Followers of our Florida blog posts are well aware of the fact that our state has been one of the hardest hit by home foreclosures as well as bankruptcies. People have lost their jobs as well as their homes. Although bankruptcy gives people a financial fresh start, it would not be the first choice of financial options for most people.
Recently a bit of good as well as bad news was reported about the state of bankruptcies in Florida. Apparently there was a significant uptick in new bankruptcy filings in October. The new filings were up 19 percent compared to one month ago. However, the new filings are still down six percent in comparison to one year ago. This is good news and bad news both.
More specifically, our large counties look like this:
- Broward had 766 bankruptcies filed in October compared to 616 in September.
- Palm Beach County had 423 bankruptcies filed compared to 323 in September.
- Miami-Dade County had 1,298 bankruptcies filed in October compared to 1,155 in September.
Financial sources speculate that the increase in bankruptcy filings had more to do with the lull in September than an increase in October. Once the children were back in school, the reasoning goes, the parents could devote the time necessary to explore bankruptcy as an option, and file for Chapter 7 or Chapter 13 bankruptcy if needed.
The future is looking just a tiny bit brighter as well. As the economy slowly improves, some people are attempting to renegotiate their mortgages and stay in their homes. It also helps if real estate values are increasing slightly.
Bankruptcy is not right for everyone, but it is absolutely right for some people. Anyone who is considering bankruptcy would be well-advised to consult with a legal professional with experience in that area of law.
Source: Sun Sentinel, “More South Floridians file for bankruptcy,” Donna Gehrke-White, Nov. 1, 2012
- Our Florida law firm helps people who are in foreclosure as well as those with overwhelming credit card debt. We help people get a fresh start with either a Chapter 7 or Chapter 13 bankruptcy.