Bankruptcy filings are nearing the end of the year at a pace almost 19 percent below the record rate of 2010 in the Middle District of Florida and at a rate almost 16 percent lower in the Jacksonville Division.
Through November, U.S. Bankruptcy Court statistics show Middle District of Florida filings at an annual pace of 54,200, down from the record total of 66,618 in 2010.
In the Jacksonville division, people and businesses are filing for bankruptcy at a pace of 9,624, down from 11,439 filings for all of 2010.
The Middle District rate is the lowest since 2008, when 42,557 filings were made. In 2009, the court recorded 61,690 filings.
In the Jacksonville division, the pace also is the lowest since 2008, when a total of 8,412 filings were made. There were 11,144 in 2009.
Through the 11 months of January-November, Middle District filings were down 20 percent and Jacksonville filings were down 17 percent.
• Chapter 7 liquidations are down almost 20 percent.
• Chapter 11 reorganizations are down almost 25 percent.
• Chapter 12 farmer and fisherman reorganizations are down 46 percent.
• Chapter 13 wage-earner repayment plans are down 20 percent.
Also, there were six filings last year under the Chapter 15 plan, which involves insolvency involving more than one country, and one this year.
Chapter 7 remains the most-used plan, accounting for 75 percent of all filings. Chapter 13 accounts for 24 percent.
Chapter 11 filings, which attract the most headlines, make up just 1 percent of filings.
Among the high-profile Chapter 11 filings this year was Jacksonville-based Trailer Bridge Inc., which petitioned for reorganization in November.
While used more frequently by companies, individuals also can use the chapter. This year, former Jacksonville Jaguars quarterback Mark Brunell emerged from the Chapter 11 reorganization he filed in June 2010.
The Middle District encompasses 35 of the state’s 67 counties and covers the major metropolitan areas of Jacksonville, Orlando, Daytona, Tampa and Fort Myers. Within the Middle District, the Jacksonville Division covers 16 North Florida counties.
According to the U.S. Bankruptcy Courts website, from October 2010-September 2011, the Middle District of Florida was No. 3 in the number of filings nationwide. For that 12-month period, the Central California District had 139,882 filings, the Northern Illinois District had 60,976 and the Middle District of Florida had 56,972.
Total U.S. filings were 1.47 million, down 8.1 percent from the prior 12 months.
Area bankruptcy lawyers have been busy the past few years and said a slowing was to be expected. They say that the economy has stabilized to some degree from the December 2007-June 2009 recession, although a resumption of the foreclosure process could spark more filings.
Unemployment reached double-digits and consumers and businesses, especially those associated with real estate, faced particularly tough times.
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