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December 2016 Archives

Look for increased bankruptcy filings as credit card debt soars

It is a fact that incomes of middle class Americans in Florida and nationwide are failing to keep up with the increasing amounts of consumer debt that they are accumulating. That in turn likely has something to do with the slow growth of wages in comparison to high price increases in various retail sectors. In short, people are increasingly using their credit cards for survival, which is a poor omen for future predictions regarding the economy. It points to an increasing number of consumers who may be expected to file for bankruptcy relief in 2017.

The consumer debtor must qualify for the bankruptcy option

An experienced consumer bankruptcy attorney will always review a potential case to determine whether bankruptcy is the best alternative or whether another remedy will fit the client's situation better. There are many consumer situations that are not qualified for bankruptcy treatment, and in some cases, the amount of debt is insufficiently severe to call for a bankruptcy remedy. Generally, the same or similar factors are evaluated whether the case is to be filed in Florida or another federal bankruptcy jurisdiction.

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