Florida Bankruptcy Attorney Blog

Depending upon the jurisdiction in Florida or elsewhere, it may be better for a client to declare either a Chapter 7 or Chapter 13 for a client to protect his home. For those behind on their payments, a Chapter 13 bankruptcy is often touted as the best solution. But this is not necessarily the case. Sometimes it is better to fight and renegotiate your mortgage and then declare a Chapter 7, even though there is an element of risk doing this. Much of this kind of decision rests upon the amount of income you are generating. Factors to consider include things as minor as Trustee collection fees. For these and other complicated reasons it is always good to consult with a bankruptcy lawyer and not engage in this process without professional help.

The economy continues to tailspin as retail numbers make their largest decline in years. People often have no idea of the power of the consumer. Consumer spending is one of the largest portions of domestic GDP every year. The power resides not with corporate america, but with your average consumer. Forget about Wall Street being spooked. If your average consumer is spooked and not spending appropriately, the entire economy will begin to feel the harshest bite of a recession. Most of our clients are typical consumers, and we rely on the good faith of our consumer clients for our own bankruptcy business. Most Chapter 7 bankruptcies are consumer bankruptcies, and involve little to not distribution of any actual assets because most of the consumers that come are not able to make even basic credit card payments. Every consumer should have the right, once every eight years, to this kind of fresh start. Do not underestimate the power of the consumer to get back on his feet and get the economy running again.

Florida bankruptcies have risen from one year ago but fallen over the past two months according to a recent article in the Miami Herald. Orlando bankruptcy lawyers have seen serious business lately. It seems there was a huge wave of bankruptcies in the summer, but this would be an indication that the most serious of the troubles for those contemplating bankruptcy would have been happening in late 2007 through the spring of this year. It could be that the tax rebates and similar federal initiatives temporarily have provided a boost and that the bankruptcy rate may rise again as we approach late fall and winter. Obviously some of this will depend on prevailing economic conditions.

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