Los Angeles (Vocus) July 1, 2010
As BP continues the task of capping its oil leak in the Gulf, who will help relieve people of the growing debt in the Gulf States? There are thousands of Americans who find themselves out of work and deeper in debt.
Economists claim that Florida currently faces a negative outlook. The state could see its credit rating lowered, as it has the longest coastline to be potentially affected by BP’s gushing well. The state has already received $25 million to assist recovery efforts, and an additional $25 million for tourism, but will this prevent debt piling up in the region. Unfortunately many will suffer due to the reduced tourism and threats to the beaches, estuaries and coastal commerce.
For Mississippi, rated AA the outlook is good for the agriculture, forestry and fishing industries as they account for about 2.5 percent of the gross state product. While in Louisiana, rated one step lower at AA-, fishing and tourism amount to a large percentage of the economy, according to a recent report from S & P.
This year alone debt settlement figures relating to the Gulf States have been high. Attorneys using Morgan Drexen’s integrated legal software has helped residents in Louisiana settle over $800,000 in debt, Mississippi $728,000, Alabama $745,000 and Florida $306,000. These figures are courtesy of Morgan Drexen, Inc.
Nevertheless, Morgan Drexen’s president, Steph Nagin, is concerned that personal debt for many families will dramatically increase.
Nagin, a Miami resident who was recently renamed a Florida Super Lawyer an accolade he has enjoyed for many consecutive years, says; “BP is attempting to cap the well and clean up the oil but who will help those families in debt, who may be hounded by many unscrupulous debt settlement companies? Floridians and residents of the Gulf States have alternatives and using an attorney-based platform has brought great success. Many of the debts settled this year by the attorneys supported by Morgan Drexen have been settled on average at 38% of the balance.”
Morgan Drexen provides legal software solutions to support attorneys in Florida who represent near-bankrupt consumers suffering severe financial difficulty.