Here are some grim statistics for the first quarter of 2010. The number of bankruptcy filings in Tampa/Fort Myers division (Polk included) jumped almost 21%. This is mirrored by the eerily similar rise of 21% in bankruptcy cases in the Middle Disctrict of Florida (including Orlando and Jacksonville). In fact, the 16,149 bankruptcy cases filed there gave the Middle District bankruptcy court the unenviable record of being the second busiest bankruptcy court in the country, behind only the Central District of California bankruptcy court.
March 2010 was one of the Middle District bankruptcy court’s busiest month on record. It was third only behind the two months prior to the time when the bankruptcy laws changed with the passing of the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA). The BAPCPA was supposed to deter individuals from filing for bankruptcy, especially Chapter 7 bankruptcy as a means of copping out of their tax debts.
And from the look of things, there seems no evidence of this trend abating anytime soon.
Experienced bankruptcy lawyers predict that the peak in number of bankruptcies will only come in a year or 18 months’ time before the numbers slide. US Bankruptcy Judge Catherine Peek McEwen is handling 6,500 cases in Tampa. The District Chief Judge in Jacksonville had forewarned his judges to anticipate a year of record numbers of bankruptcy filings.
What appears to be affecting consumers in Florida most are the combined effects of the state’s 12.2% unemployment, low housing prices and a huge backlog of foreclosure cases. Although banks are starting to lend again at a ‘modest’ level, the unemployment rate is yet to show a significant drop. Unemployment and bankruptcy both go hand in hand and are usually the last to be overcome in an economic recession. It is not uncommon to find unemployment still rising even after the recession has officially ended. Bankruptcy improvements tend to show even later as it is often a last resort people take for themselves and their businesses.
There has been a wide range of businesses going bankrupt from property developers to retailers. Even professionals and certain franchises have not been spared. Recently, a local Church’s Chicken, several Dunkin’ Donuts franchisees and an Arby’s chain have all filed for bankruptcy.
Of those who file for personal bankruptcies, most have problems with paying for their properties. Banks have been criticized for being reluctant to reduce principal amounts in mortgages and slow in revising mortgage terms to help struggling borrowers.
Related Blogs
- Women, Hollywood, Number-Crunching – TV Guidance – Macleans.ca
- Re_Vinyl clocks by Pavel Sidorenko » Yanko Design
- Significant Changes to the Bankruptcy Code Under the Bankruptcy …
- Significant Changes to the Bankruptcy Code under the BAPCPA
- Number (N)ine's Takahiro Miyashita Returns: style file: daily …
- Time is on Your Side, Using Day Parts Reporting in Google …
- Will Mortgage-Implode Be Harrassed Into Bankruptcy? | The Big Picture
- Recession, Deflation and Deficits | The Big Picture
- Recession And The New Idea Of Luxury – PSFK
- EPL Talk Reports Record World Cup Web Traffic | EPL Talk
- Thoughts on the weak retail sales number | Credit Writedowns
- Socket Mobile Cordless Hand Scanner for Healthcare with BlackBerry …
- bankruptcy discrimination
- Two new issues in post-BAPCPA 13 cases. : An article from: Florida …
- Lucky Number 7 — 7 Is More Powerful Than You Might Think …
- Record Labels Sue Over Use of Music on Adult Sites | Jennifer …
- The Rich Work Around the Recession | The Global Realm
- Hands-On with Playstation Move and Time Crisis: Razing Storm …
- Amazon Hooks College Students With A Free Year Of Amazon Prime
- 'The Apprentice' First Look: The Donald is back with some …
Filed under Chapter 7 (Tampa) by on Jul 14th, 2010. Comment. 
Here are some grim statistics for the first quarter of 2010. The number of bankruptcy filings in Tampa/Fort Myers division (Polk included) jumped almost 21%. This is mirrored by the eerily similar rise of 21% in bankruptcy cases in the Middle Disctrict of Florida (including Orlando and Jacksonville). In fact, the 16,149 bankruptcy cases filed there gave the Middle District bankruptcy court the unenviable record of being the second busiest bankruptcy court in the country, behind only the Central District of California bankruptcy court.
March 2010 was one of the Middle District bankruptcy court’s busiest month on record. It was third only behind the two months prior to the time when the bankruptcy laws changed with the passing of the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA). The BAPCPA was supposed to deter individuals from filing for bankruptcy, especially Chapter 7 bankruptcy as a means of copping out of their tax debts.
And from the look of things, there seems no evidence of this trend abating anytime soon.
Experienced bankruptcy lawyers predict that the peak in number of bankruptcies will only come in a year or 18 months’ time before the numbers slide. US Bankruptcy Judge Catherine Peek McEwen is handling 6,500 cases in Tampa. The District Chief Judge in Jacksonville had forewarned his judges to anticipate a year of record numbers of bankruptcy filings.
What appears to be affecting consumers in Florida most are the combined effects of the state’s 12.2% unemployment, low housing prices and a huge backlog of foreclosure cases. Although banks are starting to lend again at a ‘modest’ level, the unemployment rate is yet to show a significant drop. Unemployment and bankruptcy both go hand in hand and are usually the last to be overcome in an economic recession. It is not uncommon to find unemployment still rising even after the recession has officially ended. Bankruptcy improvements tend to show even later as it is often a last resort people take for themselves and their businesses.
There has been a wide range of businesses going bankrupt from property developers to retailers. Even professionals and certain franchises have not been spared. Recently, a local Church’s Chicken, several Dunkin’ Donuts franchisees and an Arby’s chain have all filed for bankruptcy.
Of those who file for personal bankruptcies, most have problems with paying for their properties. Banks have been criticized for being reluctant to reduce principal amounts in mortgages and slow in revising mortgage terms to help struggling borrowers.
Filed under Chapter 7 (Tampa) by on Jul 2nd, 2010. Comment.
It is never easy to decide to file bankruptcy but sometimes it is the only option. If you have not made your promised payments creditor will continuously call and try to collect the debt. You may get call after call from your creditors as they try to collect your debt. The numerous calls can be very stressful and extremely aggravating.
According to law once you file bankruptcy your creditors cannot harass you with phone calls. The Automatic Stay Law makes it illegal for creditors to continuously harass consumers once they have filed bankruptcy. Regardless of the amount of the debt the creditor must refrain from contacting the consumer about debt once it has become part of a bankruptcy proceeding.
Once you have filed creditors are prohibited from contacting you by mail, phone or through a third party representative once you have filed bankruptcy. Creditors are also prevented from enforcing any liens or starting legal action. This law is a part of the United States legal system and it can be found in Section 362 of the United States Bankruptcy Code.
Section 362 lays out the facts and informs consumers that are immediately protected from all forms of debt once they file bankruptcy. Consumers should know that the bankruptcy courts have up to ten days to tell creditors about bankruptcy filings.
Regardless you are protected by law but sometimes creditors are not immediately aware of your bankruptcy situation. It is recommended that you contact your creditors and let them know of your situation as soon as possible. For many people the automatic stay may give them a little more time to take care of pressing financial matters. The automatic stay provides helps during foreclosure by halting the processing. It is important to show your creditor your supporting documentation especially if your house is already on the market or about to be sold.
According to the automatic stay laws consumers are protecting from wage garnishments and harassing collection calls. You are protected from adverse legal action from your creditors due to the automatic stay law. You should note that the automatic stay law does not protect consumers in certain situations.
If you have broken the law the automatic stay law does not provide protection for criminal proceedings or convictions. You should be aware that the IRS does occasionally have the right in certain tax proceedings to contact you for financial information or to collect a debt.
Tampa Bankruptcy Attorney, Darrin T. Mish is the founder of the Tampa Bay Bankruptcy Center,P.A. for almost twenty years, Mr. Mish has been a sealous advocate for debtors throughout the State of Florida. Call For a free consultation at (813) 200-4133 or vist hs website at : Tampa Bankruptcy Pro
Filed under Chapter 7 (Tampa) by on Jun 23rd, 2010. Comment.
Filing for bankruptcy is never easy but sometimes it is the only way. Creditors will call and try to collect your debt if you do not make timely payments. This can mean numerous calls several times per day from various companies all trying to collect a debt. Most people can probably agree that the numerous calls are stressful and aggravating.
By law, individuals who file bankruptcy are protected from harassing creditor calls. The Automatic Stay Law makes it illegal for creditors to continuously harass consumers once they have filed bankruptcy. The amount of debt does not matter because once you file your petition for bankruptcy your creditors cannot try and collect your debts.
Your creditor cannot contact you by phone, mail or through a representative once you have filed. Creditors cannot take actions such as enforcing a lien or pursuing legal action. It is important to know this law is upheld by the United States legal system and it is listed in Section 362 of the United States Bankruptcy Code.
Section 362 lays out the facts and informs consumers that are immediately protected from all forms of debt once they file bankruptcy. Consumers should know that the bankruptcy courts have up to ten days to tell creditors about bankruptcy filings.
Your protection status by law does not change but creditors are not always informed immediately after a consumer files. You should contact each creditor as soon as possible and let them know about your situation. For many people the automatic stay may give them a little more time to take care of pressing financial matters. For instance if you are facing foreclosure, the automatic stay will stop the proceedings even if just temporarily. Show your bankruptcy information to your creditors as soon as possible especially if your house has already been put on the market or has been sold.
The automatic stay law is very beneficial because it protects consumers from wage garnishments as well as harassing collection calls. If your creditor is suing you once you file bankruptcy the automatic stay law protects you from legal action. The automatic stay law does not protect consumers in all situations.
If you are involved in criminal proceedings or receive a criminal conviction you are not protected by the automatic stay. In certain cases the IRS has the right to contact a consumer regarding financial information as well as payment for a debt.
Tampa Bankruptcy Attorney, Darrin T. Mish is the founder of the Tampa Bay Bankruptcy Center,P.A. for almost twenty years, Mr. Mish has been a sealous advocate for debtors throughout the State of Florida. Call For a free consultation at (813) 200-4133 or vist hs website at : Tampa Bankruptcy Pro
Filed under Chapter 7 (Tampa) by on Jun 23rd, 2010. Comment.
Filing bankruptcy is never an easy decision but for many consumers it is their final option. When you do not make your payments on time creditors will call repeatedly and try to collect your debt. This can mean numerous calls several times per day from various companies all trying to collect a debt. The high call volume is stressful and aggravating.
According to law once you file bankruptcy your creditors cannot harass you with phone calls. The Automatic Stay Law makes it illegal for creditors to continuously harass consumers once they have filed bankruptcy. Regardless of the amount of debt you have once it becomes part of your bankruptcy your creditors must refrain from contacting you.
Your creditor cannot contact you by phone, mail or through a representative once you have filed. Creditors cannot take actions such as enforcing a lien or pursuing legal action. The United States legal system recognizes this law as true and valid and it is listed in Section 362 of the United States Bankruptcy Code.
Section 362 lays out the facts and informs consumers that are immediately protected from all forms of debt once they file bankruptcy. However, you should beware that the bankruptcy court has up to ten days to notify each creditor after you formally file your petition.
Your protection status by law does not change but creditors are not always informed immediately after a consumer files. As a good rule of thumb you should contact each of your creditors and inform them about your current situation. The automatic stay provides you with more time to handle pressing financial matters. If your home is in foreclosure the automatic stay will stop the proceedings. Show your bankruptcy information to your creditors as soon as possible especially if your house has already been put on the market or has been sold.
The automatic stay law protected you not only from harassing collection calls but also from wage garnishments. If you are being sued by your creditors for unpaid debts the automatic stay law protects you from legal action. It is important to note that the automatic stay cannot protect consumers involved in certain situations.
Criminal proceedings and convictions are not protected by this law. Certain types of IRS tax proceedings are not exempt and they have the right to try and collect information and any money they are owed.
Tampa Bankruptcy Attorney, Darrin T. Mish is the founder of the Tampa Bay Bankruptcy Center,P.A. for almost twenty years, Mr. Mish has been a sealous advocate for debtors throughout the State of Florida. Call For a free consultation at (813) 200-4133 or vist hs website at : Tampa Bankruptcy Pro
Filed under Chapter 7 (Tampa) by on Jun 23rd, 2010. Comment.
