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Bankruptcy filings in Central Florida continue to drop

As regular readers of this blog are likely aware the much of the country has be dealing with financial difficulties over the course of the past few years. The Orlando area has not been an exception. One of the ways in which the financial health of a region can be measured is though the number of bankruptcies filed. The last few years many Central Florida residents found themselves turning to consumer bankruptcy to address their financial issues.

Recently bankruptcy statistics indicate that things may be getting better however. The number of filings in 2012 appears to have dropped for the second year in a row.

Last year's drop was not entirely unexpected. With the moratorium on foreclosures due to the robo-signing scandal many fewer homeowners were turning to bankruptcy as a way to stop that process. Bankruptcies were expected to pick up again once the foreclosures resumed, which they have. Interestingly the bankruptcy numbers did not follow suit and experts are stymied.

This is not to say that there aren't still residents of the Orlando area who are facing financial hardship. There is still plenty of unemployment and people who have recently gone through a divorce or are dealing with large amounts of medical debt. Though the overall numbers are down, some of these people, as well as others, are still seeking relief by filing for bankruptcy.

It is important that Central Floridians realize that it is an option even when one is not on the brink of losing one's house. Individuals who are in a less than desirable place financially may want to consider meeting with a bankruptcy attorney to determine what options are available.

Source: Orlando Sentinel, "Orlando bankruptcies fall for 2nd-straight year, heading for lowest mark since 2008," Richard Burnett, Dec. 30, 2012

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James H. Monroe, P.A.
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