Sports can be a profitable business in which to be if one makes the right decisions. However, just like in a sporting event, in business things do not always work out as planned in Florida or in any other state. One former sports franchise owner found this out recently when he experienced some financial challenges possibly related to his involvement in the sporting industry. He has recently filed for a Chapter 7 bankruptcy in order to obtain relief from debt.
Many Florida residents who are in dire financial straits are unsure of how filing for personal bankruptcy will affect them. Bankruptcy can be complicated, and those who are considering this financial tool should take the time to learn the ins and outs of the process along with what their financial outlook will be once a Chapter 7 bankruptcy is underway. The following information is provided in the hopes of providing insight into the exemptions granted under this form of bankruptcy.
When a serious illness or injury occurs, many Florida residents are plunged into serious financial trouble. As the patient and his or her family struggles to come to terms with the diagnosis, treatment plan and immediate medical needs, the bills begin coming in. Making matters worse, many medical bills are incredibly difficult to understand, leaving many with stress to match the pile of bills. Changes in medical billing standards could help patients and their families evaluate the impact that these costs will have on their overall level of consumer debt and make it easier to communicate with creditors.
For those in Florida for whom the financial outlook is dire, filing for personal bankruptcy is a viable option to secure fast and lasting debt relief. Many, however, are uncertain what to expect when considering this option, and can fall victim to misinformation on the subject. The following tips are offered in the hopes of educating Florida consumers about the Chapter 7 bankruptcy process, and what to expect once the paperwork is filed.
When financial trouble arises, Florida consumers often experience a snowball effect in which debt mounts, stress levels rise and the need for debt relief becomes even more urgent. In many cases, distressed consumers fall behind on their tax obligations, and have to add tax debt to the list of outstanding financial accounts. While Chapter 7 bankruptcy can lead to the elimination of tax debt, many consumers spend a great deal of time and effort trying to repay those debts on their own, even as their overall financial standing worsens.
When one has access to credit but is experiencing financial difficulties, it can lead to serious problems. In some cases, one may be able to pay down the accumulated debt over a period of time. Unfortunately, for many people in Florida, the outpouring of creditors calling, legal actions being taken and the unwarranted threats coming from creditors can lead individuals into a psychological spin where they see bankruptcy as their only option.
The dream of owning a home is still among the top priorities for many Florida residents. This is true even in cases that have been defined by serious financial hardship in recent years. Many individuals who are considering filing for Chapter 7 bankruptcy worry that their ability to ever own a home of their own will be challenged by having sought bankruptcy protection. This, however, is not true and is one of the leading misconceptions about the bankruptcy process.
It appears that the economy is improving, but many homeowners in Florida have yet to see it. Across the country, nearly 9.1 million homeowners owe more than 25 percent of what their home is worth. Further, many of these families are behind on their mortgage payments to the point where foreclosure is imminent. Filing for bankruptcy could provide homeowners with the time and space they need to make some decisions regarding their homes.
Often, a professional sports team is run by an ownership group instead of just one individual. In situations such as the one that the minor league Trenton Titans ECHL hockey team is currently facing, having an ownership group instead of a single owner could make filing for Chapter 7 bankruptcy more difficult. Florida residents who own or co-own sports teams may be interested in the decisions confronting the Titans ownership.
Last month, we wrote that more than one-quarter of American families struggle to pay medical bills. Medical debt is a leading cause of bankruptcy, and it may actually cause even more personal bankruptcies than mortgages and credit card debt. Many Florida residents think that they could never be crushed by medical bills because they have health insurance. The unfortunate truth, however, is that many people with insurance can end up facing unmanageable medical bills.