Floridians have certainly faced their fair share of challenges in the recession. As one of the hardest hit states for foreclosure and local economic decline, many cities in Florida have been struggling to stay afloat. While tourism has kept cities out of the red, many residents have still found themselves in need of help with their growing debts.
Recovery Road
Recent data released from the federal government reports that bankruptcy filings in many areas of Florida decreased in the third quarter of 2012. Compared to the same month a year prior, South Florida jurisdictions saw a 19 percent decrease in the number of filings. Couple the decrease in filings with the reported decline in new foreclosure filings, it could be said that Florida could be headed to brighter financial days.
Part of the reason for the decline could be attributed to the foreclosure crisis itself, resulting in many families being forced into downsizing. Others have avoided foreclosure, but have had to take a hard look at spending habits and financial goals. While the filings may be on the decline Tampa bankruptcy attorneys know that despite economic improvement financial hardship can, and often does, strike at unwillingly. Luckily, the bankruptcy process continues to be a safety net to help Floridians get back on their feet and headed towards a strong financial future.