Miami Bankruptcy News

The rate of bankruptcy filings are falling for South Floridians, but what does that really mean for Miami residents? While the number of bankruptcies being filed each month might be down in Miami, it does not mean that many Miami residents are not still struggling. As hundreds of local residents still struggle to make their mortgage payments each month and credit card and medical bills pile up in mail boxes, bankruptcy is still a very real issue for many people. So how are bankruptcy filings slowing down while Miami residents are still struggling to pay their bills and feed their families on a daily basis? Unfortunately, many residents are still having problems making ends meet, even as the nation begins its slow recovery from the recession. If you and your family are having issues paying your day to day to bills, contact a Miami bankruptcy lawyer who can help you consider you options.

Miami and south Florida residents filed a total of 2,008 personal bankruptcy petitions in March, which is actually down over 300 listings from February, according recent information that was released from the United States Bankruptcy Court in Miami. Compare those recent numbers with the rates of just a year ago, and it turns out that consumer bankruptcies have fallen a total of 32 percent from March of 2010 with a total of 2,969 bankruptcies filed. In Broward county, which is very close to Miami, a total of 680 personal bankruptcies were filed in March of 2010, compared with a total of 799 in February of the last year. Palm Beach county reported a total of just 349 bankruptcy petitions filed, and that number is down from a little over 400 in February of just last year. Miami Dade county as a whole reported almost 1000 residents who filed for bankruptcy, which is less than the nearly 1,200 just a month ago. That means that over all, Miami bankruptcy filings are falling. What does that mean for local residents?

Filing for bankruptcy is a very difficult decision for any person to make. It means a lower credit score, difficulty borrowing money and possibly trouble getting a new job. Bankruptcy is not a simple process to fix a problem of over spending. If you are financially over extended due to medical bills you feel you can never afford to pay, or under water on a mortgage or have other bills you do not feel you can ever pay off, you should contact a Miami bankruptcy attorney to set up a consultation.

Local Miami bankruptcy lawyers insist the flow of foreclosure petitions in southern Florida has slowed as home foreclosures have stalled in Florida courts due to paper work issues. However, if you are at risk of bankruptcy in south Florida, there are actually many different options available to you. A Miami bankruptcy attorney can help you determine what you options might be. Politics and finances still control many of the issues surrounding bankruptcy and foreclosure.

Links:

March bankruptcies fall 32 percent from last year, by Marcia Heroux Pounds, Sun Sentinel, April 13, 2011