A Florida business owner recently filed for bankruptcy. The news of this Chapter 7 bankruptcy filing comes less than two months after the two Subway stores he owned in Pompano Beach and Lauderdale-by-the-Sea closed.
A new report on national credit has revealed that while Florida is improving in certain areas, many residents are still carrying debts, which in turn may end up leading to more people seeking out debt relief solutions.
One Florida resident, who is a former member of a high-wire act, recently filed for bankruptcy. Going by his Chapter 13 filing, it appears that the 57-year-old has made very little money in the past few years, and still owes quite a bit of money on the two rental properties that he listed as assets.
With bills coming in from all directions, and not enough money to pay them all, many are now deciding to pay off their monthly credit card bill instead of their mortgage. According to TransUnion, before the recession 37 percent of people would make credit card payments before a mortgage payment. Now that number has shifted with approximately 50 percent of those consumers who are in default on a mortgage loan still making credit card payments on time.