Secured Debt Shall Formula In Florida
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Qualifying: Secured personal loans can be easier to qualify for than unsecured loans. A lender considers your credit score, credit history, income and debts, but adding collateral to the application can lower the lender's risk and improve your chances of qualifying.
Filing for Chapter 7 bankruptcy eliminates credit card debt, medical bills and unsecured loans; however, there are some debts that cannot be discharged. Those debts include child support, spousal support obligations, student loans, judgments for damages resulting from drunk driving accidents, and most unpaid taxes.
If you file for a Chapter 7 bankruptcy, your secured debt may be discharged, but the lender is also able to repossess the property that secured the debt. In other words, if you have a mortgage on your home and file a Chapter 7 bankruptcy, the mortgage debt may be discharged but the lender can take back your home.
Contrary to popular belief, there is no specific minimum amount of debt required to file for Chapter 7 bankruptcy.
Ing to the American Bankruptcy Institute, fewer than half of those filing Chapter 7 bankruptcy without assistance are successful, while 93.9% of those who hire an attorney are. Less than two out of every 100 of those who file Chapter 13 without an attorney are successful.
The maximum permissible interest rates in Florida are 18% per annum simple interest for loans up to $500,000.00, and 25% per annum simple interest for loans of $500,000.00 or more. Note that those figures represent simple interest per full calendar year.
Credit card debt is by far the most common type of unsecured debt. If you fail to make credit card payments, the card issuer cannot repossess the items you purchased.
