Over 2,500 cities across the county were included in a study conducted by a personal finance website. The amount of credit card debt was analyzed, ranking the participating cities from least to most debt. A determining factor in the ranking was how long it would take to eliminate the debt. Florida residents in some cities unfortunately found themselves near the top of this list.
Florida residents may at times find themselves facing difficult financial situations. They are often overwhelmed by debt and struggle to make ends meet each month. Many consider filing for Chapter 7 bankruptcy as a means to regain financial stability in their lives. A former Orlando developer in such a situation recently filed for personal bankruptcy.
According to a recent report, Florida is tops in the nation. However, in this report, first place was not the ranking Floridians would have chosen for their state. In the past year, Florida led the nation in home foreclosure activity. Studies show that 12 percent of all foreclosures completed in the country occurred in Florida. While Florida had the highest level, the number of foreclosures actually declined in the last 12 months.
Florida ranked fifth in the nation in a recent financial survey. According to the survey, consumers in the state have the fifth largest average balances for credit card debt in the country. In addition to the high balance levels, the amount of interest associated with a credit card can often be staggering.
Some Florida residents may be struggling with the decision to file for bankruptcy. As they do so, it may help to understand that there is a potential "bright side" to filing Chapter 7 bankruptcy, according to the author of a 2016 book. The author, a consultant and small business owner, filed for both personal and business bankruptcy. but chose to focus on what she could learn from the process and making positive changes to her life.
Bankruptcy laws in some form or fashion have been in place in the United States for over 200 years. Our Constitution even addresses the subject of bankruptcy, and Congress has passed the Bankruptcy Code. Florida and every other state has at least one judicial district established for bankruptcy. While the law details six basic types of bankruptcy, two types are more common for individuals in the midst of financial difficulties. These are Chapter 7 bankruptcy and Chapter 13 bankruptcy.
Many Florida residents post pictures of themselves on Facebook that put them in an exotic location or in front of a flashy car. Some appear to be wearing expensive jewelry and sporting wads of cash. These photos might make for a good joke, but if an individual filed for Chapter 7 bankruptcy protection, the photos could cause trouble with the court.
While the reasons are many, the result is often the same. Loss of income, medical bills or inattention to the family budget can skyrocket the family's credit card debt. This excessive credit card debt has become a serious problem for many Florida families.