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Reduction in personal bankruptcy claims in Florida

Florida is another state citing lower personal bankruptcy cases since the new tougher laws have been enacted, down 75% from pre-law filings.  Some of this drop can be attributed to the large number of filings that took place just before the new law went into effect last October, with a record 1.78 million cases last year.  Still, the new numbers are striking.

And look at the kind of filings. Pre October, 2005, Chapter 7 filings that erased debt beat out Chapter 13 (with repayment plans) six to one. Now Chapter 13 filings top Chapter 7’s and you need to make less than your state’s median income before you qualify.


The idea is that you need to pay at least some of your debt off if you possibly can. People are filing mostly to avoid home foreclosures or auto repossessions. Some may think there is no option now if you are facing huge debt, but there is still a court option to get help in time of need.

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