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It seems like the people of South Florida might be starting to see an economic upswing if you take the current number of new bankruptcy filings into account. The number of people who have filed for protection in the southern part of the state has dropped. While this may seem like great news for the economy, there are still some Florida residents who are struggling financially and will have to seek bankruptcy protection to get a fresh financial start.

One of the reasons for the reduction in bankruptcy filings is the improving housing market. As home values go up, some homeowners find that they can refinance their mortgage to get some financial relief. Many bankruptcy filings are caused by foreclosure, but more lenders are working with homeowners to modify loans.

Another reason for the one-third drop in bankruptcy filings in the U.S. Bankruptcy Court Southern District of Florida, since the height of bankruptcy filing with the economic crash, might be the Orlando program being used. In this program, creditors and debtors go through mediation to try to settle debts. This sometimes leads to mortgage modifications, reduced interest rates, short sale approvals, or lowered principle mortgage debt reductions.

If you are still facing financial challenges and are having trouble paying your mortgage and other bills, filing for bankruptcy protection might give you the break you need to get back on track. Whether you need to file for Chapter 13 bankruptcy protection or Chapter 7 protection, getting the help of an experienced Florida bankruptcy professional can help you understand the process you will go through, your rights and your responsibilities.

Source: Sun Sentinel, “New bankruptcy cases fall in South Florida” Donna Gehrke-White, Jan. 22, 2014