It does not matter how long a company has been in business: No business is immune to financial difficulties. For the owners, this of course can become quite stressful, especially in situations where the business has been in the family's name for quite some time.
Understanding the benefits and risks of owning a business is something Florida residents who do so likely are all too familiar with. As good as the intentions may be, there are some times when the need for bankruptcy protection comes up for business owners, however. One company that Florida residents have likely heard of is the gaming company Atari Inc. What they may not have gotten wind of, though, is that even this company is affected by the strains and whims of the economy.
Generations ago, consumers across the country simply did not carry as much credit card debt. However, now those in their late 20s to early 30s have credit card debt reaching well into the thousands. Add this to the issues surrounding student loan debt and it is no wonder many are feeling overwhelmed and wondering if they will ever catch up financially.
While bankruptcy is not necessarily anything a Florida resident hopes for, there are definitely many positives to filing for bankruptcy. This is something a filer should keep in mind when going through the bankruptcy process.
There are signs that the economy is improving, whether it is fewer foreclosures, a lower unemployment rate or less consumer debt. There is still a long way to go. Homeowners are still struggling to pay their mortgages and keep their houses. There are still those who have already lost their homes because of a faulty system.
Since the recession and housing collapse in 2007, many individuals and businesses in Florida have continued to struggle. Not only have many lost their homes to foreclosure, but many with ties to real estate have ended up filing for bankruptcy.
As regular readers of this blog are likely aware the much of the country has be dealing with financial difficulties over the course of the past few years. The Orlando area has not been an exception. One of the ways in which the financial health of a region can be measured is though the number of bankruptcies filed. The last few years many Central Florida residents found themselves turning to consumer bankruptcy to address their financial issues.
Even when a business is successful in terms of customers or members, the business may still be facing serious financial struggles. Many times, this can lead to a seemingly booming business closing its doors and filing for bankruptcy.
Going into 2013 many Florida residents have no doubt made getting out of debt one of their top New Year's resolutions. Many of these residents already have bill collectors calling their homes, and many others have the threat of wage garnishment hanging over their heads.