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Personal bankruptcies drop in South Florida and Miami-Dade County

In a post last month, we discussed how the nation as a whole has, thus far, been seeing drops in bankruptcies in 2011. Statistics recently reported on by the Sun-Sentinel indicate that Miami-Dade County and the South Florida region saw such drops last month.

The statistics regarded personal bankruptcy filings. Reportedly, 1,416 such filings were made in Miami-Dade County in July. This reportedly is 130 fewer filings than were made in June of this year and over 280 fewer filings than were made in July of 2010.

The South Florida region as a whole saw similar trends. Reportedly, in July, 2,654 personal bankruptcy filings were made in the region. This is around a 9.5 percent decrease from the filing total for June of this year and around a 17 percent decrease from the filing total for July of 2010.

Thus, the statistics indicate that, last month, both Miami-Dade County and the South Florida region saw declines in personal bankruptcy filings.

The natural question these statistics give rise to is: what is causing these declines? One wonders what the answer to this question is. Perhaps the declines are being caused by changes in the economic conditions of the county and the region. Or maybe the declines are being caused by other factors, such as changes in the behavior of consumers and lenders when it comes to debt.

What the answer to this question ultimately is could go a long way in explaining what this trend of declines in personal bankruptcies in Miami-Dade County and South Florida means for consumers. Thus, it will be very interesting to see what the causes of the declines are ultimately determined to be.

Source: The Sun-Sentinel, "July bankruptcy filings fall 9.5 percent from June," Marcia Heroux Pounds, Aug. 5, 2011

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