Those who have been through it will tell you that divorce can be expensive. In Florida, marital property is distributed equitably between the spouses, and "equitable" doesn't necessarily mean "equal." It is possible that one spouse will come away with more assets or heavier debts than the other spouse, and this can be a particularly complex situation if the debt is heavy enough to require bankruptcy.
We have touched on the subject of student loan debt before in our blog (please see our July 19 post entry), noting that it is increasing for many young people in Florida attending school. That bodes badly for graduates who were forced to take on an excessive amount of loans to get through school and have suffered since through a financial recovery in which more jobs are clearly needed.
According to the Sun Sentinel, numbers given by the U.S. Bankruptcy Court in Miami show that personal bankruptcy filings are 40 percent higher in 2010 than they were in 2009.
By the end of the year, more than 1.6 million people are expected to have filed for bankruptcy protection in 2010. Many of these consumers have been financially devastated by the recession and chose to start fresh in the new year by filing for Chapter 7 bankruptcy. While filing for bankruptcy provides debtors with relief from worry and debt, it is important to keep in mind that there may be small challenges in life after bankruptcy.