Bankruptcies in Florida and Arizona

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In Florida’s middle district that covers 35 of the state’s 67 counties including major counties like Jacksonville, Fort Meyers, Daytona, Ocala and Orlando, the number of bankruptcy filings have risen to 61,978 cases through November this year. This number already exceeds the number for the whole of 2009 which was 61,690 cases.

If the trend continues through to the end of the year, the number of bankruptcy filings looks set to hit a record high of 67,600 cases. This beats by 6% the highest number for any one year which was in 2005, when a total of 63,778 bankruptcy filings were made. But Jacksonville’s Bankruptcy Bar Association chairman Jarrett McConnell said the Association is of the opinion that the number of bankruptcies would not hit 2005 levels. That was the year when the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) was enacted with stricter guidelines as to who is eligible to file for bankruptcy to curb the rampant number of filings.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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