Sports can be a profitable business in which to be if one makes the right decisions. However, just like in a sporting event, in business things do not always work out as planned in Florida or in any other state. One former sports franchise owner found this out recently when he experienced some financial challenges possibly related to his involvement in the sporting industry. He has recently filed for a Chapter 7 bankruptcy in order to obtain relief from debt.
Many Florida residents who are in dire financial straits are unsure of how filing for personal bankruptcy will affect them. Bankruptcy can be complicated, and those who are considering this financial tool should take the time to learn the ins and outs of the process along with what their financial outlook will be once a Chapter 7 bankruptcy is underway. The following information is provided in the hopes of providing insight into the exemptions granted under this form of bankruptcy.
When a serious illness or injury occurs, many Florida residents are plunged into serious financial trouble. As the patient and his or her family struggles to come to terms with the diagnosis, treatment plan and immediate medical needs, the bills begin coming in. Making matters worse, many medical bills are incredibly difficult to understand, leaving many with stress to match the pile of bills. Changes in medical billing standards could help patients and their families evaluate the impact that these costs will have on their overall level of consumer debt and make it easier to communicate with creditors.
For those in Florida for whom the financial outlook is dire, filing for personal bankruptcy is a viable option to secure fast and lasting debt relief. Many, however, are uncertain what to expect when considering this option, and can fall victim to misinformation on the subject. The following tips are offered in the hopes of educating Florida consumers about the Chapter 7 bankruptcy process, and what to expect once the paperwork is filed.
When financial trouble arises, Florida consumers often experience a snowball effect in which debt mounts, stress levels rise and the need for debt relief becomes even more urgent. In many cases, distressed consumers fall behind on their tax obligations, and have to add tax debt to the list of outstanding financial accounts. While Chapter 7 bankruptcy can lead to the elimination of tax debt, many consumers spend a great deal of time and effort trying to repay those debts on their own, even as their overall financial standing worsens.
The dream of owning a home is still among the top priorities for many Florida residents. This is true even in cases that have been defined by serious financial hardship in recent years. Many individuals who are considering filing for Chapter 7 bankruptcy worry that their ability to ever own a home of their own will be challenged by having sought bankruptcy protection. This, however, is not true and is one of the leading misconceptions about the bankruptcy process.
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.
Last week, we discussed the fact that medical debt has become a leading cause of bankruptcy in Florida and throughout the U.S. The Centers for Disease Control and Prevention has now reported that more than one-quarter of American families struggled to pay their medical bills in 2012. The CDC found that whether Americans have health insurance or not, medical expenses can lead to overwhelming debt. And, the problem may be the greatest for families with children; one third of those with children had trouble with medical bills in 2012.
Florida residents might be surprised or even confused when they hear about celebrities, professional athletes, or politicians seeking bankruptcy protection. How can those who have great financial means end up in desperate positions?
The housing crisis of a few years ago left millions of homeowners underwater. When the bubble burst, prices went down, in Florida and across the nation. And sometimes they went down far below what homeowners owe on their mortgages.