Many people fear the drop in their credit score that accompanies a personal bankruptcy filing. It is true that Florida consumers will experience an initial drop in their scores after bankruptcy, but the bigger credit picture is often far more favorable than many believe. There are many ways to begin rebuilding credit following the end of a bankruptcy proceeding, and many consumers are able to emerge with better scores than they had before their financial troubles began.
For many Florida residents, the cost of a college education is far more than what was anticipated or planned for. Once studies are complete, many people find that they are unable to repay those loans as agreed upon. The next step is often making an application for loan servicing through the federal government. However, consumers should be aware that there are a wide range of debt relief scams aimed at the loan servicing process.
Debt is a common problem for Americans who often have excess credit card debt, mortgages and other forms of debt to contend with each month. For many young people, however, student loan debt is one of their largest financial obligations in Florida. Particularly for those who never completed their degrees or who finished school but can't find work, it might seem impossible to balance the cost of the student loans and their regular expenses. That's when bankruptcy may be a helpful solution.
Often, a professional sports team is run by an ownership group instead of just one individual. In situations such as the one that the minor league Trenton Titans ECHL hockey team is currently facing, having an ownership group instead of a single owner could make filing for Chapter 7 bankruptcy more difficult. Florida residents who own or co-own sports teams may be interested in the decisions confronting the Titans ownership.
For many consumers in the United States, getting debt-related bills in the mail each month may cause immediate stress because they simply cannot afford to keep up with the payments. In some cases, people quickly get into debt due to overspending with their credit cards, while others are struck with life emergencies -- such as a medical crisis or job loss -- and are unable to manage their debt during such trying times. With consumer debt on the rise, more and more individuals in Florida may understandably be desperate for rapid debt relief.
For many Florida seniors, the ability to retire is threatened by high levels of debt. This can leave an individual with little option other than to continue working, sometimes for many years beyond their desired retirement date. For many, the need for aggressive debt relief is immediate. Health concerns, the loss of a job or many other factors can push forward one's retirement date, whether they can afford to stop working or not.
In 2013, consumer debt rose across most of the U.S. but not here in Florida. In fact, in Orlando, Miami and Tampa Bay, consumer debt dropped last year, according to a recent report by Equifax. These three cities are among just four of the top 25 metros where consumer debt did not increase last year. While that might sound like good news for Floridians, those statistics do not tell a complete story.
Foreclosures in the U.S. are now down to pre-recession rates. According to a recent report, the rate of new foreclosure filings has fallen to its lowest level since 2006. At the same time, property values are on the incline, which has allowed many homeowners who were underwater to get rid of some negative equity and ultimately sell their houses. While things are looking up for the country at large, it is true that many people here in Florida are still struggling.