan Lawyers wants to provide homeowners facing foreclosure with practical and straightforward information about the process of homeowner association foreclosures. To learn more, contact Loan Lawyers today for a free consultation.

Why Do HOA and Bank Foreclosures Happen?

Foreclosure occurs when a lender takes back property from a borrower who can no longer make mortgage payments. When someone cannot afford to pay their mortgage, the lender is not getting back the money on the loan they provided. If the lender can foreclose on the property, it can take ownership of the house and sell it to recover money.

Under federal law, a homeowner must generally be more than 120 days past due on their mortgage payments before a lender can file for foreclosure. However, the homeowner’s HOA can begin foreclosure if they stop paying HOA fees.

What Are the Main Differences Between an HOA Foreclosure and Bank Foreclosure?

There are distinct differences between an HOA foreclosure and a bank foreclosure. A bank foreclosure typically occurs when a homeowner fails to make monthly mortgage payments. After 120 days, a lender may begin foreclosure to take ownership of the property and sell it to recover losses.

HOA foreclosures are different because they involve a homeowner association. An HOA collects dues or fees from homeowners to maintain communal areas like parks, lawns, and pools. If a homeowner fails to pay these fees, an HOA can choose to recover what it is owed by placing a lien on the home. A lien prevents the homeowner from selling or refinancing the property.

The HOA can take steps to begin the foreclosure process. However, HOA auctions only seek to sell the property for enough money to recover the outstanding lien. An HOA foreclosure has nothing to do with a homeowner’s mortgage. When someone buys an HOA foreclosure, they may be surprised to find an outstanding mortgage is still attached to the property.

What Should I Do After Being Served with a Foreclosure Lawsuit?

If you have been served with a foreclosure lawsuit, you should immediately contact an experienced attorney who can advise you on your options. A foreclosure defense lawyer can find a solution that works for you and your lender or HOA. Navigating the foreclosure process alone rarely works out in a homeowner’s favor, so hiring an attorney is in your best interest.

Contact the Consumer Debt Defense Attorneys at Loan Lawyers for Help

Loan Lawyers is a foreclosure defense, debt defense, and bankruptcy law firm committed to protecting clients’ rights. If you are being foreclosed on, contact the consumer debt defense attorneys at Loan Lawyers today for a free consultation.

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Legal Rights Before a Foreclosure

Loan Lawyers, LLC is licensed to practice law in the state of Florida. If you have a legal matter that you would like to discuss and you are NOT located in Florida, please contact your state’s Bar Association to get the information of a lawyer that can assist you in your home state. Thank you.

If you are facing foreclosure in Florida, you might be feeling overwhelmed and wondering what to do next. The Florida foreclosure attorneys at Loan Lawyers can help you understand your options and establish a strong legal strategy to defend your mortgage rights and home. To learn more about your homeowner rights in foreclosure, contact Loan Lawyers today for a free consultation.

Breach Letter

During the pre-foreclosure stage in Florida, your lender must send you a notice known as a breach letter. This notice is meant to inform you that you are past due on your mortgage payments and the lender will begin foreclosure if you don’t correct the default. Breach letters should also contain information about your various options for avoiding foreclosure.

Notice of the Foreclosure

Homeowners in Florida are also entitled to notice of a pending foreclosure if they cannot correct the default. Florida is a judicial foreclosure state, which means lenders must get court approval before beginning foreclosure proceedings. If your lender gets approval from the court for judicial foreclosure, your notice should come in the form of an official complaint and court summons in the mail.

After your lender starts a judicial foreclosure in Florida, you have 20 days to file a response in court. If you do not respond by the deadline, your lender might ask the court to grant a default judgment. A default judgment would allow your lender to proceed with the foreclosure of your home.

Reinstating Your Mortgage

Most Florida home mortgages have conditions allowing borrowers to reinstate their mortgages. This lets borrowers stop the foreclosure by paying off all past-due amounts and fees. Many mortgage contracts allow borrowers to reinstate their mortgages until a specific deadline, usually when the court renders a judgment.

After a successful reinstatement, the lender stops foreclosure proceedings. The borrower then resumes their regular mortgage payments.

Redeeming Your Home

Another way to save your home from foreclosure is by redeeming the property, which is different from reinstating a mortgage. When you redeem a home, you must pay off the entire mortgage and any late fees or interest you owe your lender.

As you might imagine, few homeowners who default on their mortgages have the financial ability to pay off their debts all at once. If redeeming your home is an option, remember that you must redeem the home before your court-ordered foreclosure redemption period expires or your lender files a certificate of sale.

Contact the Foreclosure Defense Attorneys at Loan Lawyers

You shouldn’t have to defend your homeowner rights on your own. If you want to challenge your foreclosure, contact the foreclosure defense team at Loan Lawyers today. We can address your concerns and review your case for free when you contact us for an initial consultation session.

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What Is Zombie Debt and How Do You Deal With It?

Loan Lawyers, LLC is licensed to practice law in the state of Florida. If you have a legal matter that you would like to discuss and you are NOT located in Florida, please contact your state’s Bar Association to get the information of a lawyer that can assist you in your home state. Thank you.

One of the most stressful things about being in debt is how long it can impact your life. Sometimes, a debt may be so old that your creditors can no longer collect on it. That does not mean unethical collectors won’t try to collect on this debt, though, putting you in a difficult situation.

The rise of this “zombie debt” is a growing problem in Florida. But the foreclosure defense, debt defense, and bankruptcy attorneys at Loan Lawyers can help if someone is trying to collect on these debts. Contact our office for a free consultation to learn more.

What Is a Zombie Debt?

“Zombie debt” is a term for debt that is old or you no longer owe. These debts may have been previously discharged in bankruptcy or are so old that your creditors can no longer take action against you. However, people sometimes buy these debts and try to collect on them, using scare tactics or intimidation to force debtors to pay up when they no longer owe anything.

There are a few common types of zombie debts that debt scavengers will try to collect on, such as:

• Expired debts – When you owe money to your creditors, they have a limited window to take legal action if you fail to pay back the debt. If the statute of limitations on a zombie debt has expired, you no longer have to pay them back.
• Debts discharged in bankruptcy – The point of bankruptcy is to clear away your debts and give you a fresh financial start. You do not have to pay debts discharged in bankruptcy.
• Debts that were not yours – Even in this age of electronic records and databases, it is possible for your debts to be confused with someone else’s. You do not have to pay a debt you do not owe.
• Debts that have fallen off your credit report – If a debt has been dropped from your credit report, you may still have to pay it. However, it should not impact your credit score. Unfortunately, debt scavengers sometimes report old debts as new so they reappear on your credit report, which can have severe financial consequences.

How to Deal With a Zombie Debt

Do not agree to pay any debt you believe you do not owe. In fact, you should say as little as possible if someone contacts you about a zombie debt. You do not want to give the debt collector any information to use against you or potentially revive the debt.

You should do some research before you take any action. The Fair Debt Collection Practices Act and other laws provide certain legal protections for borrowers. You can also ask the debt collector to validate the debt you allegedly owe.

No matter what, talk to a lawyer right away. A debt defense attorney can review your situation, tell you if you have to pay the zombie debt, and help you deal with debt scavengers.

How to Remove Zombie Debt from Your Credit Report

There are ways you can have a zombie debt removed from your credit report. You may have to contact the credit bureau directly, and each of the three main credit bureaus has procedures for these situations. The best and easiest way to remove zombie debts from your credit report is to work with an experienced debt defense lawyer.

Talk to Our Experienced Debt Defense Attorneys in Fort Lauderdale, FL Today

Is someone trying to collect on your old or expired zombie debt? Our Fort Lauderdale debt defense lawyers have more than 100 years of combined legal experience and have helped our clients eliminate more than $100 million in debts. To learn more about how to deal with zombie debt, contact us today for a free consultation.

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4 Tips for Starting Over After Bankruptcy

Loan Lawyers, LLC is licensed to practice law in the state of Florida. If you have a legal matter that you would like to discuss and you are NOT located in Florida, please contact your state’s Bar Association to get the information of a lawyer that can assist you in your home state. Thank you.

Filing for bankruptcy can provide you with a fresh financial start. But recovering after bankruptcy isn’t always easy. Knowing how to start over after bankruptcy can help you build a solid financial future. Contact Loan Lawyers today to learn more about what to do after bankruptcy to take charge of your finances.

1. Save Your Paperwork

Although you may want to put your bankruptcy behind you as quickly as possible, saving any paperwork from your bankruptcy case is essential. You may be asked for copies of your bankruptcy notices or files — especially when applying for large ticket items such as a car loan or mortgage after bankruptcy.

Your bankruptcy paperwork will also be handy if a creditor or collection agency approaches you about money owed. If your bankruptcy included that specific debt, you could easily prove that your bankruptcy was discharged and you no longer owe that money.

2. Create a Budget

Knowing how to manage your money is critical to helping you establish good financial habits with your day-to-day spending. One way to do this? Create a budget.

However, creating and sticking to a budget may sound challenging. To set yourself up for budgeting success, you must have a plan. First, understand where you stand now. Take an inventory of your income, savings, spending, and debt. Then, create a financial plan for life after bankruptcy.

For example, you may choose to use the 50/30/20 method of budgeting. This budget assigns 50 percent of your income to needs, 30 percent to wants, and 20 percent to savings. After budgeting, you may find you need to cut back on spending or get a side hustle or part-time job to bring in more income. 

3. Save Money for Emergencies

Building an emergency fund is another way to create healthy financial habits after bankruptcy. When unexpected expenses pop up, emergency savings can help you avoid landing back in debt.

Even with the necessity of an emergency fund, 56 percent of Americans don’t have enough savings to cover a $1,000 emergency expense – causing stress and increasing debt. Don’t put off saving money for emergencies. Even if you only have a small amount to fund an emergency savings account, saving is key to helping your fund increase over time.

4. Check Your Credit Report

When you filed for bankruptcy, you probably saw your credit score dive. Your credit score increases as old credit accounts drop off your credit over the next seven or ten years, depending on if you filed Chapter 7 or Chapter 13. 

However, make sure your credit reports note which accounts are included in your bankruptcy. You don’t want an overdue credit account floating around, causing more financial havoc. Check your credit report regularly to help track your credit accounts and reduce reporting errors. 

Things to Avoid After Filing Bankruptcy

Part of knowing how to recover after bankruptcy is understanding what not to do. Some things to avoid when recovering from bankruptcy include:

• Avoid credit repair scams
• Avoid payday lenders
• Avoid taking on additional debt
• Avoid repeating past financial mistakes

Taking proactive steps to repair credit and improve your financial situation can help you pave the way for a more solid financial future.

Talk to Our Experienced Bankruptcy Lawyers in Fort Lauderdale, FL Today

If you’re considering filing for bankruptcy, you’ll want an experienced debt solution law firm with a proven track record of success on your side. To gain control of your debt, don’t hesitate to call the experienced bankruptcy attorneys at Loan Lawyers to discuss your options and how we could help.

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How to Deal With an Aggressive Debt Collector

Loan Lawyers, LLC is licensed to practice law in the state of Florida. If you have a legal matter that you would like to discuss and you are NOT located in Florida, please contact your state’s Bar Association to get the information of a lawyer that can assist you in your home state. Thank you.

Are debt collectors harassing you? Are they calling or texting you at all hours? Are they using threatening language? Aggressive debt collectors use a variety of tactics to get people to make payments on their debt. They are often persistent and resort to bullying or threatening you. Don’t be intimidated by this behavior. Know that you have rights as a consumer and that an experienced attorney could help.

If you are facing illegal harassment from rude debt collectors, Loan Lawyers could help you stop this unwanted and possibly illegal behavior. Contact us for more advice on how to deal with rude debt collectors.

Tips on How to Deal with Aggressive Debt Collectors

Responding to debt collectors can feel overwhelming, so here are some tips to help:

1. Know your rights – The Fair Debt Collection Practices Act (FDCPA) and the Florida Consumer Collections Practices Act protect consumers from unauthorized communication from debt collectors. These laws specify how debt collectors may obtain your information, how they can contact you, and when they can contact you. False and misleading representations, harassment, and other unfair practices are prohibited.
2. Keep records – Make detailed notes about any calls you receive and what you discuss. You should also keep your financial records organized. You can dispute the debt if their requests do not match your records.
3. Don’t make a payment – Making a small payment of $5 or $10 may seem like a good idea. However, it could restart the statute of limitations. This could lead to a lawsuit or wage garnishment. Don’t make promises such as “I can start paying next month” for the same reasons.
4. Request that they stop calling – You can send a letter to the collection agency requesting they stop calling. You can also block their number on your phone.
5. Stay calm – If your case goes to court, you don’t want evidence that you became angry or used vulgar language when dealing with the collection agency. You may also unintentionally share damaging information if you’re mad or upset.
6. Consult with an attorney – Once you hire an attorney, the FDCPA requires that the debt collector speak directly with your lawyer. This can end unwanted calls, and you won’t need to worry about accidentally sharing information that could jeopardize your case.

You may also report abusive debt collectors to the Federal Trade Commission and the Consumer Financial Protection Bureau.

Common Actions Performed by Aggressive Debt Collectors

Signs you are speaking with an aggressive debt collector include:

• Speaks disrespectfully, including using vulgar language
• Communicates in an aggressive or angry tone
• Displays a lack of sensitivity for your finances or personal concerns
• Uses threats or scare tactics

Many of these and other related behaviors are prohibited by law.

Talk to Our Skilled Debt Collector Harassment Attorneys in Fort Lauderdale, FL Today

Living under a cloud of debt can leave you feeling frustrated and hopeless. Aggressive debt collectors only add to that stress.

At Loan Lawyers, we have helped over 7,000 Florida clients get out of debt. We’ve also recovered over $25 million on behalf of our clients as compensation for negligence or fraud by debt collectors, credit card companies, and banks. We are here to protect you from their abuse. Contact us today for a free consultation.

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Claiming Surplus Funds After a Florida Foreclosure

Going through a foreclosure is devastating. Throughout the process, you have had a lot to think about. Afterwards, you likely just want to put it all behind you and start moving forward. However, there may be surplus funds you are not aware of. After a home has gone through the foreclosure process, there are often funds remaining and sometimes, these are taken by the lender as profit.

While surplus funds are essentially profits from the sale, they should not be taken by anyone other than the homeowner who was vacated from the premises. Unfortunately, many homeowners do not even know that these funds exist. If you have been through a foreclosure, you may not know that there are surplus funds you can claim. Your lender may not have notified you about these funds, and if that is the case, you may be able to take legal action against the lender. Below, our Florida foreclosure lawyer explains more.

What are Surplus Funds?

After a foreclosure sale or deed in lieu, there is sometimes additional money remaining. This additional money is called surplus funds. In most cases, the amount is shown on the certificate of disbursement. The additional funds can be a result of insurance, taxes, operating expenses, and other fees. When surplus funds do remain after foreclosure, the lender has essentially made a profit from selling your home.

Surplus funds are also sometimes present when a homeowner has equity in the home at the time of the foreclosure sale. In these cases, homeowners may receive a letter from a trustee stating that there are surplus funds. When the foreclosure is complete, the homeowner can then claim the surplus funds. The majority of people who go through the foreclosure process are unaware that there are surplus funds, or that they have a right to claim them.

Foreclosures are complicated processes for those going through them, and they are also very stressful experiences. You may be feeling confused and uncertain about what the future holds. You may also be worried about taking the right steps to complete the process. Not only that, but you may not realize or remember that you have equity in the home. If you do not have the right advisors on your side, such as a Fort Lauderdale foreclosure defense lawyer, you could miss out on funds that are owed to you.

The foreclosure process is a long one, but after your home has been sold at a foreclosure auction, the lender should notify you if there are surplus funds you can claim. The surplus funds are essentially the difference between the outstanding balance on the mortgage loan and the sale price. Due to the fact that foreclosure sales are auctions, the prices for homes can vary greatly. The equity a homeowner has put into a home is not affected by the final selling price of the home, as it is static.

Who Can Claim Surplus Funds?

Surplus funds are typically given to the most recent homeowner. As such, you should receive them after the foreclosure sale. However, other parties may come forward and try to claim the surplus funds. For example, if there is a second mortgage on the property, the lender of that loan may claim the funds to help pay off the debt the borrower owes to them. In this case, you will receive surplus funds only if there is additional money left after the second mortgage lender has made their claim.

How to Claim Surplus Funds After a Foreclosure in Florida

If you believe there are surplus funds after a foreclosure sale on your former home, there are certain steps you can take to claim them. These are as follows:

• Prove ownership: You must first prove that you were the last owner of the home and as such, are entitled to the surplus funds. You can prove ownership by obtaining a copy of the title through a title search if you no longer have a copy.
• Verify the surplus funds: During this phase of the process, you must analyze the foreclosure records and subtract any loans or liens that were on the property. The remaining amount equals the funds you should have received after the foreclosure sale. A Fort Lauderdale foreclosure defense lawyer can assist with gathering the evidence that is required for this part of the process. If you have a Deposit of Surplus Funds letter, this can also serve as evidence to verify the surplus funds.
• Contact the trustee: You need to contact the bank or the lender that has a lien on your home and notify them that there are surplus funds you are owed. You may have to reach out to more than one lender if you had a second or third mortgage on the home.
• Submit your claim: You must submit your claim to the court and to the trustee. The trustee and the court will then examine your claim and determine if you are owed surplus funds. If you do not claim the funds within two to three months, the funds will be kept by the court.
• Hearings and motions: There may need to be court proceedings and hearings before you receive the surplus funds owed to you. Once all the hearings and motions are complete, you can then receive the surplus funds.

Why Working with a Foreclosure Defense Lawyer is Important

If you have surplus funds to claim, do not go through the process without the help of a foreclosure defense lawyer in Fort Lauderdale. There are many companies that claim they will help you obtain the funds you are owed, but they will require you to sign over your rights to the property, and therefore the funds, that are rightfully yours. They also will not provide legal advice. A lawyer will never ask you to sign over your rights but instead, will make sure that they are protected at all times.

Call Our Foreclosure Defense Lawyer in Fort Lauderdale Today

If you have gone through the foreclosure process and believe you may have surplus funds owed to you, do not hesitate to call our Fort Lauderdale foreclosure defense lawyers. Our experienced attorneys at Loan Lawyers can help you navigate the process and will give you the best chance of obtaining the funds you deserve. Call us now at (954) 523-4357 or contact us online to schedule a free consultation.

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Being sued by Credit Corp Solutions or another debt collector for a student loan debt?

Many people believe that since they are in default on student loans, nothing can be done.  However, we are seeing more and more student loan debt being sold to debt buyers such as Credit Corps Solutions. That is music to our ears because whenever a debt buyer is suing someone for student loans, that already gives us really good leverage against them.  Debt buyers rely on people to assume nothing can be done so they can strong-arm them into paying them a ton of money or they simply will get a judgment against the borrower that will sit and earn interest for 20 years or more until it is paid off.  However, informed borrowers know that hiring a lawyer may result in getting the entire student loan debt wiped out without paying a penny.  That is correct, these cases are often very defendable because debt buyers such as Credit Corp Solutions may have a difficult time proving their case in court.

Sued By Credit Corp solutions? Talk to Our Experienced Debt Defense Attorneys in Fort Lauderdale, FL Now

If you are being sued for a student loan debt, the worst thing you can do is ignore it and let them get a judgment against you or try to work out a deal on your own without consulting Loan Lawyers first.  We have eliminated dozens of student loan debts already this year and may be able to get your student loan lawsuit dismissed or resolved in your favor.  Trying to handle a student loan lawsuit on your own will likely cost you a lot of money.  Hiring Loan Lawyers may result in having the entire student loan lawsuit dismissed without you having to pay a penny.

So, if you are being sued by Credit Corp Solutions or any other debt buyer for a defaulted student loan, call Loan Lawyers today for your 100% free consultation with one of our attorneys.  Do not go at it alone, put our experience, track record, and aggressive strategies to work for you!  Call us right now at 1-888-FIGHT-13 or contact us online for your free consultation.

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How Long Can a Collection Agency in Florida Come After You?

If you cannot pay off a debt, it could be sent to a collection agency to try to recover what you owe. While they can contact you to seek repayment for the debt, they are not allowed to harass you or violate your rights.

If you have been contacted by a debt collector in Florida, get in touch with a debt defense attorney from Loan Lawyers. Our legal team can help you understand your rights and file a complaint on your behalf to stop the harassment.

Debt Collection Statute of Limitations in Florida

Debt collection laws in Florida set a five-year statute of limitations in most cases. This gives creditors only five years to file a lawsuit against you to recover a debt you owe. The time set by the statute of limitations begins on the date of your first missed payment. However, the clock can be paused or reset for various reasons, such as making a partial payment on a debt you owe. After the deadline passes, the creditor will not have any legal grounds to sue you.

How Do I Know If the Collection Agency Is Harassing Me?

Debt collectors have been known to harass debtors by:

• Making threats
• Calling too often
• Contacting their family members
• Lying about the amount they owe
• Verbally abusing them
• Contacting them after they have been told to stop
• Attempting to collect on a debt that has already been discharged or was never owed

However, borrowers are legally protected from harassment by debt collectors. Federal and Florida laws defend debtors from unfair treatment and abusive, deceptive, or fraudulent debt recovery tactics. If you believe your rights as a borrower have been violated, contact a debt collection attorney right away to review your legal options.

How to Deal with Debt Collectors Over the Phone

If you are getting harassing calls from collection agencies, remember that you can always hang up or not answer when the debt collector calls until you’re ready. However, keep the following in mind if you do talk to them:

• Gather information about the collection agency to send a cease-and-desist letter. This includes the agency’s name and mailing address.
• Take notes during your conversation. Be sure to note the date of the conversation, the debt collector’s name, the name and address of the agency they work for, the amount they are attempting to collect, and other relevant information.
• If you don’t recall a debt you owe or suspect the debt collector may be acting fraudulently, have them mail information about the debt to your current mailing address.
• Never agree to pay the debt or admit you are liable for repaying it until you are sure you owe the amount the agency says you do. Remember that some collection agencies will try to collect on a debt even after the five-year deadline has passed.
• Don’t provide any personal information, including employment or financial information. They can use this information against you when trying to recover the amount they say you owe.

Contact a Debt Collection Defense Lawyer for Help Today

Have your rights been violated by a debt collector in Florida? If so, contact Loan Lawyers to find out how we can help. Our foreclosure defense, bankruptcy, and debt defense lawyers are committed to finding the best financial solution for our clients. We can advocate for your legal rights to seek the best possible outcome. Call or reach out to us online today for a free consultation.

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What To Do About Robocalls?

Robocalls this year are expected to reach 48.5 billion, down only slightly from the 50.4 billion calls in 2021, according to the latest figures by YouMail, a robocall blocking and tracking firm. That volume of calls breaks down to an eye-popping 4 billion monthly robocalls.

It’s hoped that the FCC’s latest efforts—along with an expanded partnership with 36 state attorneys-general, will help steepen the drop in robocalls.

The FCC said that over 8 billion robocalls originate from a single bad actor with operations based in Panama. The rogue company uses small U.S.-based carriers to route millions of daily robocalls onto large consumer phone company networks, according to the FCC.

“Auto Warranty” scam robocalls resulted in more consumer complaints to the FCC than any other unwanted call category each of the last two years, the agency says.

These calls usually claim your insurance or warranty is about to expire and they frequently use consumers’ real information in order to appear legitimate, the FCC says.  These calls may be seeking consumers’ personal or financial information in order to defraud them, hoping to initiate a payment, and/or garnering information about active phones, the agency added.

Consumer Tips Against Robocalls

The FCC offered some tips to consumers when they do receive a robocall:

• Don’t share. Do not provide any personal information to anyone who calls you unexpectedly.
• Be aware. Telephone scammers are good at what they do and may use real information to gain your trust and imply that they work for a company you trust.
• Use Caller ID. Criminals might use “spoofing” to deliberately falsify the information transmitted.
• Double-check. If you think it might be a legitimate call, hang up and call the company with which you have an established business relationship using a phone number from a previous bill or on their website.
• File a complaint with the FCC.

Talk to an Experienced TCPA Violation Attorney in Fort Lauderdale, FL Today

Our experienced Fort Lauderdale TCPA violation attorneys at Loan Lawyers will review the specifics of your case and provide solutions for you. Contact us online or give us a call today and schedule a free consultation with our skilled attorneys.

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