Miami Lawyer Blog

Super Lawyer Magazine named Miami Attorney Aaron Resnick one of its 2011 Rising Stars.

Super Lawyers is a listing of outstanding lawyers from more than 70 practice areas who have attained a high degree of peer recognition and professional achievement. The magazine names exceptional attorneys annually in all 50 states and Washington, D.C. Super Lawyers uses a rigorous selection process that begins with peer nomination. Once attorneys are nominated they are then evaluated on 12 indicators of peer recognition and professional achievement through a third-party researcher.

The 'Super Lawyers' and 'Rising Stars' lists will appear in Florida Super Lawyers magazine which will be mailed to attorneys in Florida and the ABA-accredited law school libraries. The Florida Super Lawyers supplement will appear in The Wall Street Journal (Florida distribution) on Thursday, June 16, 2011. 'Super Lawyers' and 'Rising Stars' also appear on the Web at superlawyers.com.

Mr. Resnick's law practice concentrates on business and commercial matters, real estate law and litigation and sports and entertainment law. He has successfully represented a number of clients in commercial foreclosure matters and has a company that specializes in working with lenders on distressed assets.

His current practice also includes the personal representation of a number of current and former professional athletes in the National Football League, the National Basketball League and Major League Baseball, as well as members of the arts, fashion and entertainment world.

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Filing bankruptcy in Miami is a difficult process, and one of the scariest financial situations anyone will face. First, you need to find a Miami bankruptcy lawyer, next you will have to fill out 50 or more pages of paperwork, attending required credit counseling all while about losing property and dealing with the invasion of your financial privacy. But what happens after your bankruptcy is finalized and how do you move on with your life? You should have two main goals after bankruptcy. Rebuild your credit and rebuild your financial life to avoid being in a situation where you need to file bankruptcy again.

Saving money for rough times is difficult for most people. Your goal should be to have six months to a year worth of bill money saved. That is hard to do, and it is okay to start small. Do not get discouraged because you cannot afford to save much each week or get overwhelmed because you do not know where to start. Stop and take an honest look at your finances and determine out how much you can put away each week or each from each paycheck. Many banks will set up an automatic transfer from your checking to your savings account each month. You can set this up to happen after each check goes through, and before you spend it. Make a savings plan and stick with it! Do not stress if you can only save a few dollars each week, it will add up quicker than you think. Just do not tap into your savings unless you absolutely must.

Rebuilding your credit is an important step to rebuilding your life. And it is not as difficult as you might think. Most lenders will not want to lend you money right away, but keep in mind that you have gotten rid of debt, which opens up your income to make other payments. And you will be charged high interest rates at first because you are considered high risk. To rebuild your credit, you should apply for a small credit card and make sure you pay on time. Consider financing small purchases through stores like furniture or small appliances. To rebuild your credit as quickly as possible, make sure you make your payments on time!

Changing your financial life is not going to be easy. After you file, your bankruptcy and foreclosure attorney in Miami should have made sure you attended credit counseling which will help you make better financial decisions. While you probably cut back your spending already and started paying more attention to your finances, counseling can help you make better decisions. You might also consider after bankruptcy credit counseling. You need to safe guard you life against the issues that forced you into bankruptcy in the first place. Do you have insurance to protect your family from medical bills? Have you saved up for emergencies that could set you back? Make sure you do not end up in the same situation again.

Obviously the easiest way to stay of foreclosure is to make mortgage payments on time. In today's faltering economy, this is not possible for everyone. If you are struggling to make your house payment each month or are already a month or two behind, you might be worried your bank will foreclose on you. With foreclosure rates so high across the nation, this is a valid fear. However, you have more power to negotiate with your lender than you probably think. High foreclosure rates means there are a lot of homes on the market, and banks are having trouble selling them. You have a few tools to keep yourself out of foreclosure.

First, make sure you contact a Miami foreclosure attorney to help you. They are experienced in dealing with banks. While you may want to keep your home, you really must be realistic. If you are out of work or making way less money than when you purchased the home then keeping your home might not be in your best interests. A foreclosure attorney can sit with you and figure out your financial situation. If keeping your home is a realistic option for you, you still have several tools to work with.

Short sales in Miami occur you will ask your bank for permission to sell your property for less than the mortgage balance. Why would they let you do that? They will let you do that when the loss through short sale is less than the loss through pursing a foreclosure. If your bank agrees, you sell the house to the buyer with the best offer. If you do not foresee being able to afford payments anytime soon, this may be a good option to avoid foreclosure. You get to get out of a mortgage while avoiding a foreclosure on your credit, the bank avoids losing more money and the buyer gets a great deal on a home. Your bank does have to agree to a short sale, so you will need to hire a lawyer and contact your mortgage company to apply for a short sale.

Loan modification in Miami is another tool to avoid foreclosure. This way will allow you to keep your home and save money at the same time. A loan modification occurs when you notify your mortgage company that you having trouble making payments. The best way to convince them of this is to miss a few payments, unfortunately. A loan modification can be lower interest rates, a grace period where you can miss a few payments without penalty or a longer payment period. Again, your bank must agree to a loan modification.

If you are one of the lucky ones, the economy has yet to have you consider the prospect of Chapter 13 bankruptcy in Miami. If you have considered a chapter 13 bankruptcy in Miami, you are not much different than anyone else in Miami. Many of us have considered the idea of bankruptcy, particularly when you have so much debt that you feel as though you are drowning in it.

A chapter 13 bankruptcy in Miami involves the restructuring of your debt. This type of bankruptcy may allow you to keep your home and much of your assets as a chapter 13 bankruptcy will help you reorganize your debt into payments that are more affordable. The only problem with this type of bankruptcy is that your spending and finances will be thoroughly scrutinized by the court appointed liaison until you have finished repaying your debt.

When considering a chapter 13 bankruptcy in Miami, you may want to take a step back, decide if there is a way to liquidate some of your assets to repay your debt first as this will be more preferable to your credit report. Regardless, you should seek the advice of a chapter 13 bankruptcy attorney in Miami, long before you actually file for a chapter 13 bankruptcy.

A chapter 13 bankruptcy lawyer can advise you on any options you may have in order to avoid filing for bankruptcy and if you cannot avoid the bankruptcy, your Miami attorney can then help you prepare, file and follow through with your chapter 13 bankruptcy. Utilizing a chapter 13 bankruptcy attorney can assure that you are making the best possible decisions for your personal and financial future.

Do you own or operate a small or large business in Miami? Is so, you may have noticed a rash of businesses filing for a chapter 11 bankruptcy in Miami. Why? Probably because the economy is not at its best at the moment, unemployment is up, interest rates are up and people are just not spending the same amount of money they used too. Filing for a bankruptcy sounds like a scary prospect, but in truth, a chapter 11 bankruptcy is not as scary as it sounds.

A chapter 11 bankruptcy in Miami is filed when a business, small or large, reaches a point when the income to debt ratio is off balance. Paying your monthly bills becomes a chore and you as a business owner decided that there is no other alternative.

Chapter 11 is a lot like filing a Chapter 13 bankruptcy in Miami. While a chapter 13 bankruptcy in Miami is for an individual person or family, chapter 11 is for businesses. It is a restructuring bankruptcy. It is the type of bankruptcy that will not eliminate your debt, but restructure business, your debt and your monthly bills so that the monthly payments are more affordable and at the same time allow you to keep your business open and running. Once you pay off the debt, you will be free and clear of debts. The only downside of this type of bankruptcy is that you will have someone oversee your expenses and you will basically be under a microscope with your business accounts to assure that you are able to pay your monthly payments.

There may be alternatives to filing a chapter 11 bankruptcy in Miami. You should talk to a chapter 11 bankruptcy attorney in Miami about your options BEFORE you file bankruptcy. A chapter 11 Bankruptcy lawyer can help you file bankruptcy, give you support and defense when needed during your bankruptcy and explain the ramifications of filing a chapter 11 bankruptcy in Miami. With a phone call you can obtain a free initial consultation to discuss your chapter 11 bankruptcy options.

Filing bankruptcy is never a pleasurable experience. Bankruptcy can be a difficult legal cavern to navigate and unless you know the law, you may make the wrong decisions that will affect the rest of your life. Chapter 7 bankruptcy is one of the most filed bankruptcies in Miami. Chapter 7 allows for the liquidation of your assets to repay all outstanding debts you may have. Here is a few tips when considering a Chapter 7 bankruptcy in Miami.

• Always seek the counsel of a chapter 7 bankruptcy attorney in Miami before initiating a bankruptcy filing. They may be able to find other alternatives to filing bankruptcy in Miami.

• Evaluate your assets. If you can pay off your outstanding debts by liquidating your assets yourself, you should! This will help you avoid a stain on your credit report that can last for MANY years.

• Chapter 7 bankruptcy in Miami should only be considered when you retain very little in the way of assets. Chapter 7 bankruptcy in Miami is usually only used by those whom have outstanding medical bills or the like. Chapter 7 bankruptcy will liquidate all of your assets to repay your creditors, so if you only have a thousand dollars in assets you may be forgiven a massive amount of debt for a small amount of money.

Speaking with a chapter 7 bankruptcy lawyer in Miami will help you decide if a chapter 7 bankruptcy is right for you. You may need to file another type of bankruptcy, especially if you are trying to keep your home and your vehicle. A chapter 13 bankruptcy may be more preferable. A chapter 7 bankruptcy attorney will guide you through the entire process of filing for bankruptcy and explain the affects that a chapter 7 bankruptcy will have on your credit.

The largest portion of the current southern Florida housing market continues to be distressed sales. Sales of homes under duress, such as short sales or foreclosures have long been blamed for low housing prices. With so few buyers on the market, it is difficult for homeowners to compete with the discounted prices offered by banks trying to off load seized properties or homeowners selling their home blow value in a short sale. This makes it nearly impossible to sell new homes at a profit, or for homeowners to sell their current properties without losing considerable money. While the number of houses sold are slowly started to rise, prices do not. The average coastal area home in Miami Dade area is down nearly 15 percent. Local real estate brokers insist focusing on the area as a whole does not give an accurate picture. By removing Broward county and lower income areas, which continue to suffer from high foreclosure rates, real estate experts say that the overall housing market in southern Florida is much healthier than it appears. In coastal areas such as Key Biscayne, housing prices are going up, not by much but they are recovering. Experts are hoping that localized recovery is a indication that the market in Miami is recovering, even if it is just a bit.

Other experts suggest looking at such localized numbers is a bad idea and could give the false sense of recovery to an area that is still in very bad shape. These real estate experts insist that the over all housing market is very intertwined and ignoring distressed sales close by is a huge mistake. These critics suggest that real estate agents are choosing to look at very limited data in an effort to create a false sense of security in buyers and pad their own bottom line.

Distressed sales, which include homes sold at discounted prices such as foreclosures and short sales, are still on the rise in southern Florida. They increased a full ten percent from 55 percent last to nearly 65 percent this year. Most experts believe that until distressed sales are under ten percent, the housing market will not be able to completely recover.

As real estate experts continue to argue over when and how the housing market will recover, most Americans are more worried about making their monthly mortgage payments and keep a roof over their heads. If you are experiencing difficulties making your payments each month, you need to contact a Miami foreclosure lawyer as soon as possible. Hiring Miami foreclosure lawyer does not necessarily mean you will lose your home, in fact there are several other options you need to consider before foreclosure. A Miami foreclosure lawyer can help you figure out if you are eligible for options such as refinancing, loan modification, short sale or deed-in-lieu. Before giving up on your dream home, contact a Miami foreclosure lawyer.

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A report focusing on Miami-Dade coastal cities found that sale prices of non-distressed properties were flat from a year ago. By TOLUSE OLORUNNIPA, May 4th 2011

Many things will affect your credit score, but several things will affect the score more so than others. A foreclosure in Miami will affect your credit score far more adversely compared to an unpaid medical bill. When facing a possible foreclosure, you should attempt to seek other methods of ridding yourself of the financial responsibility before you get to the point of a foreclosure in Miami. There are several things that you can do as an alternative to foreclosure.

One of the most popular methods to utilize as an alternative to foreclosure is a short sale. A short sale is when you sell your home for less than the market value of the home and you can either have the remainder forgiven by your lender or establish a method of repayment. Short sales are preferable to the lender when it makes financial sense as it saves them their reputation because they did not have to foreclose and time. However, if you owe a considerable amount more than what the home can be sold for, it is highly unlikely that you will get any lender to agree to a short sale.

Short sales have to be negotiated with your lender. Negotiations are full of legal jargon that can be complicated for the average person which is why it is incredibly beneficial to seek the help of a short sale lawyer in Miami to assist you in this matter. A short sale attorney can assure that negotiations are done with the best possible results. Not to mention, it is harder to tell a lawyer "no" than a homeowner.

Your short sale attorney in Miami can oversee everything from negotiations to finalization of a short sale. Talking to a short sale attorney in Miami before you attempt a short sale will yield valuable advice. Your short sale attorney in Miami can also explain the ramifications of a short sale when it comes to your credit score. Your credit score will be affected by a short sale, but not nearly as badly as a foreclosure in Miami or a bankruptcy in Miami.

With the recent desperation to avoid foreclosure in Miami, it is no wonder that loan modification scams in Miami are becoming more popular than ever. In desperate times, a homeowner may be tempted by offers that are too good to be true; this is unfortunate as it usually ends with the resident losing his or her home. Here are a few tips you can use to avoid a loan modification scam in Miami.

How to Avoid Loan Modification Scams:

1. If it sounds too good to be true, it probably is. This is a timeless piece of advice that is ignored when someone becomes desperate. There is not a firm on earth that can promise or "guarantee" a loan modification, particularly when it comes to a reduction in principal.

2. If a firm or broker asks for money in advance, this is a huge tell that they are scammers. It is all but illegal for a firm to ask for money in advance when it comes to loan modifications in Miami.

3. If a firm of broker says that it is "attorney overseen", you should ask to speak to the attorney. If they do not give you the information needed to speak with the attorney, it is a scam.

4. If a firm or broker cannot provide testimonials from previous clients whom have successfully received a modification in Miami (while this is not always the case), it may be a scam.

5. Research. When you see an ad for a mortgage modification in Miami, before you call them up, do a quick internet search on the company. This is always a good way to figure out if they are scammers or not. (Again, this is not always the case).

The best thing you can do when it comes to avoiding Mortgage modifications in Miami is to hire an attorney from the get-go. If you are unsure about the process, you can obtain a free loan modification consultation in Miami. A loan modification attorney in Miami can explain the process and the types of loan modifications that will be available to you. A loan modification lawyer in Miami will also be able to assist you throughout the entire process and give you a little extra peace of mind, because avoiding a mortgage modification scam in Miami can be a scary situation.

The rate of bankruptcy filings are falling for South Floridians, but what does that really mean for Miami residents? While the number of bankruptcies being filed each month might be down in Miami, it does not mean that many Miami residents are not still struggling. As hundreds of local residents still struggle to make their mortgage payments each month and credit card and medical bills pile up in mail boxes, bankruptcy is still a very real issue for many people. So how are bankruptcy filings slowing down while Miami residents are still struggling to pay their bills and feed their families on a daily basis? Unfortunately, many residents are still having problems making ends meet, even as the nation begins its slow recovery from the recession. If you and your family are having issues paying your day to day to bills, contact a Miami bankruptcy lawyer who can help you consider you options.

Miami and south Florida residents filed a total of 2,008 personal bankruptcy petitions in March, which is actually down over 300 listings from February, according recent information that was released from the United States Bankruptcy Court in Miami. Compare those recent numbers with the rates of just a year ago, and it turns out that consumer bankruptcies have fallen a total of 32 percent from March of 2010 with a total of 2,969 bankruptcies filed. In Broward county, which is very close to Miami, a total of 680 personal bankruptcies were filed in March of 2010, compared with a total of 799 in February of the last year. Palm Beach county reported a total of just 349 bankruptcy petitions filed, and that number is down from a little over 400 in February of just last year. Miami Dade county as a whole reported almost 1000 residents who filed for bankruptcy, which is less than the nearly 1,200 just a month ago. That means that over all, Miami bankruptcy filings are falling. What does that mean for local residents?

Filing for bankruptcy is a very difficult decision for any person to make. It means a lower credit score, difficulty borrowing money and possibly trouble getting a new job. Bankruptcy is not a simple process to fix a problem of over spending. If you are financially over extended due to medical bills you feel you can never afford to pay, or under water on a mortgage or have other bills you do not feel you can ever pay off, you should contact a Miami bankruptcy attorney to set up a consultation.

Local Miami bankruptcy lawyers insist the flow of foreclosure petitions in southern Florida has slowed as home foreclosures have stalled in Florida courts due to paper work issues. However, if you are at risk of bankruptcy in south Florida, there are actually many different options available to you. A Miami bankruptcy attorney can help you determine what you options might be. Politics and finances still control many of the issues surrounding bankruptcy and foreclosure.

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March bankruptcies fall 32 percent from last year, by Marcia Heroux Pounds, Sun Sentinel, April 13, 2011

If your company is having issues with financial problems or has been accused of employment discrimination you should not try to face these accusations alone. A single accusation of financial misdeeds or employment issues can sink a small company and cause severe financial distress for even a large company. Contact a commercial litigation lawyer in Miami if your company is facing legal issues. You should be focusing on the day to day needs of your business, not fighting in court. A commercial litigation lawyer in Miami knows Florida laws and can protect your interests. Consider this recent case regarding Border's attempts to restructure.

A bankruptcy judge stated that book seller Borders must make changes its mulit-million dollar bonus plan which is meant to keep high ranking executives as the firm tries to reorganize itself. However, the court hearing ended without reaching any set agreement. This could mean big trouble for Borders

Border's plan was recently changed so top executives would receive bonuses based only based upon how much money they manage to recover to pay off debts, either through restructuring on the sale of the company. The creditors, who are mostly book publishers, supported the new plan after opposing the original plan. The companies Borders is in debt to has agreed to the proposed plan under the condition that no executives get paid unless Borders manages to recover enough cash for creditors. If Borders cannot afford to pay off some of its debts, no managers or executives will get their bonuses.

The courts insists setting the bonuses was a premature move because Borders has only been in Chapter 11 bankruptcy for a couple of months and has yet to show how they will be able to repay their creditors. The bookseller has plans to meet with a trustee to in order to demonstrate how the new plan is in the best interest of everyone involved. Borders sought to pay over six million dollars to 15 different executives, and over one million dollars to 25 director managers who Border's insists are critical to the company's ability to move on from Chapter 11 bankruptcy and profit in the future. This revised plan will create a sliding scale of bonuses for the executives based upon how much money they are able to pay their debtors and provides none if the company is liquidated. The bonus plan must be figured out quickly because retail companies, in particular, must move quickly to restructure them selves and pay off their debts in order to avoid liquidation.

It would be very difficult to replace high ranking officials in charge of day-to-day operations in the middle of the reorganization process, Border's officials say. As Border's is fighting to stay in business and pay its employees at a fair rate, it is their commercial litigation lawyers who are doing the fighting. You know how to run your business, and a Commercial litigation lawyer in Miami knows how to keep you there. Do not face your legal issues alone, a Miami commercial litigation lawyer can help you.

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Borders must revamp bonuses, by Detroit News Staff and Wire, Aprl 15th 2011

If you are struggling to make your mortgage payment in Miami Dade county, contact a Miami foreclosure lawyer to help you decide what your options are. Selling prices are down in Miami, making it more difficult to simply sell a home you cannot afford and move on. A Miami foreclosure lawyer know the laws in Florida and can help you reach the best solution to your problem.

Home sellers in Miami are being forced to slash their asking prices in order to entice buyers, according to a report released by a respected real estate research firm. In their survey of the largest cities in the nation, the city of Miami ranked second in the size of the average home discount, with sellers dropping their prices by more than ten percent in the last year. A local Miami-based Realtor, said sellers are being forced to face the fact that foreclosures and short sales have dropped housing prices across the region, which has the result wiping any equity that might have survived the housing crash. If homeowners want to sell their homes, they will have no choice but to slash prices. Distressed sales, which refers to homes sold other than through normal practices such as foreclosures and short sales are the particularly popular among Miami buyers, accounting for more than half of all sales this year. The research firm also says there is nearly a 40 percent chance that a person trying to sell a Miami home will be forced to drop their price several times in order to sell.

Sellers who are trying to unload their homes quickly need to cut prices quickly, and often several times, in order to make quick sales. Not cutting prices enough can mean too low offers from buyers. Unfortunately, not slashing prices can result in owners risking losing their homes because they cannot make their mortgage payments. Also, sellers in Miami have remained reluctant to lower their asking prices, usually in an effort to avoid owing the bank money after making the sale because the sold the house for less than they owed. And, banks are still resistant to forgive the remaining mortgage.

The median-price for a single family home was $147,900 in Miami-Dade County this past February,which is down over 20 percent from the previous year, according to the Miami Association of Realtors. As prices continue to drop, local home owners will have no choice but to lower prices or stay off the market for a few more years. Most Miami home sellers are leaving their property on the market for a little more than three months before giving in and cutting the price. This number puts Miami at ninth in the nation's top metropolitan areas.

If you fear you are at risk of being forced into foreclosure, do not think that you have no other options. Contact a Miami foreclosure lawyer who can help you figure out your options. Foreclosure can be avoided through short sales, deed in lieu and sometimes bankruptcy. Only a Miami foreclosure lawyer is qualified to explain your options.

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In era of foreclosure sales, sellers still slashing prices, , by Toluse Olorunnipa

Florida leads the nation in its number of foreclosed homes, accounting for 25% of the Nations foreclosed homes. Many of Florida's major metropolitan areas like Miami are being adversely affected by the increasing numbers of foreclosures and subsequent bankruptcies. Florida's overall foreclosure filing rate for January 2011 was one notice for every 409 homes. The Miami-Dade county Clerk of Courts indicates that there were 1,000 foreclosure filings for January 2011. According to RealtyTrac the number of foreclosures filings for January 2011 in the Miami area was 1 for every 460 homes. This is less than Florida's overall average of 1 foreclosure filing for every 409 homes. Miami Foreclosures are experiencing a sharp decrease from 2010 which had a total filing rate of 34,400 foreclosures and during January of 2010 there were 4,128 Miami foreclosure filings. The number of foreclosures seems to be on the decline for this area.

The overall number of Miami foreclosures is having an impact on the city itself. An abundance of foreclosures leads to unpaid or in the case of banks experiencing the homestead exemption benefits under paid property taxes. All of the Miami foreclosures leave many houses vacant and in a state of general disrepair. Houses under foreclosure do not even get the yards mowed or watered regularly, leaving many once pristine neighborhoods, looking quite shabby and run down. The Miami Herald reported on January 9, 2011 that the foreclosure process in Florida takes 2 years to complete. This means a huge back log for the Federal Bankruptcy Court systems. There are many Foreclosure Attorneys in the area that are available.

While there is a sharp decline in the number of new foreclosure fillings there is a sharp increase in the new filings for bankruptcy in the Southern District of Florida's US Bankruptcy Court which Miami is a assigned to. There were 2,377 new bankruptcy filings for January 2010 in the Southern District while January of 2011 saw 2,758 new bankruptcy filings. Even thought there are almost 75% less foreclosure notices being filed the numbers of bankruptcies is on the rise for the Miami area.

All bankruptcies are handled at the Federal level, not the state level. There are several types of Bankruptcies that an individual or married couple may file for. An individual or couple may file for bankruptcy under Chapter 7 or Chapter 13. Chapter 7 Bankruptcy requires the liquidation of assets (there are some exemptions) to repay your debts. Chapter 13 requires the filing of a repayment plan for all or some of your debts. Under chapter 13 there is no liquidation of your assets. The bankruptcy and foreclosure processes are both very complex to navigate through. An experienced Miami Attorney that specializes in either foreclosure or bankruptcy may prove to be invaluable. The cost for services can vary from Attorney to Attorney and law firm to law firm.

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Clerk of Courts, Miami Dade County Florida

Foreclosure crisis hits home for all, Sunday January 9th 2011

Miami Florida is known for its extravagant lifestyles and its beautiful coastlines. The majority of people do not consider the fact that Miami is also considering filing for bankruptcy and that its residents are also filing bankruptcy with statics that may not be very accurate. While we now know that the city itself is in severe financial trouble and considering filing for bankruptcy, but the statistics on residential bankruptcy may not be accurate.

Most experts in the Miami city believe that the latest bankruptcy statistics are not represented correctly because many residents cannot afford the court costs, and that as soon as taxes are filed, the statistics will reflect a much higher number because they will be able to afford the court costs associated with filing bankruptcy.

Filings for bankruptcy are down since January, but much higher than they were a year ago. It is thought by lawyers and city officials that the statistics are not exactly accurate. They believe that the reason for the drop is the economy. Many residents are waiting for their tax money to arrive so that they may continue the filing process. The average salary for most residents is only around $29,000, which can account for the need to wait to file for bankruptcy.

This could mean that over the course of the next couple of months, we will see a massive amount of bankruptcy filings in Miami as tax returns make their way into the resident's bank accounts. So the statistics for bankruptcy will again be much higher than they were a year ago.

It is not just the residents that are filing for bankruptcy, but the city is also considering filing for bankruptcy. They may be able to avoid this measure if they can do one of a couple of things. They could renegotiate union contracts or lay off city employees. If the city cannot make one of those two things happen, and happen soon, Miami will find itself filing for bankruptcy.

The economy is shown in its most blatant form here in Miami. The amount of residents filing for bankruptcy is much higher than previous years and the city of Miami itself is also a victim in these hard economical times. Residents are also seeking help from local bankruptcy attorneys to ensure that they are filing properly. Miami bankruptcy lawyers are being utilized now more than ever because of the fear of accidentally committing bankruptcy fraud. Check back soon to find out more about Bankruptcy fraud.

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February bankruptcies down 5% from January, March 01, 2011|By Marcia Heroux Pounds, Sun Sentinel