Individuals throughout the country have felt the financial crunch the last few years. The decrease in property values and loss of jobs has caused many to seek a fresh start by filing for bankruptcy protection. Residents of the state of Florida have not been spared from this. But now, perhaps there is some good news to report on the bankruptcy front. The American Bankruptcy Institute is reporting that nationwide the number of people filing for bankruptcy last month is down from the previous year.
According to the research group consisting of accountants, lawyers and judges in addition to other experts in the bankruptcy field, the number is down 17 percent from last September. This past month 108,517 individuals filed for bankruptcy protection compared to 130,329 in September 2010. This is continuing a trend that was seen in August when the number was down 4 percent. Data used in the report was provided by the National Bankruptcy Research Center.
When compared to the first three quarters of 2010, overall, this year consumer bankruptcies have declined 10 percent. This is despite the high rate of unemployment throughout the country and concerns about financial markets globally. This trend is also expected to continue so that the number of consumer bankruptcy filings in 2011 will be less than last year.
Despite the overall drop in filings, bankruptcy is still available and depending on one’s financial situation, may be a good alternative. An experienced bankruptcy attorney can provide options based upon the specifics of one’s situation.
Source: Reuters, “Consumer bankruptcy filings fall in September,” Oct. 4, 2011