It may be surprising to know that more than half of U.S. families have less than $1,000 in savings. Those figures are from a national survey and likely apply to many Florida residents as well. It is a fact that the middle class and middle-lower economic classes live mostly on a shoestring budget; a substantial unexpected debt could put the family in financial turmoil. As that situation progresses, one can look for an increase in bankruptcy filings in the future as people turn to the only true remedy available for a fresh start and a clean slate.
Persons with failed small businesses in Florida and elsewhere often need critical assistance to weather the aftermath of closing the operation. In such cases, they may have personal consumer debt, such as credit cards, that they borrowed on to bolster the business. The individual may also have signed judgment notes to personally guarantee business or other types of personal loans. That scenario can be an ideal candidate for substantial debt relief in a bankruptcy filing.