Florida residents who are facing yet another holiday season wondering not only how they will buy gifts for loved ones but pay basic bills and living expenses are not alone. Even with a relatively strong domestic economy, many people continue to experience serious financial troubles. Bankruptcy may well offer these consumers the best solution to their problems and give them the chance at a truly fresh financial start.
To an overwhelming number of Americans, losing a job means more than getting down in the dumps. It could mean prolonged windows of financial stress, which could ultimately lead to bankruptcy. Job loss is one of the most common reasons why Floridians file for bankruptcy. There are many factors that lead up to unemployment, but current trends show that a significant number of professionals of various industries struggle with the issue. Could current issues in America play a part in this problem?
Many Florida residents may have struggled to make a comeback from the depression. NerdWallet.com notes that debt is a common problem, even for those who have been fortunate enough to maintain their careers. Since 2003, income growth has not kept up with the cost of living. For example, although the median household makes 28 percent more now, the cost of food has gone up 36 percent.
What types of debt a person has can matter a great deal. For one, it can have major implications when a person has trouble keeping up with their debt. This is because different types of debt can raise different kinds of issues when it comes to pursuing debt relief options. For example, the exact nature of a given type of debt can have impacts on how it would be treated in bankruptcy and on what implications this would have for a person who is pursuing bankruptcy. Bankruptcy lawyers can advise individuals considering bankruptcy on what the types of debt they have mean for what kind relief they might be able to receive through the bankruptcy process.
It is normal for you to be hesitant about filing for bankruptcy due to misinformation and social stigma. However, if you have determined Chapter 7 is right for you, there is no need to fear the process or the consequences. In fact, delaying will only hurt your case.