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  • Bank of America hit with $1,051,000 judgment for harassing cell phone calls

    On July 2, 2014 a Tampa couple filed suit in Federal Court against Bank of America alleging that the bank called them as many as 700 times on their cell phones using an autodialer in an attempt to collect a mortgage debt. For some reason, Bank of America failed to file an Answer to the complaint and the Court entered a Default Judgment in the amount of $1,051,000 against them. Bank of America ...
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  • Vulgar voicemails force debt collector to pay $1.5 million

    DALLAS - The harassing and threatening voicemail messages left on Allen Jones' mobile phone are nothing short of vulgar. "This shouldn't be tolerated," he said. "Nobody should have to experience what I had to experience." Debt collectors from Advanced Call Center Technologies, LLC left eight messages for Jones in August 2007 trying to collect what it said he owed on a credit card. Click here to ...
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  • Letting Go: A Possible New Solution for Florida Homeowners in Distress

    According to the Bureau of Labor Statistics, unemployment in the United States has been holding steady at 9.7 percent in 2010, after peaking at 10.1 percent in October 2009. In contrast, the unemployment rate in Florida is on the rise, reports the Sun Sentinel. In March 2010, unemployment rose to 12.3 percent, the highest since recordkeeping began in 1970. This is an increase of 2.7 percentage ...
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  • Bankruptcy as a Means to Stay in Your Home, Despite Mortgage Problems

    In these tough economic times even homeowners with steady incomes can find themselves facing foreclosure. In this situation, filing for bankruptcy is an option to consider closely. Options for Homeowners Behind on the Mortgage The option you choose will depend on your unique circumstances. But for a homeowner behind on the mortgage, the following options may be available: Forbearance: Some lenders ...
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  • Credit Card Issues Are Frequent in Florida

    Credit and debit card fraud is one of the most prolific fears among average Americans. In a comprehensive survey spearheaded by the Consumer Federation of America, various state agencies reported the most prevalent, worst and fastest-growing sources of consumer unrest. Not surprisingly, credit and debt complaints came in at number two on the list of top consumer concerns. When credit card issues ...
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  • Make Sure You Get Credit for your Bankruptcy Discharge!

    When you file bankruptcy you should expect to receive a discharge and a fresh financial start. In a perfect world your credit reports would be properly updated to show that your debts have been discharged. That is important if you wish to reestablish your credit following the bankruptcy. Unfortunately many creditors do not contact the credit bureaus to provide them with the updated status of the ...
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  • Federal government proposes new student loan repayment plan

    These days, it is nearly impossible to leave college without having taken out some student loans. Unfortunately, given the job market, finding a job to pay back those loans can seem like an equally daunting task. The federal government is considering a change to the student loan repayment system, hoping that the move could reduce default rates while improving fairness in the system. The proposal, ...
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  • Florida Mortgage Modification: Dual Tracking as a Double-Cross

    The foreclosure system is clogged, both in Florida and across country. There have already been huge numbers of foreclosures, and there are so many in the pipeline, that the pace has slowed in recent weeks. There are many factors involved here, however, besides the volume. In the 23 states, including Florida, where courts play a role in foreclosure, concerns about the integrity of the paperwork ...
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  • Debt Settlement Companies Continue to Engage in Deceptive Practices

    Debt settlement companies are not supposed to engage in deceptive practices. Detailed government rules are designed to stop them from doing things like charging up-front fees that often leave debtors worse off, not better, or pushing their services aggressively through telemarketing. But despite new rules from the Federal Trade Commission, many unscrupulous debt consolidation companies continue to ...
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  • Bankruptcy and Credit Scores

    Filing for bankruptcy is always a big decision, with many factors to weight. One of those is the effect that a bankruptcy can have on your future credit possibilities. In the short term,bankruptcy will significantly lower your credit score - and this can create extra costs for you when you work to rebuild your credit, or try to purchase a car or a home. Even with this credit impact, bankruptcy may ...
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  • Increasing Bankruptcy Among The Elderly: A Canary In The Coal Mine?

    Retirement was supposed to be "the golden years." But these days, many elderly people find themselves in dire financial straits. Mounting credit card debt is leaving many with bankruptcy as their only viable option. Medical expenses, daily living costs, helping with adult children, shrinking or nonexistent retirement plans or savings - these all add up to not enough money to live on. Numerous ...
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  • Congress to Consider Medical Debt Relief Act

    The nation's economic downturn has already inflicted untold emotional pain. Unemployment is high, real estate has sagged, and millions of Americans are crippled by debt problems. It has been, in short, a perfect storm. In this economic climate, many people are facing medical bills that they simply cannot pay. And this, in turn, carries consequences for their creditworthiness. Hence the effort, at ...
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  • Debt, Divorce and Bankruptcy in Florida

    Divorce and debt can be a double whammy. It's not only the fact that the stress of money problems is a frequent cause of divorce. That is indeed a major problem. But the issue goes beyond the cause of the divorce to the way that debts get divided up when divorce does occur - and how credit card companies and mortgage lenders respond to that division. This article examines some of the debt relief ...
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  • Automated Debt-Collection Lawsuits Engulf Courts

    As millions of Americans have fallen behind on paying their bills, debt collection law firms have been clogging courtrooms with lawsuits seeking repayment. Few have been as prolific as Cohen & Slamowitz, a Woodbury, N.Y., firm that has specialized in debt collection for nearly two decades. The firm has been filing roughly 80,000 lawsuits a year. Click here to read full article
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  • New Federal Law Protects Government Benefit Payments From Garnishment

    Federal law has long prohibited creditors from garnishing Social Security, disability and veteran benefits, as well as other payments to disabled and low-income individuals. Unfortunately, banks have not always been careful about making sure frozen bank accounts contained no protected funds. Because Social Security and other benefit payments are often mingled with other funds in personal bank ...
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  • FTC Rules on Deceptive Debt Relief Practices Continue to Evolve

    They are wolves posing as shepherds. Companies that claim they will lead you out of debt quickly and often just want to take your last dollar - leaving you more exposed to creditors than ever. If the economy weren't so bad, these companies would be more recognizable for what they really are: predators. But debt and desperation have a way of playing tricks with your vision. What seems like a viable ...
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  • New Wave of Foreclosures Coming in 2010

    As 2010 began, there were some signs of stabilization in the housing market according to the CEO of Freddie Mac, Charles Haldeman, Jr. Federal tax credits, low prices and low mortgage rates were all expected to fuel the recovery. Still, Haldeman cautioned at the time, the recovery was fragile and there was the potential for a large wave of foreclosures. Unfortunately, Haldeman appeared to be ...
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  • Discharging Second Mortgages in Bankruptcy

    Homeowners who are behind on their payments and facing the threat of foreclosure need to take a hard look at all of their options. In the case of second mortgages, cashed-strapped homeowners who've seen the equity in their homes fall may want to consider seeking to discharge the second mortgage in bankruptcy. At one time, it appeared that the federal loan modification program would be a viable ...
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  • Protecting Yourself Against Abusive Debt Collection Practices

    The current state of the economy has left many Americans with numerous unpaid bills and mounting debt. Increasingly, those in charge of collecting that debt have gone to extreme lengths to make sure they are paid. After the 2008 crash and resulting economic downturn, much of the debt is now spread across the country, which means there is plenty of business for debt collectors. In some cases, ...
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  • Giving Bankruptcy Judges "Cramdown" Power To Address Foreclosure Crisis

    The downturn in the real estate market two years ago was a major factor in sending America into recession. The subprime mortgage crisis exposed a house of financial cards, and the first wave of mass foreclosures began. Today, a "new normal" of high unemployment and diminished property values has taken hold. The struggling economy itself, not overly fancy financial instruments, is pushing more and ...
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  • Proposed Legislation May Reclassify Student Loans in Bankruptcy

    Even as the economy begins to improve, many new graduates struggle with repaying their student loans. The United States Student Association estimates that borrowers hold $730 billion in student loan debt, with 60 percent ($440 billion) in deferment or default. With student loan debt outgrowing credit card debt, some are considering bankruptcy, even though current law does not allow discharge of ...
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  • Study Shows Bankruptcy Filings Among Senior Citizens Are On the Rise

    According to a study released by AARP, the amount of bankruptcies filed by people ages 65 and older has increased exponentially in recent years. The study, which was conducted by the Consumer Bankruptcy Project, found that between 1991 and 2007, bankruptcies among seniors increased by 150 percent. For those aged 75- to 84-years old, bankruptcy filings increased over 400 percent during that time. ...
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  • Dealing with Medical Debt Through Bankruptcy

    With today's economic conditions, serious injuries or illnesses can cause serious financial upheaval. Prolonged ailments requiring long recovery periods can deprive people of their ability to earn a living. It is common knowledge that most people are one severe illness away from being in financial ruin. It's true that many working Americans still have health insurance through their employment. But ...
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  • Occupy Education: How Student Loans Are Plaguing Florida Graduates

    Going to college is supposed to lead to a good job. That's what loan marketers and schools themselves tell prospective students. But with the U.S. unemployment rate at 8.6 percent at the end of 2011, those promises have worn thin - and left a lot of people with a lot of student loan debt that is hard to pay back. People with student loans in Florida are not exception to this national trend. Not ...
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  • The Impact of Unpaid Medical Bills

    Medical emergencies and other health problems often put life into perspective very quickly for people. Money is generally an afterthought until the bills come due. Unfortunately, those medical bills can quickly cause long-term financial heartache that is difficult to cure. The economic downturn has made paying health care costs that much harder. Unfortunately, unpaid medical bills can be sent to ...
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