This is something that is shocking. As the bankruptcies are going down, and not up, the District is still number 3 on the top of the list of all bankruptcies. Florida’s bankruptcy rate was down over 17% from the last year. This means that it is much slower than it has been, but their spot on the records is not moving. They are at a stand still.
Still, within this year alone, the Middle District of Florida had close to 57,000 bankruptcies. This is much lower than the Central California District that came in at closer to 140,000 filings. The entire U.S. Filings went down a little over 8% this year, but the total of bankruptcies were still up over 1 million. There are a few factors to why the percentage has dropped over the last year, and they include, but are not limited to: more jobs being widely available, stabilization in the economy, federal programs that are there to assist the homeowners having trouble, and banks taking more care in fixing problems before moving forward with the process.
This does not mean the recession is over, or that no one will file for bankruptcy, but it does mean that the bankruptcies filed because of recession might be behind us. Those that have debt to file for bankruptcy with have already done so, and those that are unemployed and not able to pay off the debt are waiting until they can afford to do so. A lot of the people that are filing for bankruptcy are small business owners with failed businesses. Of course, it is not getting worse, but it is also not getting any better.