Los Angeles, Jacksonville lead nation in bankruptcy filings
The federal court districts that include Los Angeles, California and Jacksonville, Florida experienced the highest number of bankruptcy filings during 2010.
The federal court districts that include Los Angeles, California and Jacksonville, Florida experienced the highest number of bankruptcy filings during 2010.
Florida's Middle District, which includes the Jacksonville, Fort Myers, Orland and Tampa metropolitan areas recorded nearly 67,000 filings, about half of what California's Eastern District saw during the year.
In both cases, as many as one out of every 100 these area residents declared bankruptcy during the year, The Florida Times-Union reports. Many of these filings included Chapter 7 and Chapter 11 filings, which are reserved for personal bankruptcies and liquidations.
"For our parents' generation, the idea of bankruptcy was morally wrong. Now everybody knows someone who's done it," Robert Wilcox, a bankruptcy attorney with Brennan, Manna and Diamond, told the news source.
Most individuals in these districts opted for Chapter 7 filings, which can cost between $1,500 and $2,200 dollars but erase thousands of dollars worth of debt. While this was the popular option in 2010, Chapter 13 filings have been on the rise across the country in recent months as consumers continue to struggle with unemployment and a weak housing market.
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