With about one out of every nine Miami-Dade workers — and nearly one out of every six in Broward — still out of a job due to the coronavirus pandemic, a question lingers in South Florida: How long can the region stave off an even worse economic disaster?
After a rough start, Florida’s unemployment system has come online to furnish tens of thousands of local workers with as much as $875 per week in unemployment insurance — the state’s standard $275, plus an extra $600 through the emergency U.S. CARES Act passed in March. But Florida’s unemployment insurance lasts only 12 weeks. And the extra $600 from Congress is set to expire July 31. Greater Miami ranks as one of the hardest hit metros in the country, thanks to its reliance on a tourism industry that has instantly dried up.
Bankruptcy Attorney Timothy Kingcade discusses the economic outlook in South Florida and its effect on personal bankruptcy filings. ‘There is potential for an avalanche of simultaneous bankruptcies and evictions, said Timothy S. Kingcade, managing shareholder of Miami-based Kingcade Garcia McMaken, P.A. which represents clients throughout Florida facing Chapter 7 bankruptcy. Read the entire story at MiamiHerald.com.
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