Articles Posted in Reboot Your Life

Published on:

A mortgage servicer called a “furnisher” for purposes of credit reporting is responsible for updates to a borrower’s credit report.  Many times following a foreclosure, there is a limited time for the lender to seek a deficiency judgment.  Here is Florida it is one year.  If a year goes by, and the lender fails to seek a deficiency judgment then it waives the amount it is still owed after the foreclosure sale of a home.

Here’s the good news:  If a lender fails to report a deficiency as having been eliminated, discharged or abolished, it is then reporting inaccurate information.  This inaccurate reporting opens the door to the furnisher’s liability under the federal Fair Credit Reporting Act, 15 U.S.C. Section 1681 et seq., (the “FCRA”) per the Ninth Circuit (California) in a recent case.  Gross v. CitiMortgage, Inc., 20-17160 (9th Cir. May 16, 2022).

This case is being compared to a leading contempt case, where the Supreme Court in Midland Funding  LLC v. Johnson, 137 S.Ct. 1407, (2017) found that a debt collector who filed a proof of claim in a bankruptcy that was obviously barred by the statute of limitations did NOT engage in false, deceptive, misleading, unconscionable, or unfair conduct so there was no violation of the Fair Debt Collection Practices Act.  While this decision involved a different set of circumstances and a different law, it is clear that these two views could be considered as inconsistent.

Published on:

inflationLife Isn’t Meant to be Lived Paycheck to Paycheck

I know there’s been lots of press about the 8.5% inflation rate that was announced this week.

I also know that many people don’t believe that number.  Why not?

Published on:

We started a video series this fall with attorney Melissa Solevilla at Carey, Leisure & Neal, about issues facing our grown children, and how to help them get a good start in their lives.  I’m thinking about his now, when I have consult coming up with a former NFL athlete who was involved in an auto accident which was not his fault!  The other driver had some insurance, but very little.  So who pays for the $400,000 in medical bills???!!!  Take a listen below to hear our tips on easy things you can do to avoid such traps.

 

Published on:

https://www.tampabankruptcylawyerblog.com/wp-content/uploads/sites/10/2015/07/christie_d._arkovich_p.a_1_small.jpgWhile everyone was talking about CyberPunks and NFTs on Twitter this weekend, as well as the impact of various amendments to the infrastructure bill and how they may affect cryptocurrencies and development in blockchain tech, there was significant movement on the student loan front.

    1. Late Friday afternoon, the Biden administration announced that it was extending the federal student loan restart from Oct 1 to Feb 1, 2022.  Where might that money go for the next few months?
    2. Also on Friday, the Department of Education announced that it was creating a rulemaking committee to rewrite regs for PSLF, income-contingent repayment plans, borrower defense to repayment, closed school discharges, false certification discharges, interest capitalization, arbitration and class action bans, and even disability discharges.  Many of these programs while good in intentions, have been virtually shut down or misrepresented in past years.
Published on:

More people than we think are involved in the crypto world.  It is a way for our younger generation who understands the tech behind blockchain to perhaps improve their way of life.  It’s a way for our industries to be more transparent, competitive and efficient.

Unfortunately, the infrastructure bill is being used as a vehicle to possibly limit the development and involvement of U.S. citizens in this growing new technology.  While I certainly agree with KYC – Know Your Customer rules, and believe that all citizens should comply with our tax laws, the amendments to the bill are in part designed to kill this nascent industry which would put us behind in the U.S.

I’ve always hated how things like this are tacked onto other larger bills.  With little discussion by anyone because it is added so quickly and often at the end — which is exactly what is being done here.  Why not have a separate blockchain/crypto bill introduced and discussed in an open forum as to what is best for the U.S. and its citizens?  But I digress.

Published on:

FHA-SL-guidelinesAre you looking to buy a house now?  Waiting could cost you as inflationary pressures will likely cause your dollar to decline.  Moreover, interest rates will begin to rise in 2022 – 2023 as the Fed begins to normalize the interest rate.  If you have student loan debt that has prevented you in the past from buying a home, keep reading…

In light of this, mortgages and refinances are a very popular topic now — especially among those with student loan debt.  One big hang up was just resolved.  Previously, a mortgage lender had to use 1% of the outstanding loan balance, even when a borrower was in IDR and the monthly payment reported on the Borrower’s credit report was zero.

We would suggest a temporary fix:  the borrower would exit IDR for a month or two where the payment may have been zero, make a fixed standard or extended payment, apply for the mortgage and after approval, get back into the IDR.  This wasn’t the best fix; however, as it unnecessarily caused a student loan borrower to have the loan capitalize the unpaid interest.  But it did let someone buy a house who otherwise could not.

Published on:

Fl-Legal-EliteFlorida Trend just came out with its Legal Elite 2021 list on July 1 where we’re proud to be listed as one of the top 10 bankruptcy attorneys in Tampa Bay.  This is not a publication that we pay for a listing — we don’t subscribe to that philosophy.  We also don’t like to throw money away to be on lists.

Something I also don’t tend to harp about, we are proud to have a really good rating by Martindale-Hubbell which is an independent review by and for attorneys.  We have what is called a Preeminent rating which them — there is no higher rating.  Again, we don’t solicit or pay for that rating.

ML-preeminent
We believe in reviews.  I use reviews when I seek out a service or product.  Whatever we have to say about ourselves and our practice can usually be said much better by our clients – and in their own words.  So if you are looking for a bankruptcy attorney, please check out our reviews!  Then give us a call.  Hope we can help.

Published on:

simpson-cartoonInflation and interest rates are the two primary culprits.

Bankruptcy can actually be a fix to this problem and is something that everyone should evaluate NOW.  Does it make sense to clear the deck and start fresh?  Especially when that deck is stacked against most Americans who are not otherwise wealthy.  Especially, for anyone who has private student loans, the decision is pretty much a no brainer — bankruptcy can result in a full discharge of many private student loans or a very low payment plan, with very low interest.  Basically, a way out.

High credit card balances, underwater vehicle loans, unpaid rent — bankruptcy can easily fix this.

Published on:

As the owner of a small bankruptcy law practice in Tampa, Florida, we were often thought of as the epicenter of the great recession and foreclosure crisis back in 2008-2012.

One thing that always made a big impression on me, was the number of people who genuinely believed and tried their very best to catch up with their bills once they became re-employed.  These were folks who unfortunately had to run up their credit cards when not working, only to encounter high interest rates and an inability to catch up and actually pay down the balance even after they got a good paying job.  Then I had to tell them that they could no longer file a Chapter 7 – the full bankruptcy.  Instead, they were limited to filing a Chapter 13 – and partially or even worse, fully repaying the debt.  Now this doesn’t always happen, but if you’re making 80k, are single and filing bankruptcy, it could.  And often did.

Don’t be this person.  Consult a bankruptcy attorney if you’ve had to run up your credit cards or incur a pile of debt whether medical expenses, unpaid rent, etc.

Published on:

credit-circle
Did you know that simply having a mix of accounts is 10% of your overall credit score?!

A mix of accounts can show that you know how to manage all types of credit.  It is good to have a history of repaying an installment loan, such as a car or student loan, but a revolving account, such as a credit card, demonstrates more clearly that you can responsibly manage credit because you have to control how much you charge and pay each month.

It’s easy to ask a creditor to increase your credit line on an account as well – this way the unused balance will be larger which also helps.

Contact Information