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June 2012 Archives

No emergency savings can lead to bankruptcy

A recent study by Bankrate.com found that most Americans don't have enough savings in case of an emergency. And while this of course speaks to the fact household expenses have increased while incomes have stayed the same, the truth is that those without savings could end up in tough financial situations if faced with an emergency and unexpected bills. This in turn could lead to many having to file for bankruptcy.

Increase in foreclosures may lead to more short sales

As we previously posted, foreclosures were up when it came to judicial states, like Florida, where a judge is required to sign off on a foreclosure. Now, according to RealtyTrac, this trend of an increase in foreclosure starts continued on for the month of May. In fact, foreclosure starts across the U.S. reportedly showed a year-over-year increase for the first time in 27 straight months.

Bankruptcy filings down in Orlando, but times still tough

Several years ago the economy took a turn for the worst and the U.S. was declared as being in a recession. This led to a number of Florida residents struggling to keep up with credit card and mortgage payments. Thousands of people -- who were normally very responsible with their money -- ended up filing for bankruptcy.

Former pro-athlete Jamal Lewis files for personal bankruptcy

In our last post we briefly talked about Chapter 11 bankruptcy, focusing on how many businesses will file for this type of bankruptcy with the hopes of reorganizing debts while still remaining in operation. However, businesses are not the only types to file for Chapter 11 bankruptcy, as individuals do too.

What is a Chapter 11 bankruptcy?

Since the recession, a number of businesses have ended up struggling under mounting debts. In fact, we're even posted on a number of different businesses -- both large and small -- that have filed for Chapter 11 bankruptcy in the hopes of reorganizing debts and staying in business.

High medical costs increase credit card debt, may lead to bankruptcy

Medical debt can quickly send a person's financial situation spiraling out of control. Even one visit to the doctor's office could end up costing thousands of dollars. Many times doctors will do very thorough testing because of medical malpractice issues, but this can lead to large outstanding medical bills. A new survey found that almost half of low and moderate income families put medical expenses on credit cards and carry that debt.

The vicious cycle of credit card debt

The recent credit card debt crisis is proof of the fact that sometimes it takes looking beyond just the surface to truly understand a situation. So while it may appear that credit card debt is decreasing, the truth is that Florida residents and other Americans are continuing to struggle. Rather, it's just many were struggling so badly that many credit card companies had no choice but to write off some of those debts.

ABA Defending Liberty Pursuing Justice American Bankruptcy Institute The Florida Bar 1950 CFAWL Criminal Florida Association For Women Lawyers Orange County Bar Association
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