Florida’s economy has been hit hard. There’s no doubt about it and it doesn’t matter wehther you live in Tampa, Orlando or Miami. Florida’s unemployment rate, as reported by the Bureau of Labor Statistics, has jumped to 11.8 percent as of December 2009. Compare this to only 4.8 just 2 years ago and May 2009 when it was 10.3 – that’s a full 1.5 percent in only several months.
You have probably stumbled upon this website because you have overwhelming debt, which seems beyond your financial capability to resolve. You may be looking for a quick, relatively painless way to resolve your debt through filing for Chapter 7 Bankruptcy in Tampa or Orlando. You are probably also asking, whether it’s absolutely necessary to file for Bankruptcy and whether you can evade Bankruptcy and save your credit. Read on for some insight….
Most people with debt (debtors) are well advised to not file for bankruptcy unless there is just no other way. The best advice can be sought from a knowledgeable Bankrutpcy attorney. There are several, regardless of whether you live in St. Petersburg, Largo, Clearwater, Maitland, Winter Park, Orlando or other outlying cities. Someone is near, and you should seek a FREE Consultation concerning your debt.
Many debtors choose other options before considering bankruptcy. I see many people in my office months after they have tried to get rid of their debt through debt consolidation services. There are many services that are scams out there. If you are considering a bankruptcy filing, hold-on for a moment because you might be able to get rid of debt with a better option. Don’t ever choose to go for bankruptcy filing before you explore the available options.
A credit counseling service might be a viable option for you to start. Some credible credit counseling services are free of charge in term of providing counseling services to determine if you can fit into one of their programs. If you do fit in, you will be required to pay a monthly fee for the service. Make sure that if you choose to go this route to stick to your plan -many times I see people who haven’t been able to complete the plan, have been lied to and have paid too much money for little to no results. But there are programs that work for people who can stick to a plan and who don’t lose any (or all) of their income.
Other than credit counseling services, you could choose to negotiate your debt. Some Bankruptcy Attorneys in Orlando and Tampa have been helping their clients in this way. A Debt negotiation can help you settle your debts, but there are disadvantages that come along with this. You may be required to pay a lump-sum of money for the settlement, your account will likely be closed by the creditor, and your credit report will likely reflect that your account was closed and was settled for less than full payment. Your credit score will suffer. This could be an option for you, but realize that the negative effects on your credit report will remain on your report for nearly as long as a Bankruptcy.
There is refinancing. For example, if you own a house you might consider refinancing your mortgage to cash out the money and pay off your debt. This poses a problem in Florida where Tampa and Orlando have seen drastic decrease in home values in the recent months and years. Your lender will not likely refinance if you have no equity in the home. Plus, you could face foreclosure if you default on your payments. Therefore, you need to make sure you pay the loan on-time during the repayment period.
A Bankruptcy might not be as bad as you think. If you have more debt than what you can afford to pay, Bankruptcy can serve to be a quick and easy FRESH START to a new Financial Freedom. Talk to a knoweldgeable and experienced bankruptcy attorney in your area of Clearwater, St. Petersburg, Maitland, Winter Park or Orlando today to find out your options.
