Lewis & Monroe, PLLC
Free One-Hour In-Office ConsultationsFree One-Hour In-Office Consultations

Florida Sees 25 Percent Increase in Consumer Bankruptcy Filings

While unemployment rates are still high across the country, and many are struggling financially, and Florida was listed as one of the states seeing a higher than average number of bankruptcy filings for 2010.

According to an American Bankruptcy Institute report that was released earlier this week, the entire state of Florida saw a 25 percent increase in the number of consumer bankruptcy filings from 2009 to 2010.

However, Florida is not alone, as nationwide filings were up. According to the same report, a little more than 1.5 million people filed for bankruptcy last year, which represents a 9 percent increase. Overall, Hawaii was the state with the highest jump in filings with a 29 percent increase year-over-year. Florida saw the second highest increase.

In general, filings have been on the increase throughout the country since 2005, when new bankruptcy law restrictions were supposed to make it even harder for people to file. However, with a tough economy and people struggling more than ever, those filing numbers ended up increasing instead of decreasing. This alone speaks volumes to the amount of debt and tough financial situations that many Americans have found themselves in over the last few years.

When filing for a consumer bankruptcy a person can choice to either go with Chapter 7 or Chapter 13. Under a Chapter 7 a person's assets are liquidated in order to pay of his or her debt, while with a Chapter 13, a repayment plan to creditors is court-approved. The decision to file for one versus the other depends on a person's individual circumstance and what would make the most sense for a person. It's best to know in detail about both types of bankruptcy choices before filing.

Source: St. Petersburg Times, "Personal bankruptcies in Florida rise 16.5 percent in 2010," Jeff Harrington, 3 Jan 2011

No Comments

Leave a comment
Comment Information
ABA Defending Liberty Pursuing Justice American Bankruptcy Institute The Florida Bar 1950 CFAWL Criminal Florida Association For Women Lawyers Orange County Bar Association
Email Us For a Response

Contact The Firm In Orlando, Florida

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Lewis & Monroe, PLLC

651 Rugby Street
Orlando, FL 32804

Phone: 407-917-4147
Fax: 407-246-0008
Map & Directions