Overall, when looking at bankruptcy filings year-to-date, south Florida is seeing an increase, however, when comparing November’s data to October’s numbers, there is actually a decrease in the number of filings.
According to the American Bankruptcy Institute, U.S. consumers filed 114,587 in November, which is a 2.2 percent increase from November 2009. But, while an increase from last year, the number is still 13.3 percent lower than the number of October 2010 filings.
Samuel Gerdano, the executive director of the American Bankruptcy Institute does point to these findings as a “positive step,” however also anticipates that by the end of the year there will still be around 1.6 million filings.
Taking a look at specific counties paints a picture of what the state of bankruptcy is in south Florida.
In Palm Beach County personal bankruptcy filings increased 13 percent from year-over-year, however, from October to November of this year filings decreased by 11.8 percent. However, when looking at the number of business bankruptcy filings, the overall number is literally one less than last year, and down by 24 from October.
When comparing numbers to last year, in Miami-Dade County personal bankruptcy filings were up by 32 percent from last year, but were down 25 percent when looking at November numbers to October’s numbers.
However, even though most of south Florida is following the same bankruptcy trends, Miami-Dade County was an outlier when it came to the number of business bankruptcy filings as there was an increase in month-to-month with 16 more filings than in October.
Source: South Florida Business Journal, “November S. Fla. Bankruptcies climb,” 1 Dec 2010