Personal bankruptcy filings in South Florida increased dramatically over the last month, according to statistics released by the United States Bankruptcy Court in Miami, causing some to speculate about the true state of the economy.

Court documents show that Broward County's personal bankruptcy filings rose 37 percent last month. Filings increased from 741 in February to 1,013 in March. The total is also 49 percent higher than March's total a year ago.

Overall, personal bankruptcy filings in Sout Florida rose 25 percent, from 2,376 in February to 2,969 in March; up 48 percent from March 2009's total of 2,009. 

Personal bankruptcy filings in Miami-Dade County increased as well. Filings rose 19 percent from February to March and are up 47 percent compared to a year ago.

An economist with PNC Financial Services Group, Craig Thomas, spoke recently about the "alarming trend in bankruptcies" when Florida's unemployment reached 12.2 percent in February, the highest rate since 1970, when unemployment records began. 

The court documents also show a slight decrease in business bankruptcies in South Florida. Filings fell from 123 in February to 117 in March.

If you, or someone you know, are considering filing for bankruptcy, please contact the an experienced Galveston bankruptcy lawyer of Gipson, Norman & Root. Call 281-332-4800.