Florida residents may have heard of the bestselling book series "Rich Dad, Poor Dad." These books were written by Robert Kiyosaki and first published in 1994. Kiyosaki created a company to handle all facets of the distribution of the books. That company has recently filed for Chapter 7 bankruptcy protection despite the incredible success of the book.
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.
In the past few years, Florida has seen a great deal of bankruptcy activity. This could be because many individuals during this time have been struggling with debt and financial issues. These struggles may have caused more individuals to seek the protection of bankruptcy.
Last year, a record number of people and businesses filed for bankruptcy protection in Florida and across the country. In fact, bankruptcy filings in 2010 topped the levels we saw in 2005 before the bankruptcy laws were changed.
Bankruptcy filings have been on the rise in recent years. During the last fiscal year, one federal district in Florida had the second highest number of bankruptcy filings in the country. Second only to Los Angeles, Florida's Middle District recorded nearly 69,000 chapter 7, chapter 13 and chapter 11 bankruptcies last year.
According to the Sun Sentinel, numbers given by the U.S. Bankruptcy Court in Miami show that personal bankruptcy filings are 40 percent higher in 2010 than they were in 2009.
The number of personal bankruptcies in South Florida fell 3.6 percent for the month of October in the tri-county area. However, the bankruptcy rates continue to climb in other parts of the state.