Floridas Middle Class Being Forced Into Bankruptcy

Floridas middle class used to live a secure and comfortable life. Florida had no income taxes, housing costs were low and the quality of life was great. In the past ten years things have changed for Floridas middle class and they are struggling to make ends meet. What is most shocking is that Floridas middle class makes between $40,000 to $120,000 dollars per year. While some people in America would say that Floridas middle class is well off....they are still being forced to file bankruptcy in record numbers.

(PRWEB) October 2, 2004 -- In the past, being Middle Class meant a comfortable secure life. Now many in the middle class are finding themselves swamped in debt and facing financial problems. Many of these middle class people are finding that bankruptcy is sometimes the only option.

Floridas middle class used to live a secure and comfortable life. Florida had no income taxes, housing costs were low and the quality of life was great. In the past ten years things have changed for Floridas middle class and they are struggling to make ends meet. What is most shocking is that Floridas middle class makes between $40,000 to $120,000 dollars per year. While some people in America would say that Floridas middle class is well off....they are still being forced to file bankruptcy in record numbers.

What is forcing Floridas seemingly well off middle class people into bankruptcy? These financial pressures can be attributed to three factors: 1) The Middle class are faced with triple the expenses that their parents faced to maintain their middle class lifestyle, 2) They often turn to high interest debt to provide for necessities of life, 3) This leads to little or no savings to weather potential emergencies or job loss.

All across Florida financial planners, accountants and debt counselors are telling Floridas middle class to file bankruptcy in record numbers.

Even more, they are being advised by financial planners, accountants, C.P.As and debt consultants that bankruptcy is the best option to solve their financial problems. Recently we spoke with some financial planners and they explained what they feel is contributing to the record number of Florida families filing bankruptcy:

1.     Housing expenses now take up more than a third of the middle classes take home salary;
2.     Cars now cost as much as homes did in the 1960s;
3.     The middle class is using high interest debt to pay for necessities such as child care and schooling;
4.     The middle class has little or no savings to cover unexpected expenses or job loss;

Finally, these financial planners say that life in general is three times more expensive than what are parents had to face.

If you feel that you are part of Floridas middle class drowning in debt and have to file bankruptcy here is information to consider:

1.     Bankruptcy no longer has the stigma that affected our parents generation. Often your friends and neighbors have been forced into bankruptcy also.

2.     If you feel a moral obligation to pay your debts a chapter 13 bankruptcy can often reduce the payments to a reasonable level.

3.     You should consult with an attorney who understands the Florida bankruptcy process and how it will affect you.

4.     You should ask the attorney to come up with a financial plan for rebuilding your credit after bankruptcy.

One of the most important things that your attorney can advise you is how to develop a budget and re-establish your credit. The last thing you want to happen is to file bankruptcy and fall right back into the debt trap.

To get more information on how to file bankruptcy go to http://www.helpwithlaw.com/
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