In 2011, personal bankruptcy filings in South Florida decreased for the first time since 2007.
In Palm Beach, Miami-Dade, and Broward counties, 34,492 individuals filed for bankruptcy protection last year. In 2010, 38,000 people filed for bankruptcy in the tri-county region.
Last month, 2,470 bankruptcies were filed in South Florida–a month-to-month decrease of 9 percent.
Bankruptcy analysts believe that last year’s decrease in bankruptcy filings in South Florida was caused by high unemployment and slowed foreclosure processes by banks.
Across the country, personal bankruptcy filings decreased by 12 percent in 2011. Last year, about 1 in every 175 people in the U.S. filed for bankruptcy.
Contact the West Palm Beach bankruptcy lawyers of Eric N. Klein & Associates, P.A. by calling 561-353-2800, if you or someone you know has questions about filing for personal bankruptcy in West Palm Beach.