There are many different types of debt consumers can struggle with, such as medical debt, credit card debt or mortgage debt. Sometimes, consumers look to the protection of bankruptcy when they are experiencing debt struggles. Recently, the Sun Sentinel reported on some statistics that indicate that some interesting trends are happening in regards to bankruptcy in South Florida and Miami-Dade County.
The statistics are from the U.S. Bankruptcy Court in Miami and they regard consumer bankruptcy filings in February of this year in the South Florida region and the three counties which make up this region (Miami-Dade County, Broward County and Palm Beach County).
The statistics indicate that bankruptcy filings went down in South Florida in February. Reportedly, 2,205 bankruptcy filings were made by individuals in the South Florida region in February. This bankruptcy filing total is 4.26 percent lower than the bankruptcy filing total the region experienced in January. This February’s bankruptcy filing total is also reportedly 7.7 percent lower than last February’s. Thus, the South Florida region saw both month-to-month and year-over-year drops in bankruptcy filings in February.
According to the above-mentioned statistics, two of the three counties which make up the South Florida region saw month-to-month decreases in bankruptcy filings in February. Miami-Dade County was one of these counties. Reportedly, 1,087 individuals in Miami-Dade County filed for bankruptcy in February. This is a 12.8 percent drop from the bankruptcy filing total from January. The above-mentioned Sun Sentinel article did not mention how this February’s bankruptcy filing total in Miami-Dade County compared to last February’s.
Thus, these statistics indicate that Miami-Dade County and the South Florida region saw trends of falling bankruptcy activity in February. Do these trends indicate that consumers in Miami-Dade County and the South Florida region are experiencing fewer debt struggles? Or are these trends indicative of something else? It will be interesting to see what is ultimately determined to be behind these trends and what effects these trends have had and/or will have on consumers in Miami-Dade County and South Florida.
Source: Sun Sentinel, “Bankruptcies rise in Broward as residents face foreclosure,” Marcia Heroux Pounds, March 2, 2012