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March 2013 Archives

Pros and cons of filing for bankruptcy

Residents of Florida who are struggling to make ends meet and have enormous amounts of debt may consider filing for bankruptcy. While each case depends on individual circumstances, there are some basic guidelines that can help people asses if bankruptcy is their best bet. Filing for bankruptcy can give someone a fresh start, but it is not without consequences.The main drawbacks associated with bankruptcy are loss of high-value assets and limited access to credit. If someone has certain types of property, it may be sold to pay off creditors during the bankruptcy process. Additionally, following a bankruptcy, credit will be limited and may be difficult to get without high interest rates and fees. It is also important to note that filing does not always discharge all debts. For example, student loans are often not covered by bankruptcy, but most debts are covered by filing.

Mortgage modification may not always provide relief

In recent years, many Florida residents have found themselves in the unfortunate position of potentially losing their homes to foreclosure. This process can be confusing and overwhelming, especially where the foreclosure comes about through circumstances beyond the control of the borrower.One 57-year-old woman in another state spent more than two years attempting to avoid foreclosure. She has made telephone calls, completed forms, protested her payments and even had meetings with the bank. However, her efforts were in vain. The bank sent the woman a letter that purported to offer relief yet wanted to increase her payments by more than $200 per month, which is not a practical solution for a grandmother struggling to make ends meet. After 12 years in the home, the woman still has not received a reasonable mortgage modification and now faces foreclosure.

Tomato shipping business in Florida files for Chapter 11

Apparently in hopes of continuing operations, East Coast Brokers & Packers have filed for Chapter 11 bankruptcy protection in the Florida courts. Besides being in the tomato shipping business, the owners of the packing company also own a hotel that has been closed for the last ten months.

Medical debt can sometimes be hard to avoid

Many people are riddled by credit card debt. This debt can sometimes be avoided by controlling spending and only using credit cards in extreme emergencies. Medical debt on the other hand is often caused by unexpected illness or injury. These are things that people would obviously like to avoid, but they aren't always able to.

Casey Anthony appears in Tampa court for bankruptcy hearing

Last month we posted on the fact that Casey Anthony had filed for Chapter 7 bankruptcy. With more than $792,000 in liabilities, a list of 80 creditors and just $1,100 in assets, she is a good example of when debts just get so far out of hand that bankruptcy really seems like the only option.

Unpaid medical bills? Bankruptcy could be an option

Any Florida resident with unpaid medical bills will tell you that medical debt is frustrating. It is not like anyone wants to have unplanned medical emergencies. Yet, when an emergency happens, there is no other choice than to get the medical attention that is needed.