It's no secret that recent years have been financially tough on people all across South Florida. Many people have had to make difficult decisions about how to spend and save their money. One local developer and his family recently felt the pinch when he filed for Chapter 11 bankruptcy protection.

The developer, a shareholder in a real estate ownership company, found himself deep in debt. According to the bankruptcy petition, he and his wife listed debts worth $47 million. Their assets totaled $1.8 million.

According to the bankruptcy petition, most of the couple's debts were tied up in loan guarantees. The most substantial claim in the filing is an unliquidated claim of $22 million with Regions Financial Corp. A $6.9 million Credit Suisse First Boston Mortgage claim was also listed. It was related to the real estate ownership company that the developer owns shares of.

As this man's story shows, even though we have seen fewer bankruptcy filings across South Florida in recent months, there are still people who are turning to bankruptcy for help. When debt becomes too much to handle, as it did for this family, bankruptcy is a viable option.

Filing for bankruptcy has numerous benefits. Not only does it immediately put a halt to creditor harassment, it can also stop a foreclosure in its tracks. Depending on what type of bankruptcy is filed, certain debts may be liquidated, and consumers may have the opportunity to create a payment plan with creditors. Speaking to an experienced attorney may be helpful for those who are considering bankruptcy.

Source: South Florida Business Journal, "Boca Raton developer Frederic Newman files Chapter 11," Paul Brinkmann, Jan. 12, 2012