While 2021 may have been littered with an overabundance of bad news, there was one positive and surprising statistic. Total bankruptcy filings by consumers and businesses in 2021 topped out at 434,540 (SupremeCourt.gov). While this number may seem large, it actually represented a nearly 30% drop from the total amount of bankruptcy cases filed in 2020. To further put that statistic in to context, personal bankruptcy filings in 2020 were down approximately 25% compared to 2019. In other words, total bankruptcy filings in 2021 were roughly half of the number they were in 2019.
However, for many Florida residents, the looming threat of financial hardship and bankruptcy remains a constant cloud overhead. While the total number of bankruptcy filings was down significantly in 2021, the reduction is in large part attributable to the numerous government stimulus programs aimed at keeping Americans and Floridians afloat during the pandemic.
According to consumer bankruptcy attorney Emil Fleysher, of the Law Offices of Emil Fleysher, there were a number of forces that led Florida residents to postpone bankruptcy in 2021, many of which have since disappeared.
For example, a third round of stimulus checks, supplemental jobless benefits and monthly child tax credits all aided in shouldering the weight of financial distress faced by thousands of Florida residents. However, with 2021 now in the rearview, 2022’s outlook appears increasingly grim, with most of these programs ending, and the true economic reality begins to set in.
With inflation running rampant, and consumer debt rising by more than $61 billion in Q3 alone (Federal Reserve Bank of New York, 2021), consumers around the nation are quickly losing their grip on their financial security. This is likely to translate into a tidal wave of bankruptcies throughout 2022, and possibly beyond.
This quarter, The Law Office of Emil Fleysher discusses what the future may hold for many Florida residents, and how his firm can help them navigate the trepid financial waters of bankruptcy to see the light on the other side.
For Those Facing Bankruptcy, There’s Help
Specializing in consumer bankruptcy, debt settlement, mortgage modification, and foreclosure litigation, The Law Office of Emil Fleysher offers a holistic approach to solving mortgage and debt problems.
Since 2010, Emil Fleysher has helped thousands of individuals and families evaluate their financial circumstances, understand options for relief, and eliminate debt. With a passion for helping those in need, Fleysher has dedicated his career and law firm to empowering those experiencing financial hardship, helping them take back control of their finances and taking progressive steps together to rebuild their financial future.
Bankruptcy Isn’t a Financial Life Sentence for Florida Residents
Facing overwhelming amounts of debt can be debilitating and carries a heavy psychological burden. Many Floridians forced to consider bankruptcy initially approach the idea with a sense of despair, fearing that bankruptcy will leave a permanent or long-lasting blemish on their future. According to consumer debt attorney Emil Fleysher, bankruptcy shouldn’t be looked at as a failure or problem, but rather as a solution that can set the stage for financial rehabilitation and debt management. Bankruptcy was developed as a legal remedy to assist, not hurt, consumers. When leveraged and executed correctly, Fleysher contends that bankruptcy can have a significant positive impact on the lives of those filing.
But when left unaddressed, uncontrolled debts can result in:
- Wage garnishment that can make paying your current living expenses impossible
- Lawsuits that can make a difficult financial situation even worse
- Depression, anxiety, and family strife
- Repossession of personal assets, including homes and vehicles needed to get to work
- Harassment from collection agencies
The Benefits of Bankruptcy for Florida Residents
The benefits of filing for bankruptcy can include:
- Cutting down or even eliminating credit card and other unsecured debts
- Restructuring debts into set, predictable payments that are realistic and affordable
- Ending the persistent calls from unscrupulous creditors
- Delay or even prevent the repossession of real and personal property
- Remove the threat of wage garnishment or account freezing
About The Law Office of Emil Fleysher
Specializing in Chapter 7 and Chapter 13 bankruptcy, debt, and foreclosure law, The Law Offices of Emil Fleysher is committed to helping its clients break free from the chains of debt, and find a financial fresh start. Serving clients throughout Florida with offices in Broward, Palm Beach, Martin and St. Lucie counties, Fleysher and his firm take a holistic approach to solving debt and mortgage problems, offering a compassionate but aggressive approach to achieve positive outcomes.
Those interested in learning more about bankruptcy, their options, or in receiving a free consultation are encouraged to reach out via the firm’s official website or by calling 888-886-0020.
Company Name: The Law Office of Emil Fleysher
Contact Person: Emil Fleysher
Email: Send Email
Address:715 East Hillsboro Blvd., Suite 100
City: Deerfield Beach
Country: United States