Florida Bankruptcy Attorney Blog

Peter Ferrara in a recent foxnews piece indicated that America may be a "ticking bankruptcy bomb". According to Ferrara this is the result of politicans in America failing to adequately represent the American people with responsible policy. He promotes that there be dramatic changes at all level of government, substantial reform of entitlement programs, and cites Florida as one of those states that is existing just fine without state income taxes. He questions the need for state income taxes in general.

He notes that federal spending has soared and the entire United States is possibly facing default. With Orlando, Florida area homes alone facing foreclosure and bankruptcy rates far higher than the national average, areas like our own are what is driving part of this crisis. Now with an oversupply of foreclosed homes, without massive influx of and new movement soon the entire country may be seeing double dip recession. Perhaps temporarily good for bankruptcy lawyers and a few other niche areas, ultimately this spells bad news for the entire economy.

Retail establishments that specialize in video rentals and sales, as well as CD sales and rentals continue to be beat hard by a combination of recession and technological advancement. As more and more people in every generation continue to grow more savvy about use of the personal computer as well as downloading software and video products, video retail establishments like Blockbuster, Hollywood Video, etc... continue to go out of business or flirt with Chapter 11/7 Bankruptcy. Blockbuster's General Counsel recently announced that the company could not rule out the possibility of such a filing. Electronic and video products, unlike clothing and furniture, are often convenient to the consumer to purchase online. People often need to inspect the clothing and furniture they purchase. Not so for video programs and software. There is nothing in the nature of video to inspect before purchase, as the very experience of watching the video is what is purchased. People obtain information on whether the purchase is worthwhile through critics or other third parties. Clearly, the video industry is probably not a good place to be investing your money, and bankruptcy or corporate dissolution may become prominent in this area for some time to come. Prevailing economic conditions do not help either.

The Bureau of Labor Statistics released a larger than expected increase in the rolls of the unemployed, and the total rate of the unemployed now stands at 9.8%. This kind of activity will cause the economy to only slowly pull out of this monster of a recession that has been affecting us all. If you're considering filing a bankruptcy because of your unemployment situation, definitely give us a call. Often when you file bankruptcy because you are unemployed, and have been unemployed for awhile, you will get better terms than if you waited until you were employed again. Sometimes timing is everything in the bankruptcy process. Give us a call today to see how we can help you figure out when it would be best for you to file.