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Bankruptcy Archives

Early bankruptcy filing can be important

When people in Florida face a growing pile of debt due to credit card bills, medical bills, loans and other issues, bankruptcy can offer a way toward a renewed financial future. At the same time, despite the potential of bankruptcy filings to protect people's financial futures, they may be hesitant to file as soon as it is feasible. Many individuals attribute a sense of economic failure or social shame to filing for bankruptcy, and they may wait for a long time - even years - to file as a result. However, the effects of such a delayed filing can be significantly detrimental to the financial future that can be achieved through a bankruptcy filing.

Debtors can move to remove bankruptcy before 10 years

The Fair Credit Reporting Act allows credit agencies to list bankruptcies of any kind for up to 10 years. However, the major credit agencies only list a Chapter 13 case for seven years. Florida consumers who are concerned about the impact of a bankruptcy on their credit report should know that its impact fades over time. This can be done by paying bills in a timely manner and not obtaining new debt.

Americans carry a significant amount of debt

Some Florida families may be among the households throughout the country that owe an average non-mortgage debt of more than $24,000. The credit reporting agency Experian also found that in 2017, people's average mortgage debt was over $200,000. On average, people owed more than $6,300 on their credit cards and $1,841 on retail cards. The average student loan debt set a new record at $34,144.

Studies show credit card debt is on the rise

Credit card debt may have risen over the last year for some people in Florida. A study by WalletHub found that in 2017, credit card debt nationwide rose by $92.2 billion and reached its highest levels since before the Great Recession in 2007. Much of that increase happened in the final quarter of the year when the additional $67.6 billion in debt represented the highest increase in a single quarter in 30 years. The Federal Reserve estimates that the total national credit card debt is around $1 trillion.

I know what my business needs. Why do I need a trustee?

You filed for Chapter 11 bankruptcy in order to keep your creditors at bay while you reorganize your business and straighten out your finances. Now, you feel as though the trustee overseeing your case treats you as though he or she does not trust you. Understanding the duties of the trustee might make it easier to bear the scrutiny.

Bankruptcy may help you move forward

If you face considerable financial troubles, you are not alone. Numerous people across the country amass serious debt that leaves them wondering how they will get back on top of their finances. Luckily, you do not have to suffer silently, as bankruptcy options exist that could potentially help you address your debt liabilities in an effective manner.

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