Florida Debt Settlement - What You Should Know
In this current economy, every citizen Florida is struggling to make those mortgage, car, and credit card payments each month. If you are feeling the pinch and spending late nights discussing bankruptcy as an option, you're not alone. Credit debt statistics are through the roof right now, and bankruptcy is always something that consumers will consider during rough times.
When it comes to debt and bankruptcy in Florida, it's important to know there are options out there. Every state has their own set of rules and regulations regarding debt, so do your research, but know that you are not alone in your struggle.
In 2007, 40,436 citizens of Florida filed for bankruptcy. That may seem like an outrageous number, but in 2008 that number had risen to 66,329, and already in 2009 Florida bankruptcy numbers are at 20,215. Residents of Florida are struggling everyday with whether to file for bankruptcy or not.
Some more facts to consider are the laws regarding debt in Florida. The statute of limitations in Florida is five years for written agreements and four years for oral agreements. It is important to realize that statutes of limitation on debts do not affect how long they may be listed on your credit report - generally for seven years.
Florida collection agencies are required by law to send you a written notice in the mail within five days of receiving your debt information from your credit card company. It is extremely important that you realize in Florida, the collections letter must contain the total amount of money that you own, the name of your original creditor, and the actions that you should take if you wish to dispute the debt. If these three things are not on the written letter, you might have some great negotiating room.
It is also extremely important to understand what Florida collections agencies are not allowed to do. For example, it is illegal for a Florida collection agency to call you repeatedly with the obvious intent to irritate. They cannot threaten to advertise your debt, or use obscene or profane language.
If you are a resident of Florida, and looking to get out of debt by negotiating with your collectors, remember the following. If the collector attempts to make you believe they are an attorney or law enforcement official capable of taking extreme legal action that is considered misrepresentation and can be reported. If your Florida collector sends you a form that is made to look like official government stationary, you can report them. And if anytime during your debt settlement negotiations that your collector implies jail time, you should most definitely report them.
Debt settlement in Florida is nearly identical to debt settlement in any other state, and it is extremely important to know the facts and legalities of negotiating your debt.
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