Bankruptcy Filings Down in Florida

According to statistics published by the U.S. Bankruptcy Courts, personal bankruptcy filings in Florida as of March 2013 have gone down by 13 percent from the previous year. This is in contrast to last October, in 2012, when the Huffington Post reported that South Florida experienced a sharp upturn in bankruptcy filings as lenders once again began sending out foreclosure notices to local homeowners who were delinquent. The banks had stopped foreclosures temporarily in the wake of accusations regarding illegal practices such as "robo-signing." In February of this year, five of the nation's biggest mortgage lenders were required to pay $25 billion to settle cases brought against them for illegal foreclosure practices. As the economy has improved, however, personal bankruptcy filings under Chapter 7 and Chapter 13 have declined in Florida and across the nation.

Personal bankruptcy remains as a viable and legitimate option for those facing crushing debt. Florida has been a state in which the recession and massive numbers of foreclosures have given rise to thousands of personal bankruptcy cases. According to its publication "Bankruptcy Basics," provided by the U.S. Bankruptcy Court, the basic goal of the federal bankruptcy laws is "to give debtors a financial 'fresh start' from burdensome debts." This point was hammered home in a 1934 Supreme Court ruling which stated: "it gives to the honest but unfortunate debtor . . . a new opportunity in life and a clear field for future effort unhampered by the pressure and discouragement of preexisting debt." This is done through the discharge of unsecured debt, such as credit card debt, medical and dental bills, payday loans, and other personal loan situations.

Miami Bankruptcy Attorney

Those individuals and families who are in a situation of overwhelming debt should avail themselves of the information and guidance needed to resolve this difficulty. Understanding your options and working with a reliable source is vital. Because bankruptcy is a legal process, it is best to consult with an attorney in your area who deals with the bankruptcy process on a daily basis. The Botros Law Firm, based in Miami, is dedicated to helping individuals in and around this metropolitan area get their financial future on track. The firm has built a long history of success in helping people gain a financial recovery, whether through a personal bankruptcy filing, debt consolidation, debt negotiation, and other debt relief options.

Lead attorney Botros has been recognized as a Rising Star by Super Lawyers for four years; his knowledge and competence in this field have earned him well-deserved reputation for outstanding legal service. Contact the firm to arrange for a free case consultation regarding your financial problems. Learn your legal options and get the education you need to make an informed decision about the best plan of action for your situation.