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Statistics pertaining to Bankruptcy Jacksonville by sara tremellaw
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Statistics pertaining to Bankruptcy Jacksonville |
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Law
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Bankruptcy is best for those who are considering protecting themselves from the excessive debt that is affecting their day to day life. The protection from the bankruptcy code is available in resolving the current debt situation of the debtor. The two main chapters in the Bankruptcy Jacksonville FL are available in Chapter 7 bankruptcy, which is for those who would like to discharge their unsecured debts through a liquidation bankruptcy. The other Chapter 13 bankruptcy law provides solution for those debtors who have the assets and would like to avail the benefits provided in Chapter-13. Now the current news is that the as economic situation is improving, the bankruptcy Jacksonville filings are getting reduced in Jacksonville and in the Middle District of Florida. The number of bankruptcy filings in the 16 county Jacksonville Division of the federal Middle District of Florida has reduced to 7.5 percent in the first quarter of 2012 when compared with the data available of 2011. A 20% drop is noticed in the cases when compared with the data of 2010. The numbers got reduced from 2,799 in 2010 to 2,415 in 2011 and to 2,223 this year. The main reasons that can be attributed to the decline of Bankruptcy Jacksonville FL is: • Due to the economic indicators that are showing improvement. For instance, unemployment rates in Florida and in Jacksonville have dropped below ten percent and are lowest since the past three years. • The improvement in the job security has reduced the need for the consumers to file bankruptcy as they are now more capable of paying off their debts to their creditors. • The number of bankruptcy filings was down by just 4% over the year, compared to double digit drops to 16% in Chapter 7 filings and fifteen percent in Chapter 11 petitions. • Except for Chapter 12 fishermen and farmer reorganizations, all other filings have reduced in the district this year when compared to last year and 2010. • The other reason for decline in bankruptcy filing is that consumer bankruptcy is closely tied with employment conditions as unemployment claims have continued to drop since the start of 2010; this was the same time when the unemployment began to reduce from historic highs.
Related Articles -
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