More Florida homeowners, once facing foreclosures, are now receiving loan modifications in order to save their homes. According to a news report, a Florida mother of two who had received a loan modification discovered that, despite the modification, her home was still scheduled for sale.
A gambling company that focuses on jai-alai and casinos is filing for bankruptcy as they can't comply with sale terms necessary to close the deal. Florida Gaming needs $114 million to sell itself to another company. However, the price of the sale to Silver Entertainment totaled $115 million, which includes debt of $87 million from ABC Funding. While the company had been prospering and earned a profit of $4 million during the second quarter, they needed to make a payment ABC Funding part of the potential sale, which translated into a $22 million loss. However, casino earnings totaled $19 million.
It can be difficult for some Florida residents to bounce back from bankruptcy. There are many things that can happen to put a person in financial distress. Unemployment or underemployment can reduce available funds to pay bills. Children can have unanticipated expenses. The combination of external factors may lead to an overwhelming amount of credit card debt. When continuing financial difficulties make it difficult to recover, a person might wonder how much time must pass before it is acceptable to file for another bankruptcy.
People in Florida and around the nation often struggle to balance their many financial responsibilities. Recent information released by the Census Bureau indicates that the group most in need of debt relief is adults between the ages of 35 and 44, who have a higher debt load than any other age group, averaging just over $100,000 in debt.
Florida residents often take advantage of the multiple services and benefits offered by banking with a credit union. However, if someone has an account with a credit union, especially if they have loans with the credit union, it can be tricky if that individual files for bankruptcy. While someone can often do business with a bank or creditor later down the road after filing for bankruptcy, this is often not an option with a credit union.
Back-to-school shopping in Florida and across the nation can put a huge dent in the budget, especially for someone buying clothes or sending a student to college. According to the Huffington Post, however, there are several ways shoppers can avoid going into excessive credit card debt as they prepare for the school year. Planning and preparation will help keep finances under control.
Few Florida residents plan on needing to file for personal or business bankruptcy; however, having some information in advance can help people understand a bit more about the process and the best way to help recover financially after filing.
Many Florida residents are interested in getting out of debt or controlling how much debt they have, but doing so is not always easy. If someone has a large amount of credit card debt and are only making minimum payments, it can make paying off cards seem to take forever. However, with a few organizational changes and adjusting the way that someone spends their money, most can get out of debt and regain control of their finances.