Bankrupty Filings Fall In South Florida...

[frugalboy]

"South Florida personal bankruptcy filings fell for the third month in a row, falling nearly 19 percent in November.

The drop isn't a result of economic recovery as much as malaise on the part of financially troubled residents who should file for bankruptcy, but can't afford it, said Thomas Kingcade, a longtime bankruptcy lawyer in Miami.

``We've come to the point where bankruptcy is a luxury,'' said Kingcade, who added that people tell him they're on food stamps and can't afford even the $1,500 cost to hire an attorney and file bankruptcy.

``They don't view it as a priority. They say, `if I'm doing poorly and everyone else is doing poorly, I can worry about it another day,' '' Kingcade said.

Couples are putting off divorces and bankruptcies, he said. And with foreclosures under scrutiny for paperwork irregularities, credit collections have slowed, also delaying bankruptcies, Kingcade said.

Residents' bankruptcy filings plunged from 3,244 in October to 2,644 in November, according to data from U.S. Bankruptcy Court in Miami. Bankruptcies in the tri-county region are still up 27 percent in November from a year ago.

In Broward County, 892 bankruptcies were filed in November, down from 1,000 in October. Palm Beach County reported 463 bankruptcy filings, down from 525 a month earlier. Miami-Dade County recorded 1,289 bankruptcy filings, down from 1,719 in October.

Business bankruptcies totaled 111 in South Florida, down from 126 in October, but up from 103 in November 2009."

http://www.miamiherald.com/2010/12/03/1954815/south-florida-bankruptcy-filings.html

You'd think the lawyers would reduce their fees but it seems they're either too busy or too greedy.

There was another story in Miami a few days ago about 3,000 people lining up for 4 days and sleeping on the pavement just to receive a free basket of xmas food. But in this same city you have millionaires spending six figures (and in some cases seven) at an art festival.

"Reports from the front lines of this week's Miami art fairs depict an economy still in recovery, where buyers remain in control. But anecdotes also confirm a trend already established on Wall Street, as stock prices and bonuses surge: The good times appear to be returning for the nation's elite.

At the Art Miami fair at Midtown, the number of six-figure sales are ``significantly'' greater this year than last at the same time, said show director Nick Korniloff -- and include a $400,000 Robert Motherwell painting at the Jerald Melburg Gallery."

http://www.miamiherald.com/2010/12/02/1954915/strong-art-sales-signal-good-economic.html

The US really is a place of extremes (not that the UK is much better). You just have to hope that someone who spends that kind of money on useless art also gives a sizeable chunk to charity, because if they don't it really makes me want to believe in hell.

[Bloo Loo]

why do they need an attorny.

surely a trip to the court house and request to make the declaration, as we do here.

I think the fee £600 or £450 if you are on benefits.

much cheaper to get a creditor to take you down though..so stop paying your tax A: saves you tax, and B: saves you £600 bankruptcy fees.

[okaycuckoo]

why do they need an attorny.

surely a trip to the court house and request to make the declaration, as we do here.

I think the fee £600 or £450 if you are on benefits.

much cheaper to get a creditor to take you down though..so stop paying your tax A: saves you tax, and B: saves you £600 bankruptcy fees.

Somebody posted here wondering about the logic when the fee exceeds the minimum amount of debt needed to declare bankruptcy, £750.

[interestrateripoff]

why do they need an attorny.

surely a trip to the court house and request to make the declaration, as we do here.

I think the fee £600 or £450 if you are on benefits.

much cheaper to get a creditor to take you down though..so stop paying your tax A: saves you tax, and B: saves you £600 bankruptcy fees.

You would have thought those who need bankruptcy would be taken to court by the creditors, unless the creditors are being sneaky and hope you find a well paid job for them to get the money owed at a later date. $1500 does seem a bit steep if you have no money and are on food stamps.