While most residents of Tallahassee either have and use or at least are familiar with how credit cards work, some might not know about federal laws which are designed to protect Floridians and people throughout the country unfair or unscrupulous practice at the hands of credit card companies.
The latest reports available suggest that, while the vast majority of people in the Tallahassee area and around the country continue to amass or at least owe different types of consumer debt, a surprising number of them, more than 1 out of 4, have no real plan as to how they will pay off their debts.
A previous post on this blog discussed the important role different types of fiduciary relationships play in the world of business. The post also talked how fiduciaries, like business partners and corporate board members, have a duty to act in the best interest of certain other people, like one's other partners or corporate shareholders.
Many Tallahassee residents get driven to exploring bankruptcy as an option for their financial woes because they have gotten behind in their house payments and are facing a foreclosure action in the near future. Not wanting to lose their home, these struggling families may see bankruptcy as the way to save it.
When Tallahassee residents think of filing for bankruptcy, they most likely are thinking of what the law dubs a "Chapter 7" bankruptcy. In other words, the financially struggling family might think of a process in which they go before the bankruptcy court, sell whatever property they have which is not exempt from the bankruptcy if they have any such property, and then get an order relieving them from their debts.