Fewer Floridians Are Filing for Bankruptcy This Year
The American Bankruptcy Institute released statistics for the amount of bankruptcies that have been filed so far in 2018. According to these statistics, consumer bankruptcy filings in the state of Florida have dropped by 8% when compared to data from 2017. These statistics suggest that the current economic climate has helped consumers manage their debt. However, statistics for the month of March are 31% higher than February. Whether this signals that bankruptcy filings will increase as the year winds down still remains to be seen.
What Contributes to Bankruptcy Filings?
A major factor that determines the rate of bankruptcy filings is the job market. Because the job market was healthy at the end of 2017, the number of Floridians filing for bankruptcy dropped, though the increase in March might suggest that the job market isn’t as stable as some economists claim.
Data from the Labor Department, shows that only 103,000 jobs were created in March 2018. In February, more than 300,000 jobs were created. While the direction of the economy is still being debated by politicians and economists, the decrease in job creation suggests that some consumers might begin to fall into debt.
Should I File for Bankruptcy?
Are you struggling to keep up with your debts? If so, bankruptcy might be the right option for you. By filing for bankruptcy, you can eliminate your unsecured debts and get a fresh start with your finances. With a Chapter 7 bankruptcy, you can eliminate the following types of debt:
- Personal loans
- Credit card debt
- Medical debt
- Certain court judgments
If you file for Chapter 13 bankruptcy, you can create a payment plan to pay off your debt in 3-5 years. Once you pay off the plan, your remaining unsecured debt will be eliminated.
Get Help With Your Bankruptcy Case Today
At Albaugh Law Firm, we are dedicated to helping clients who are overwhelmed with their debts. Our lawyers are here guide you and make sure you find the right solution for your situation. We can review the details of your case and create a legal strategy that will protect your interests. Let us get to work for you.