Although the recession is waning, according to reports, many still struggle to stay above the poverty line. A new study took many by surprise, as it told of the true picture of the economic situation in the central Florida region. According to the new numbers, many residents in central Florida are barely above the poverty level and essentially on the verge of Chapter 7 bankruptcy.
The study revealed that 203,000 households in the tri-county region are technically on the edge of losing the roof over their heads or bankruptcy. The amount of people in this situation came as a surprise. This number was three times the number of households researchers believed to be in this position.
These numbers grew considerably during the years from 2007 to 2012. One reason the numbers rose is simply the rise in the cost of child care, housing, food and health care. The housing costs in the area and a deficit of skilled workers who can get better-paying jobs in the area are contributing factors according to one authority on the subject. One obstacle for families has been the need to work two jobs to provide the basics, and this fact creates a time constraint on those who would like to attend classes to obtain a better-paying job.
While there are certain economic factors that may make it difficult for a family to keep its head above water, there are solutions that may help those families obtain a fresh financial start. For those struggling in Florida, Chapter 7 bankruptcy may be the ideal solution. This option may alleviate debt and help a family get back on stable footing while that family may then seek opportunities in the area to better prepare if another financial crisis hits in the future.
Source: orlandosentinel.com, “Nearly half of Central Florida households on financial edge“, Kate Santich, Jan. 9, 2015