Tag Archives: Bankruptcy causes

Bankruptcy Filings Decrease

Bankruptcy Filings Decrease

The number of bankruptcy filings is still trending downward, but the decrease seems to have leveled off.

The numbers are down overall, and have been down since 2012, but March 2014 filings were 18 percent higher than February 2014 filings. Observers cited declining interest rates, household deleveraging and high filing and legal fees as reasons for the continued decline. They predict that filings may start to go up again as soon as next year.

Business bankruptcies are declining as well, largely due to more available corporate credit.

The end of a trend?

Most economic sectors in a capitalist economy are cyclical: prices rise and fall according to random factors that are difficult, or even impossible, to see and explain. Bankruptcy is no exception. Filings are down now, but signs are beginning to point to an increase:

  • Interest rates: Mortgage interest rates have begun to inch back up from the historic lows seen a few years ago. As money becomes more expensive, it becomes harder for American families to borrow money to help in a financial emergency.
  • Credit: At the same time, banks are beginning to relax some of their strict borrowing requirements for items such as houses and cars. Consumers may once again be tempted to buy the best house or car possible, as opposed to the one that is the most affordable.
  • Foreclosures: Banks are now starting to work through the foreclosure inventory that built up during the robo-signing controversy and the extreme backlog of cases.
  • More small business bankruptcies: Small and medium-sized businesses drive the economy, and it looks like that engine is losing steam.

For a free consultation with attorneys who can help you eliminate your debts, contact our office in Melbourne, Florida.

Contact a Brevard County Bankruptcy Attorney at Faro & Crowder, PA

If you are interested in learning more about how a bankruptcy filing will impact your debt, contact Faro Crowder, PA to schedule an appointment. We are located in Melbourne, Florida on Sarno Road and serve residents and businesses of the Space Coast and Brevard County.

Services Areas

We provide services throughout Central Florida including: Melbourne, Titusville, Palm Bay, Merritt Island, Cocoa, Cocoa Beach, Satellite Beach, West Melbourne, Cape Canaveral, Viera and Eau Gallie.

Get In Touch with Faro & Crowder, PA

Faro & Crowder, PA
Phone: 321-784-8158
Address:
1801 N. Sarno Road, Suite 01
Melbourne, FL 32935
Email: info@farolaw.com

The information on this blog or any blog is not intended as, and should not be taken as, legal advice.

When the Spotlight Dims

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A group of former NFL players recently filed a lawsuit against the league, claiming that it exposed them to probable brain damage.National Football League players aren’t the only footballers who struggle with life after retirement.

According to a charity set up for former English League soccer players, 33% of players are divorced within one year of retirement, 40% file bankruptcy within five years, and 80% ultimately suffer from osteoarthritis. While the average salary in the Premier league is about 23,000 £ (38,000 USD) per week, that salary drops to 5,000 £ (8,000 USD) per week in the Champions league.

Causes of bankruptcy

While it is difficult to have sympathy for some professional athletes on both sides of the Atlantic, there is a connection between their bankruptcy and your bankruptcy. They each emerge from common causes:

  • Divorce: One of the most common marital stress factors is money, so it is little wonder that couples who are in divorce court sooner or later wind up in bankruptcy court. After divorce, the two new families must often try to survive on drastically reduced incomes, which makes these problems even worse.
  • Medical bills: Even if you have insurance, the cost of long-term rehabilitative care is staggering, to say the least. Medical bills can eat away your savings almost before you know what’s happening.

While bankruptcy cannot eliminate child-support payments and alimony, bankruptcy can eliminate many of your other unsecured debts to free up your limited cash for other obligations. Bankruptcy can eliminate medical bills, in most cases, giving you the financial fresh start that you need so desperately.

Contact us for your free bankruptcy consultation.

Contact a Brevard County Bankruptcy Attorney at Faro & Crowder, PA

If you are interested in learning more about how a bankruptcy filing will impact your debt, contact Faro Crowder, PA to schedule an appointment. We are located in Melbourne, Florida on Sarno Road and serve residents and businesses of the Space Coast and Brevard County.

Services Areas

We provide services throughout Central Florida including: Melbourne, Titusville, Palm Bay, Merritt Island, Cocoa, Cocoa Beach, Satellite Beach, West Melbourne, Cape Canaveral, Viera and Eau Gallie.

Get In Touch with Faro & Crowder, PA

Faro & Crowder, PA
Phone: 321-784-8158
Address:
1801 N. Sarno Road, Suite 01
Melbourne, FL 32935
Email: info@farolaw.com

Contact Us For A Free Consultation






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