Articles Tagged with Miami debt defense

Esteemed Miami foreclosure lawyer Bruce Jacobs has been given the go-ahead to proceed with his lawsuit that aims to oust the new Florida Democratic Party Chairman Stephen Bittel. american flag

The lawsuit recently survived a motion to dismiss after Miami-Dade Circuit Judge Lisa Walsh ruled the complaint should be allowed to proceed. Walsh declined, however, too prevent the Democratic party from certifying the election of Bittel, as they had already done so.

Jacobs filed the lawsuit last month, along with Dr. Mae Christian, a civil rights advocate and president of Miami-Dade County’s Democratic Black Caucus. The lawsuit names as defendants Bittel, the Florida Democratic Party and the Miami-Dade Executive Committee chairman, Juan Cuba.  Continue reading

College debt is weighing heavily on tens of thousands of elderly Americans, pushing them into poverty. That’s according to a new report by the Government Accountability Office, which revealed more than 110,000 people over the age of 65 had their Social Security checks garnished in 2015 in order to continue paying off student loans on which they had defaulted. coinerolls

The report further indicates more than 70,000 Americans over the age of 50 are currently living under the poverty line specifically because their Social Security payments are being slashed in order to cover the amount they still owe on student loans.

These figures contrast the widely-held notion that student loan debt is largely a problem for millennials. But what this report, which was generated at the request of Senators Claire McCaskill (D-Mo.) and Elizabeth Warren (D-Mass.), reveals this is an inter-generational problem. Further, it’s not one that is simply going to “sort itself out.” That’s because of those tens of thousands of borrowers whose Social Security checks are being cut to pay down this debt, they aren’t actually paying it down. Nearly 70 percent of those borrowers are only paying on the fees and interest. That means the overall amount of their debt isn’t decreasing, which means unless they start generating more money with another income source, they aren’t ever going to stop making payments. And guess who profits from all this? The federal government.  Continue reading

Credit reports have a huge influence on so many aspects of our lives – from our mortgage rate to our ability to secure a loan to various job prospects. So it’s important to understand how ratings are formulated, how to improve scores and how to correct mistakes (which are more common than you would think and can cost more than you might realize).creditcards

Details of what is allowable (and what isn’t) is found in 15 U.S. Code Section 1681c. The law states consumer reporting agencies can’t make a report that includes:

  • Cases that fall under the Bankruptcy Act or title 11 that date back more than 10 years.
  • Records of arrest or civil lawsuits or civil judgments that go back more than 7 years or beyond the governing statute of limitations expiration (whichever is longer).
  • Tax liens that have been paid and which date back more than seven years.
  • Accounts that have been placed for collection or charged to profit-and-loss that date back more than seven years.
  • Any other adverse information (other than a criminal conviction) that goes back more than seven years.
  • Name, phone number or address of any medical provider that has filed notification with the agency (with a few exceptions, including credit holder’s engaging in the business of insurance).

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Student loan debt is a major problem in Florida. No state is untouched by the problem, of course, but new research by data website WalletHub reveals Florida ranks 40th in the country as one of the worst states for student debt.graduation2

Second to mortgages, student loans are the largest part of household debt for Americans. By the end of the first quarter of this year, the amount of outstanding loan balances was $1.19 trillion. That’s according to the Federal Reserve Bank of New York, which notes that figure is a $32 billion increase from the previous quarter and an astonishing $78 billion increase from where it was just a year earlier.

In essence, what this means is that a college degree is no guarantee of financial security. Continue reading