14 Oct Are More Individual Bankruptcies On The Way ?
Bankruptcy filings are on the rise in Southwest Florida. The Bankruptcy Statistics speaks for themselves, but the real story is told by the Bankruptcy Attorneys. If you try to schedule a free consultation with a Bankruptcy Attorney in Southwest Florida, you may have to wait a couple of days to get in. Why?
There are so many people across the nation who are beginning to see the handwriting on the wall. They now realize that our Government is not going to be able to bail us out of this financial meltdown. The national financial crisis has been unfolding for quite some time in Southwest Florida.
The problem will be worse in the weeks, months and years ahead. As I see it, the credit crisis is going to get worse as more and more banks fear lending money. There are many businesses that need credit to survive. If these businesses are not able to tap into their existing credit lines or establish new lines of credit, our world as we know it will never be the same. Many businesses will fail and/or file for bankruptcy protection.
However, today (unlike the good old days) when businesses (like the airlines or retailers) file for bankruptcy protection, they may not be able to reorganize by establishing a new line of credit. Rather than emerging from bankruptcy court protection leaner and meaner, they are going to have to be liquidated under Chapter 7.
In Southwest Florida, we are starting to see things that we never saw before. Buildings which used to house restaurants like Bennigans, Dwyers and Steak and Ale are now sitting vacant looking for buyers. Likewise, many bank buildings are sitting vacant looking for tenants.
There are tough times ahead for individuals. It will be a long time before any of the bailout and this infusion of cash that the President is going to unveil today will ever see hip pocket national bank. Even though the Fed, Ben Bernanke, the House of Representatives and the Senate have been working diligently along with Treasury Secretary Henry Paulson, there is still quite a bit more to do, and more importantly, more bad news to pass along to the American people.
Latest posts by Carmen Dellutri, Esq. (see all)
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