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Author Archives: Kevin Paysinger

Frequently Used Terms in Chapter 13 Bankruptcy Cases

People who file Chapter 13 bankruptcy petitions have the advantage of retaining personal and real property while paying off their debt through an affordable plan. Some people use Chapter 13 as a way to save their homes from foreclosure or their automobiles from repossession. Other people seek to restructure secured debt (other than their homesteads) […]

Small Businesses Re-Organize to Pay Off Debt

Like many consumers, Florida businesses also been affected by the recent financial crisis.  While some businesses closed their doors others sought refuge in Chapter 11 Bankruptcy. The process for filing a Chapter 11 bankruptcy is similar to a Chapter 13 bankruptcy.  The business debtor files a plan to restructure and pay off debt.  Some small […]

Facing Foreclosure? How to Avoid Foreclosure Relief Scams

Florida has the highest number of foreclosures in America. Moreover, 7 cities in the Sunshine State made the top 10 list of metro cities with highest rates of foreclosure.  Jacksonville placed at number 8. Recent statistics show that foreclosure proceedings affected 1 in every 202 homes in Jacksonville. With statistics like these, homeowners facing the […]

The Bankruptcy Process: Frequently Asked Questions

Even as the economy shows signs of recovery, consumer debt reached record high levels last quarter relative to disposable income. According to a study by the Federal Reserve , consumer indebtedness totaled $11.34 trillion.  These figures could indicate that more people will turn to bankruptcy for debt relief. Bankruptcy is a household term, yet most […]

Things Not To Do When Contemplating Bankruptcy

Before you file for bankruptcy, you should carefully plan with your attorney to steer clear of mistakes that could prove costly.  Here is a list of common mistakes that you should avoid: Trading unsecured debt for secured debt: Avoid paying off debt with money from a home equity loan or second mortgage. When you file […]

New Legislation Proposed to Discharge Private Student Loans in Bankruptcy

Millions of students enter college with high hopes of landing “the big job” after graduation.  Armed with good intentions and laden with student loan promissory notes, off they go into the world. Then, life happens and many graduates end up struggling mightily to repay their student loans. In addition to high unemployment rates and the […]

Credit Reporting Agencies: Rebuild Your Credit after Bankruptcy

Good credit isn’t everything, but it can highly influence your lifestyle options.  With good credit, banks and other lending agencies offer you liberal lines of credit at lower interest rates. If your credit is questionable, however, you could be denied financing altogether or pay exorbitant rates to get it. Several factors can negatively affect your […]

Life after Bankruptcy: Tips on How to Recover from Debt Overload

When your financial troubles force you to file for bankruptcy protection, you might have difficulty believing that you will ever recover. However, with a positive attitude, determination and family support you could be on the road to recovery sooner than you think. A change in your spending habits is an important step in your economic […]

Recognizing the Emotional Side of Filing Bankruptcy

Financial hard times can hit anyone and cause emotional stress. It doesn’t matter your position on the economic ladder.  People who have a high income as well as those with lower incomes may need to turn to bankruptcy to help resolve their debt problems.   Researchers recently released results from studies analyzing the emotional toll high […]

Is Bankruptcy Ethical?

Filing bankruptcy is not an easy decision for anyone. However, for some – particularly Christians – it presents a spiritual dilemma as well. Although it is always preferable to try and pay your debts first, if you are unable to do so, a better understanding of bankruptcy and its options for debt repayment often provides […]