The economy might be improving, but that does not mean that Florida residents no longer have financial issues. Many people continue to struggle to make ends meet and telephone calls from bill collectors are only adding to the stress. Perhaps they need to consider whether filing for Chapter 7 bankruptcy would be the right move under the circumstances.
Florida residents often find themselves having financial difficulties to the point that they are unable to meet their obligations. It is then that the prospect of filing for bankruptcy might be a viable debt relief option. There are two main types of bankruptcy that consumers file -- Chapter 7 and Chapter 13.
As many Florida residents continue to struggle financially, they might be searching for debt relief options. Some of them might avoid thinking about filing for Chapter 7 bankruptcy because they are under the mistaken belief that their financial lives will never recover. The truth is that there is financial life after the proceedings are finished.
Like many Florida residents, once you make the decision that you need to take control of your financial situation, it can be a challenge to determine where to turn. Filing for Chapter 7 bankruptcy can be a frustrating and complex process, and it is recommended that you not go through it alone. In order to make the most of your consultation with an attorney, there are certain steps you should take.
Many Florida residents who are behind on the payments for their first mortgage loans are also having difficulty making payments on their second mortgage loans. Fortunately, there is a way to deal with second mortgage arrears. Filing for Chapter 13 bankruptcy could help eliminate a second mortgage, but only under certain circumstances.
It was recently reported that student loans are second only to mortgage loans on the list of consumer debts nationwide. At $1.2 trillion, they surpass both auto loans and credit card debt. The sad fact is that most of the student loan debt in Florida and other states is in arrears with little chance of it being paid. This situation has created the ideal platform for scammers to target student loan holders who are desperate for debt relief.
Of the many troubles people with significant debt may encounter, being sued for collection is one of the most stressful. If you've ever been pressured by a creditor or a debt collection company to pay up, you know how invasive and threatening these companies' tactics can be.
Like many Florida residents, numerous people around the country end up owing thousands of dollars in medical bills that they are unable to pay. Finding medical debt relief is not always easy. In fact, several nonprofit hospitals file lawsuits against individuals who are unable to pay their bills each year. Recently, some of those hospitals became the subject of an investigation.
It is no secret that Florida was one of the hardest hit states when the housing market collapsed. In fact, several thousand homeowners around the state are still in jeopardy of losing their homes. For this reason, many people are curious as to why the state declined federal funds that could help stop home foreclosure actions for at least some struggling homeowners.
It might not surprise Florida homeowners that the number of people who lost their homes during the recent Great Recession was matched only during the Great Depression of the 1930s. During the last 10 years, data compiled by one source estimates that approximately 6,324,545 home foreclosure actions were completed. By comparison, a "normal" year would see only about 250,000 home repossessions by lenders.