Home  News Local News Bankruptcies rising in South Florida
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Bankruptcies rising in South Florida |
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Sunday, 12 October 2008 |
After a lull for approximately two years, following changes in the bankruptcy laws in 2005, South Floridians have stepped up their filing of bankruptcies, according to a Miami Herald report.
Nearly 13,500 personal bankruptcy filings were recorded in the first nine months of this year in the U.S. Bankruptcy Court for the Southern District of Florida, which reflects an increase of 75 percent from an estimated 7,700 cases filed during the similar period in 2007. In comparison to the sharp increase in South Florida, consumer bankruptcy filings nationally increased by only 32 percent.
The sharp increase in personal bankruptcies, mainly Chapter 7 in South Florida is attributable to the negative economy being experienced in the region, with large number of people experiencing unemployment, the rising number of foreclosures, and falling property values.
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