If you face overwhelming debt in Florida and think that nothing short of bankruptcy can save you, you may want to think again. While there is nothing morally wrong about filing bankruptcy, still it represents the option of last resort and you likely want to avoid it unless and until it becomes absolutely necessary.
Need Help Paying Bills recommends that you consider going through credit counseling before making the decision to file bankruptcy. According to a new study by the National Bankruptcy Research Center and the Management International Financial Education Foundation, credit counseling can help you resolve your financial problems and improve your credit report in as little as two years.
Credit counseling advantages
Per the study results, putting yourself under the guidance of a professional credit counselor can give you the following benefits:
- You can achieve fewer delinquent credit accounts.
- You can keep your credit card balances current for a significantly longer period than you can without help.
- You may be able to forestall bankruptcy or even negate your reasons for requiring it.
The South Florida economy
The Miami Herald recently reported that the number of people in South Florida who are struggling with debt has increased over the past several years. In fact, the number of bankruptcies in this area increased by over 50% in one year alone.
Two major reasons account for this dramatic increase. The residential housing market bubble and the commercial office space market bubble burst, resulting in job losses by people employed in these industries. In addition, these bubble bursts likewise affected people formerly employed in the real estate industry, such as those who worked in construction or in sales. Consequently, numerous South Florida families face continuing unemployment or underemployment, leaving them with debt that they once could pay but now cannot. If you and your family fit this description, working with a professional credit counselor could be just the lifeline you have been seeking to help you stave off bankruptcy.
This is general educational information and not intended to provide legal advice.