Anyone can fall into financial difficulties, even the rich and famous. However, regardless of who the person is, it's important to strictly adhere to bankruptcy rules. If not, the entire bankruptcy could end up getting dismissed.
One Florida resident, who is a former member of a high-wire act, recently filed for bankruptcy. Going by his Chapter 13 filing, it appears that the 57-year-old has made very little money in the past few years, and still owes quite a bit of money on the two rental properties that he listed as assets.
While nothing is definite at this point, the Federal Housing Finance Agency is considering a proposal that would help underwater homeowners who have filed for Chapter 13 bankruptcy.
Many things can lead to financial stress. In general, a job loss, credit card debt and medical debt are all common reasons that many find themselves unable to pay all of their bills on time. And while there are a number of debt relief solutions often available, many end up choosing to file for either a Chapter 7 or Chapter 13 bankruptcy as a way to take control of their finances.
When looking at last month as compared to June of 2010 there was a 5 percent decrease in the overall number of personal bankruptcies filed. As of now many analysts are reporting this trend to actually be in the opposite direction of earlier predictions, and has some viewing this decrease as representing an upturn in the economy that had been down for a number of years.
The developer who was once in charge of several Daytona Beach boardwalk projects in Florida recently filed for a Chapter 7 bankruptcy. According to the bankruptcy filing, the developer has $39 million in liabilities, with a large portion of that debt coming from a $17.5 million loan he had taken out for Ocean Walk Shoppes.
Even though the number of bankruptcy filings for the U.S. Bankruptcy Court Middle District of Florida is reportedly decreasing, experts are saying that the tough financial times are far from over, and that many will continue to struggle.
Personal bankruptcy is a debt relief tool to let people to discharge debt in order to restart and rebuild financially for the future. However, over the years a number of myths have surfaced regarding the consequences of filing for bankruptcy, and some of these myths may even be stopping a person from filing when it really is needed.
As reported earlier this month, Florida is the fourth most economically stressed state in the nation. And while the U.S. Bankruptcy Middle Court District of the state saw a decrease in personal and business bankruptcy filings during the first quarter of 2011, some experts are saying that the lower number represents just a temporary pause and that overall the number of filings for the year will be even higher than the record-breaking number of filings in 2010.
A Chapter 7 bankruptcy petition was recently filed for The Devlin Group Inc., which is a well-known residential and commercial real estate developer in Florida. The company was involved in numerous projects throughout the state.