Interview on Talk Network Radio

I joined Bold Talk Business Radio talk show host Donna Anselmo for a live stream on  TalkNetworkRadio.com Tuesday, February 15. We discussed issues on the minds of people dealing with debt, especially questions relating to bankruptcy.  The interview will stream again today and Friday in the 1 PM EST time slot on TalkNetworkRadio.com, or you can listen to our discussion right here at SolomitaLawBlog.com.

If you are mired in debt, don’t feel alone. According to a  2015 Pew Research study, only 20 percent of Americans are free from any form of debt. The most common variety is mortgage debt (44 percent), followed by unpaid credit card balances (39 percent), car loans (37 percent), and student loans (21 percent). 

According to a USA Today report (10.12.2016), “Using data from the U.S. Census Bureau and the Federal Reserve, ValuePenguin found that the average credit card debt for households that carry a balance is a shocking $16,048 — a figure that has risen by 10% over the past three years. At the average variable credit card interest rate of 16.1%, this translates to nearly $2,600 in credit card interest alone. And many credit cards have interest rates much higher than the average.”

With “an average interest rate and a minimum payment of 1.5% of the balance, it would take nearly 14 years for the typical indebted household to pay off its existing credit card debt, at a staggering cost of more than $40,200. Keep in mind that this assumes no additional credit card debt is added to the tab along the way,” the report stated.

For more information on debt relief and bankruptcy, feel free to contact me with your questions or concerns: 

Email:  asolomita@solomitalaw.com
Office Phone: 407-545-3625
Address: 12001 Research Pkwy, Ste 236, Orlando, FL, 32826
www.SolomitaLaw.com

Protecting Assets Under Bankruptcy

Protect Your Assets

When filing for bankruptcy on behalf of a client, an attorney must consider how to best protect the client’s assets. During bankruptcy proceedings, the court reviews the petitioner’s assets to determine the debtor’s ability to repay creditors. The court then may require sale of the debtor’s property to reimburse creditors and/or cover court costs. The degree to which property is liquidated depends on the circumstances of each case.

Luckily for debtors, the bankruptcy codes include exemptions that may allow debtors to keep essential items, such as money contributed to retirement and pension plans, primary residences (to a certain value), vehicles (depending on their value),  household goods and home furniture.

If you are considering bankruptcy, a qualified bankruptcy attorney can help you understand your options. While it is not necessary to hire an attorney to file for bankruptcy, an attorney can help ensure that your bankruptcy is properly filed and determine which assets you can protect from liquidation.

When clients first consult me about bankruptcy, most feel worried and concerned about their future. The part I most enjoy about representing people in bankruptcy court is watching the smile emerge on their faces when their debts are discharged, and we’ve been able to protect property and assets important to their future.