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Bankruptcy activity down in South Florida in 2011

As we have discussed before on this blog, many individuals in Florida have faced financial and debt struggles in recent years. Financial and debt struggles can have major impacts on a consumer's life. Sometimes, consumers will look to the protection of bankruptcy in response to such struggles.

Recently, an article on the Sun Sentinel's website reported on some bankruptcy-related statistics. The statistics regard personal bankruptcy filings in the South Florida region (which includes Miami-Dade County, Palm Beach County and Broward County) in 2011.

The statistics indicate that the South Florida region saw fewer personal bankruptcy filings in 2011 than it did in 2010. Reportedly, in 2011, 34,492 personal bankruptcy filings were made in South Florida. In 2010, South Florida reportedly saw around 38,000 personal bankruptcy filings.

Thus, it appears that South Florida saw around 3,500 fewer personal bankruptcy filings in 2011 than it did in 2010. According to the Sun Sentinel article mentioned above, this is the first drop in annual personal bankruptcy filings that South Florida has experienced in five years.

This drop in personal bankruptcy filings in South Florida in 2011 gives rise to some important and intriguing questions. What causes were behind this drop in personal bankruptcy filings? What effects have this drop and its causes had on consumers in South Florida? Will South Florida see another drop in personal bankruptcy filings in 2012? Or will personal bankruptcy filings start rising again in South Florida in 2012? It will be interesting to see how these questions are ultimately answered.

Source: The Sun Sentinel, "Bankruptcy filings fell in 2011," Marcia Heroux Pounds, Jan. 3, 2012

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