According to recent statistics from the Administrative Office of the U.S. Courts, bankruptcy cases filed in federal courts for fiscal year 2011 totaled 1,467,221, down 8 percent from the previous year. This was reflected in the filings of all bankruptcy chapters. Chapter 7 filings in 2011 were down 10 percent from 2010. Chapter 13 filings fell 4 percent. Chapter 11 filings fell 16 percent and Chapter 12 filings were down 4 percent.
Personal bankruptcies in South Florida fell in 2011, for the first time in five years. Attorney Timothy Kingcade attributes this to the backlog of foreclosures and under-employment. Many homeowners facing foreclosure have been able to put off bankruptcy as the lenders dealt with investigations of robo-signing and other issues stalling foreclosures in court. Filing for personal bankruptcy in South Florida can cost $2,000 or more, including lawyer’s fees, court costs, and mandatory credit counseling. With the number of South Floridians being out of work, filing for bankruptcy has become a luxury.
In December, 2,470 residents filed for bankruptcy in the South Florida district, which includes Palm Beach, Broward and Miami-Dade counties, according to the U.S. Bankruptcy Court in Miami. That was down 9 percent from November. For the year, there were 34,492 filings, down from about 38,000 in 2010.
To read more on this story visit: http://www.uscourts.gov/News/NewsView/11-11-07/Bankruptcy_Filings_Down_in_Fiscal_Year_2011.aspx
http://www.sun-sentinel.com/business/fl-bankruptcies-2012-20111223,0,5953361.story
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced attorney who can advise you of all of your options. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.
