75% of all bankruptcy filings in the US Middle District of Florida are Chapter 7 bankruptcies made by individuals. This district covers major metro areas like Jacksonville, Orlando and Tampa and is where 10 million of Florida’s 18 million residents live. As for Chapter 13 bankruptcies, the situation is no different with individuals rather than companies forming the majority of those filing.
Chapter 7 bankruptcy is where the applicant liquidates his assets (other than those exempted by law) in order to pay whatever debts that can be covered by the sale of the assets. Thereafter, the rest of the debts are forgiven. On the other hand Chapter 13 bankruptcy is where the debtor is allowed by the court to reschedule the payments of his debts over a period of up to 5 years in order to fully pay them off.
The unemployment rate in Northeast Florida is about 12%. The state is beset with economic problems where people have lost jobs or experienced pay cuts and no longer have the option of raising money through refinancing their homes and neither do they have equity in their house.
On the other hand, businesses that file for bankruptcy do so under Chapter 11 of the bankruptcy code. Chapter 11 allows companies to reorganize their finances and operations to settle their debts with creditors. But businesses also have the option of liquidation under Chapter 7. Businesses that choose the option of liquidation do so to cut their losses, absolve their debts and relieve themselves of financial burdens as quickly as possible in light of the shaky economy since they cannot be sure of what the future holds for their businesses. Many of these companies have also run out of ways to obtain credit and the amount of their debts has risen to unmanageable levels while income has not increased.
Bankruptcy experts predict another 6 months of hard economic times which would continue to see a rise in the number of bankruptcy filings both individual and corporate.
Here are the statistics for the Middle District of Florida:
• Total bankruptcy filings rose by 18% during the first four months year on year and were 5 times the pace of 2006.
• Chapter 7 liquidation filings rose 21% over the year to 16,659. This was 7 times the rate of 2006.
• Chapter 13 individual repayment plans rose 7% to 5,293, 3 times the rate of 2006.
• Chapter 11 corporate reorganizations almost doubled over the year to 316 and were 9 times the rate of 2006.
• In the district’s Jacksonville division, overall bankruptcy filings rose almost 8% over last year on top of a first-quarter rise of 10%.
• Filings in the Jacksonville division rose to 3,822 in the first four months, the highest since 2005.
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Filed under Chapter 7 (Tampa) by on Aug 2nd, 2010. Comment. 
Here are some grim statistics for the first quarter of 2010. The number of bankruptcy filings in Tampa/Fort Myers division (Polk included) jumped almost 21%. This is mirrored by the eerily similar rise of 21% in bankruptcy cases in the Middle Disctrict of Florida (including Orlando and Jacksonville). In fact, the 16,149 bankruptcy cases filed there gave the Middle District bankruptcy court the unenviable record of being the second busiest bankruptcy court in the country, behind only the Central District of California bankruptcy court.
March 2010 was one of the Middle District bankruptcy court’s busiest month on record. It was third only behind the two months prior to the time when the bankruptcy laws changed with the passing of the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA). The BAPCPA was supposed to deter individuals from filing for bankruptcy, especially Chapter 7 bankruptcy as a means of copping out of their tax debts.
And from the look of things, there seems no evidence of this trend abating anytime soon.
Experienced bankruptcy lawyers predict that the peak in number of bankruptcies will only come in a year or 18 months’ time before the numbers slide. US Bankruptcy Judge Catherine Peek McEwen is handling 6,500 cases in Tampa. The District Chief Judge in Jacksonville had forewarned his judges to anticipate a year of record numbers of bankruptcy filings.
What appears to be affecting consumers in Florida most are the combined effects of the state’s 12.2% unemployment, low housing prices and a huge backlog of foreclosure cases. Although banks are starting to lend again at a ‘modest’ level, the unemployment rate is yet to show a significant drop. Unemployment and bankruptcy both go hand in hand and are usually the last to be overcome in an economic recession. It is not uncommon to find unemployment still rising even after the recession has officially ended. Bankruptcy improvements tend to show even later as it is often a last resort people take for themselves and their businesses.
There has been a wide range of businesses going bankrupt from property developers to retailers. Even professionals and certain franchises have not been spared. Recently, a local Church’s Chicken, several Dunkin’ Donuts franchisees and an Arby’s chain have all filed for bankruptcy.
Of those who file for personal bankruptcies, most have problems with paying for their properties. Banks have been criticized for being reluctant to reduce principal amounts in mortgages and slow in revising mortgage terms to help struggling borrowers.
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Filed under Chapter 7 (Tampa) by on Jul 14th, 2010. Comment.
Here are some grim statistics for the first quarter of 2010. The number of bankruptcy filings in Tampa/Fort Myers division (Polk included) jumped almost 21%. This is mirrored by the eerily similar rise of 21% in bankruptcy cases in the Middle Disctrict of Florida (including Orlando and Jacksonville). In fact, the 16,149 bankruptcy cases filed there gave the Middle District bankruptcy court the unenviable record of being the second busiest bankruptcy court in the country, behind only the Central District of California bankruptcy court.
March 2010 was one of the Middle District bankruptcy court’s busiest month on record. It was third only behind the two months prior to the time when the bankruptcy laws changed with the passing of the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA). The BAPCPA was supposed to deter individuals from filing for bankruptcy, especially Chapter 7 bankruptcy as a means of copping out of their tax debts.
And from the look of things, there seems no evidence of this trend abating anytime soon.
Experienced bankruptcy lawyers predict that the peak in number of bankruptcies will only come in a year or 18 months’ time before the numbers slide. US Bankruptcy Judge Catherine Peek McEwen is handling 6,500 cases in Tampa. The District Chief Judge in Jacksonville had forewarned his judges to anticipate a year of record numbers of bankruptcy filings.
What appears to be affecting consumers in Florida most are the combined effects of the state’s 12.2% unemployment, low housing prices and a huge backlog of foreclosure cases. Although banks are starting to lend again at a ‘modest’ level, the unemployment rate is yet to show a significant drop. Unemployment and bankruptcy both go hand in hand and are usually the last to be overcome in an economic recession. It is not uncommon to find unemployment still rising even after the recession has officially ended. Bankruptcy improvements tend to show even later as it is often a last resort people take for themselves and their businesses.
There has been a wide range of businesses going bankrupt from property developers to retailers. Even professionals and certain franchises have not been spared. Recently, a local Church’s Chicken, several Dunkin’ Donuts franchisees and an Arby’s chain have all filed for bankruptcy.
Of those who file for personal bankruptcies, most have problems with paying for their properties. Banks have been criticized for being reluctant to reduce principal amounts in mortgages and slow in revising mortgage terms to help struggling borrowers.
Filed under Chapter 7 (Tampa) by on Jul 2nd, 2010. Comment.
Here are some grim statistics for the first quarter of 2010. The number of bankruptcy filings in Tampa/Fort Myers division (Polk included) jumped almost 21%. This is mirrored by the eerily similar rise of 21% in bankruptcy cases in the Middle Disctrict of Florida (including Orlando and Jacksonville). In fact, the 16,149 bankruptcy cases filed there gave the Middle District bankruptcy court the unenviable record of being the second busiest bankruptcy court in the country, behind only the Central District of California bankruptcy court.
March 2010 was one of the Middle District bankruptcy court’s busiest month on record. It was third only behind the two months prior to the time when the bankruptcy laws changed with the passing of the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA). The BAPCPA was supposed to deter individuals from filing for bankruptcy, especially Chapter 7 bankruptcy as a means of copping out of their tax debts.
And from the look of things, there seems no evidence of this trend abating anytime soon.
Experienced bankruptcy lawyers predict that the peak in number of bankruptcies will only come in a year or 18 months’ time before the numbers slide. US Bankruptcy Judge Catherine Peek McEwen is handling 6,500 cases in Tampa. The District Chief Judge in Jacksonville had forewarned his judges to anticipate a year of record numbers of bankruptcy filings.
What appears to be affecting consumers in Florida most are the combined effects of the state’s 12.2% unemployment, low housing prices and a huge backlog of foreclosure cases. Although banks are starting to lend again at a ‘modest’ level, the unemployment rate is yet to show a significant drop. Unemployment and bankruptcy both go hand in hand and are usually the last to be overcome in an economic recession. It is not uncommon to find unemployment still rising even after the recession has officially ended. Bankruptcy improvements tend to show even later as it is often a last resort people take for themselves and their businesses.
There has been a wide range of businesses going bankrupt from property developers to retailers. Even professionals and certain franchises have not been spared. Recently, a local Church’s Chicken, several Dunkin’ Donuts franchisees and an Arby’s chain have all filed for bankruptcy.
Of those who file for personal bankruptcies, most have problems with paying for their properties. Banks have been criticized for being reluctant to reduce principal amounts in mortgages and slow in revising mortgage terms to help struggling borrowers.
Filed under Chapter 7 (Tampa) by on Jun 4th, 2010. Comment.
75% of all bankruptcy filings in the US Middle District of Florida are Chapter 7 bankruptcies made by individuals. This district covers major metro areas like Jacksonville, Orlando and Tampa and is where 10 million of Florida’s 18 million residents live. As for Chapter 13 bankruptcies, the situation is no different with individuals rather than companies forming the majority of those filing.
Chapter 7 bankruptcy is where the applicant liquidates his assets (other than those exempted by law) in order to pay whatever debts that can be covered by the sale of the assets. Thereafter, the rest of the debts are forgiven. On the other hand Chapter 13 bankruptcy is where the debtor is allowed by the court to reschedule the payments of his debts over a period of up to 5 years in order to fully pay them off.
The unemployment rate in Northeast Florida is about 12%. The state is beset with economic problems where people have lost jobs or experienced pay cuts and no longer have the option of raising money through refinancing their homes and neither do they have equity in their house.
On the other hand, businesses that file for bankruptcy do so under Chapter 11 of the bankruptcy code. Chapter 11 allows companies to reorganize their finances and operations to settle their debts with creditors. But businesses also have the option of liquidation under Chapter 7. Businesses that choose the option of liquidation do so to cut their losses, absolve their debts and relieve themselves of financial burdens as quickly as possible in light of the shaky economy since they cannot be sure of what the future holds for their businesses. Many of these companies have also run out of ways to obtain credit and the amount of their debts has risen to unmanageable levels while income has not increased.
Bankruptcy experts predict another 6 months of hard economic times which would continue to see a rise in the number of bankruptcy filings both individual and corporate.
Here are the statistics for the Middle District of Florida:
• Total bankruptcy filings rose by 18% during the first four months year on year and were 5 times the pace of 2006.
• Chapter 7 liquidation filings rose 21% over the year to 16,659. This was 7 times the rate of 2006.
• Chapter 13 individual repayment plans rose 7% to 5,293, 3 times the rate of 2006.
• Chapter 11 corporate reorganizations almost doubled over the year to 316 and were 9 times the rate of 2006.
• In the district’s Jacksonville division, overall bankruptcy filings rose almost 8% over last year on top of a first-quarter rise of 10%.
• Filings in the Jacksonville division rose to 3,822 in the first four months, the highest since 2005.
Filed under Chapter 7 (Tampa) by on May 18th, 2010. Comment.
