Economy

Bankrupticies in South Florida hit an annual high in October

More South Florida consumers filed for bankruptcy in October than in any month this year.

The 1,972 consumer bankruptcy filings marked a 12 percent increase over the previous high of 1,758 filings in September. Filings increased 60 percent from October 2007, when 1,228 consumer filings were recorded, the U.S. Bankruptcy Court for the Southern District of Florida reported.

There were 1,475 Chapter 7 consumer filings vs. 496 Chapter 13 cases last month. A Chapter 7 filing allows a consumer to discharge most of their debts, while a Chapter 13 allows an individual to reorganize their debts.

Read the full story at MiamiHerald.com

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