For those who have been doing their best to find employment after being fired or laid off in our still-struggling economy, having to deal with credit trouble, be it recent or long-standing, can be especially difficult. Debt trouble and a damaged credit trouble not only raises the stakes of landing a new position-it can also make securing fresh employment far more challenging.
Statistically, many entrepreneurs and small business owners in Florida are at a disadvantage when it comes to their businesses remaining profitable and in business. In fact, according to U.S. Census Bureau and Labor Department data, only about a third of startups actually make it to celebrate 10 years in business. Even less make it to 15 years.
When it comes to unpaid medical bills, part of the problem is that even once the bill is paid, the debt can stay on a consumer's credit report for up to seven years. This is particularly troubling, especially for the person who had an unpaid bill, but at no fault of their own.
Personal bankruptcy is a debt resolution thousands of people in Florida and around the country have used in order to get their finances in order. But, even though the process is rather common, many consumers still approach bankruptcy hesitantly amid fears that their credit will be destroyed if they file. However, this is not always the case, especially when filers make a conscientious effort to improve their credit afterwards. For example, consumers who have successfully exited Chapter 13 bankruptcy typically become eligible again for Federal Housing Administration mortgages just one year later. With a Chapter 7 bankruptcy, it's two years. And while with more conventional providers the wait could be extended, the point is that ineligibility is not necessarily forever.
Homeowners across the country have recently started to receive offers for loan modifications from banks without even having to ask. And while this may be a good choice for the person who knows in the future there may be financial problems, these unsolicited offers have many people wondering what's the catch, and is it a good idea to accept?
When it comes to people who have gone through a foreclosure, a recent study has found that for many it wasn't because those homeowners were irresponsible with their budgeting, but rather that they defaulted due to the recession and should more be viewed as those who just had a one-time crisis similar to a divorce or medical crisis.