Archive for February, 2017

Getting Rid of Credit Card Debt

Thursday, February 23rd, 2017

Credit cards can be really easy to get. We have all heard stories about peoples’ pets getting unsolicited credit cards. It’s not as crazy as it used to be before the credit meltdown, but it’s still relatively easy to get a credit card and very hard to pay them off.

credit card debt
Bankruptcy is designed to be a secure means of debt relief for people in true need. But there are several options under the bankruptcy umbrellas, and each functions in a slightly different way. Bankruptcy processes are legally protected by United States law. However, one type of bankruptcy may be better for you than another. For many people, the first step is learning about the different bankruptcy chapters.

If you have specific questions, speak with a local bankruptcy lawyers about the laws in your state and how you might best be able to get debt relief.

If you only have credit card debt problems

Chapter 7 bankruptcy is designed to quickly eliminate all of your credit card debt. Only unsecured debt may be included in this filing, so if you are struggling with mortgage debt or car loans, this may not be a good fit.

Unsecured debt includes credit card, medical and utility bills, as well as personal and payday loans.

Chapter 7 cases may last only a few months, which means that you may be back on your feet quickly.

Before you file, you may want to get information on the Chapter 7 exemptions in your state. In exchange for rapidly removing your debt, a Chapter 7 does allow creditors, in certain situations, to claim certain types of property. In almost all cases there is no property sale thanks to Chapter 7 exemptions, which outline your protected property.

Carolyn Secor P.A. focuses its practice in the areas of Bankruptcy and Foreclosure Defense in Clearwater, Florida.  For more information, go to our web site
or call (727) 254-1704.

What Does a Bankruptcy Trustee Do?

Thursday, February 16th, 2017

I’m sure that you have heard the term “bankruptcy trustee”. Have your wondered what it means and what they do?

bankruptcy letter

During Chapter 7 or Chapter 13 bankruptcy proceedings, a trustee is appointed by the federal government to oversee the case. In most cases, a bankruptcy attorney or accountant will serve as the trustee. The trustee plays an important role during the bankruptcy process, including:
•Ensuring debtors are in compliance with regulations
•Ensuring debtors are honest about their situation
•Ensuring the debtor is not committing fraud

When a trustee is appointed to your case, they examine information associated with your filing to make sure it is presented correctly to the court. As a result, a trustee may request additional information from the debtor to justify data in the petition. A bankruptcy case could be dismissed if fraud is suspected.

While both Chapter 7 and Chapter 13 have trustees appointed, their roles differ depending on the chapter filed. Chapter 7 discharges or eliminates qualifying unsecured debts. In Chapter 7, if qualifying assets are present, the trustee would oversee the distribution to creditors if the assets have value. It’s common for debtors to not have assets of significant value when filing this chapter because there are exemptions in place to allow a debtor to keep most assets.

Chapter 13 involves reorganizing debt through a structured payment schedule. This option usually has debtors making payments for a three to five year period. A Chapter 13 trustee makes sure debtors make their payments according to the repayment plan. The trustee will review the plan, oversee the process and collects payment from debtors to disburse to creditors.

Carolyn Secor P.A. focuses its practice in the areas of Bankruptcy and Foreclosure Defense in Clearwater, Florida.  For more information, go to our web site
or call (727) 254-1704.

Setting Goals

Tuesday, February 7th, 2017

So it’s the start of a new year, and most people have at least thought about setting new goals. The most common one is loosing weight. Many people think about working on their relationship with their significant other. If you are reading blogs about bankruptcy, most likely your focus is on financial issues. Here are some things to consider when setting goals.


Look at Your Situation

Before making any enormous resolutions, you must take an honest look at where you currently stand. If you find that you are deep in debt and/or on the verge of bankruptcy, setting a goal to save for a cruise vacation is probably not the best choice.

Decide Where You’re Headed

After taking an unbiased look at your finances, you’ll want to decide where you are trying to go, financially speaking. In other words, where would you like to be at the end of this year, in two years, five years, or even a decade? Decide what your end goal is before making resolutions for the new year.

Set Milestone Goals

Once you have figured out what financial path you would like to take, you can begin deciding which smaller goals should be set for the upcoming year. For instance, if your ultimate goal is to be debt-free, perhaps paying the car off would be a good and reasonable goal for 2017.

Break Goals Down

Even with your ultimate goal broken down into yearly goals, financial resolutions can still seem intimidating. Instead of balking at the enormous undertaking of paying off your car—or whatever goal you have set for yourself—sit down and write out exactly what steps will need to be taken in order to reach that goal.

If your goal is to pay off a car, this list might include how much you will need to pay each month, where the extra money will come from, and/or how you might save in other areas to put extra toward the car.

Schedule Your Steps

With your steps written out, you will be able to take a look at your 2017 calendar and figure out when each step should be taken in order for your goal to be completely accomplished by December 31st, 2017. Write the steps into your calendar when they need to happen and set reminders for yourself.

By scheduling these steps, you are more likely to make time for them and get them done.

Go Out and Do It

This is perhaps the most difficult of all the steps, but also the most important. Setting goals and writing out steps mean nothing unless you act on them. Therefore, it is important that you go out and work to accomplish your goals. Challenge yourself by racing the schedule you put into place, make it a game with one of the many websites or apps that make productivity a game, or find other ways to motivate yourself.

Setting attainable financial goals that move you forward is the best way to get ahead financially. Why not sit down now and figure out what you would like to accomplish with your money? By setting your goals now, you’ll have all of 2017 achieve them.

Carolyn Secor P.A. focuses its practice in the areas of Bankruptcy and Foreclosure Defense in Clearwater, Florida.  For more information, go to our web site
or call (727) 254-1704