Bankruptcy News: Jacksonville

Following a record setting year of bankruptcy filings, the beginning of this year shows that filings are down 16 percent in the first three months for 2011. The Bankruptcy Court covering the middle part of Florida 35 counties including Duval county, reports just over 13,000 bankruptcy filings from January to March of this year, down from 16,149 in the first part of last year. Bankruptcy filings were down for every type of bankruptcy, including a decline of 16 percent in Chapter 7 liquidations, 15 percent for Chapter 13 reorganization bankruptcy and over 30 percent in Chapter 11, which is used mostly by large corporate and very wealthy individuals in order to reorganize their debt. Jacksonville alone saw a almost 15 percent decrease in bankruptcy filings, down to 2,415 from 2,799 in the same period last year. If the foreclosure rate carries on for the the year, the number of bankruptcy filings would be at just 54,384, which is down 18 percent from last year. However, a look at the whole picture shows that beginning year numbers are lower than the rates for the rest of the year, with more bankruptcy filings in the last three months than the first part of the year. It seems likely that bankruptcy filings will increase for the rest of the year. In fact, local experts expect the numbers to increase as the year progresses and as banks clear up issues caused by processing bankruptcies with out the proper signatures. Some experts expect this year to be a record breaking year in the number of bankruptcy. If you are having trouble paying your bills, do not risk becoming part of that statistic. Contact a Jacksonville bankruptcy lawyer to help you figure out your options. In 2010, the Jacksonville district filings surpassed 2009 by 8 percent and even exceeded those in 2005, which was the benchmark year in which new bankruptcy laws were passed making filing for bankruptcy harder for many consumers. So far this year in Jacksonville and the surrounding areas: – Chapter 7 liquidation bankruptcy filings dropped almost 16 percent, from a total of12,018 in 2010 to 10,135 this year. It was the lowest first-quarter number of bankruptcies since 2009. – Chapter 11 reorganizations bankruptcies dropped over 30 percent percent, from 250 to 170, also the lowest rate since 2009. -Chapter 13 bankruptcy for average wage-earner reorganization and repayment plans were down over 15 percent to 3,288 from 3,872 last year, which is the lowest rate since 2008. A Jacksonville bankruptcy lawyer can help you avoid becoming part of these numbers. The Nation's recession might have ended in 2009, economists insists that Florida's recession did not end until early last year because of Florida's dependance on the housing market. If you and your family are having trouble paying your bills on time, contact a local Jacksonville bankruptcy lawyer who can help you decide if filing for bankruptcy is in your best interests and which chapter will best suit your needs. Links: Bankruptcies declining after record 2010, by Karen Brune Mathis, April 11th 2011 Tags: Jacksonville foreclosure lawyer, Jacksonville foreclosure attorney, Jacksonville bankruptcy lawyer, jacksonville bankruptcy attorney, Foreclosure lawyer Jacksonville, foreclosure attorney jacksonville, bankruptcy lawyer jacksonville, bankruptcy attorney jacksonville, bankruptcy jacksonville, foreclosure jacksonville

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