One of the home building companies approved to work in Lakewood Ranch in Florida recently filed for bankruptcy. This move has left many wondering just what will happen to the roughly 30 homes the company has already sold but has yet to complete. Of those sold, construction has reportedly not even started on 18 of the homes.
Consumer alert: be wary of debt settlement schemes
Florida residents have been among the hardest hit financially in the nation. Many of these struggling individuals may be particularly vulnerable to "debt settlement" schemes.
Credit card debt and small businesses don't mix well
Statistically, many entrepreneurs and small business owners in Florida are at a disadvantage when it comes to their businesses remaining profitable and in business. In fact, according to U.S. Census Bureau and Labor Department data, only about a third of startups actually make it to celebrate 10 years in business. Even less make it to 15 years.
Bankruptcy forces NFL star to auction home
Personal bankruptcy is a legal process filled with difficult but important choices. Debtors must choose wisely how best to manage their remaining assets while coming to terms with the financial consequences set before them. The decision to relinquish the security and comfort of a house is a choice that anybody may need to make, from blue-collar workers to professional athletes.
Student loan debt continues to increase
Student loan debt is rapidly spinning out of control. Students are borrowing tens of thousands of dollars for an education. Their plans are to graduate from college, get a good paying job in the career of their chosen field, and slowly start to pay back those loans over the next several years. And while of course this is an admirable goal to have, the truth is there is the risk of taking on student loan debt, not being able to find a job -- or finding a low-paying one not in the chosen field -- and not being able to pay back what was once borrowed.
Once millionaires file for personal bankruptcy
Illness can certainly wreak havoc on a family. The medical bills and strain put on one person to take care of all of the family's affairs can lead to bills going unpaid and debt spiraling out of control.
Rich dad or poor dad? Company of bestselling author bankrupt
In the 1990s Robert Kiyosaki wrote the book "Rich Dad, Poor Dad." The book, which gave personal financing tips, put the author on the New York Times Best Seller list. He also went on to write other books regarding finances, including "Midas Touch" and "Retire Young, Retire Rich."
Unpaid medical bills continue to haunt consumers
When it comes to unpaid medical bills, part of the problem is that even once the bill is paid, the debt can stay on a consumer's credit report for up to seven years. This is particularly troubling, especially for the person who had an unpaid bill, but at no fault of their own.
Don't get into debt with credit cards
It's easy to start using a credit card and quickly rack up debt that can continue to haunt you for some time. However, this being said, using a credit card responsibly is good as it builds credit. Luckily, there is a happy medium that consumers can find when it comes to credit cards.
Out of work? Debt relief options may be available
In our current economy, we all know it can be rather hard trying to find a new job. Unemployment rates are high and many companies are in the position of cutting back instead of adding new jobs. This in turn has led to many falling behind on bills and many others losing their homes to foreclosure.
