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.

Penton Business Media Holdings Inc. has announced that it's bankruptcy reorganization plan won court approval.

The company expects to emerge from bankruptcy in a few days after Judge Arthur Gonzalez approved the publishing company's Chapter 11 plan in Manhattan bankruptcy court Monday. The plan will eliminate over $270 million of debt and Penton could receive as much as $51.2 million of new equity from its owners. 

Penton, the publisher of trade magazines like National Hog Farmer and AutoWorld, filed the pre-packaged reorganization plan on February 10. The company was struggling with cash flow in the face of decreased advertising sales. The company listed assets of $841 million and $1.13 billion of liabilities.

If you are considering filing for bankruptcy, it is important to understand all the legal options that are available to you. To speak with an experienced Galveston bankruptcy lawyer of Gipson, Norman & Root, please call 409-765-6000.

Music distributor CBuJ Entertainment has filed for Chapter 7 bankruptcy as of Friday, July 17. The company lists assets of under $70,000 and liabilities of about $1.4 million.

Among the company's creditors are Regions Bank and Bank of America. The company, formed in 2003, was announced shut down on Friday. Shortly before the filing, the company employed less than 6 people.

If you are considering bankruptcy, contact the Galveston bankruptcy attorneys of Gipson, Norman & Root at 409-765-6000.

Peanut Corp of America has filed for Chapter 7 bankruptcy in the wake of the salmonella outbreak that they caused. The company has had to recall all of its products because of the outbreak.

In addition to the recall, the company has been suspended by the US Department of Agriculture. This has rendered them virtually incapable of doing business. Because of this, they are trying to liquidate and pay off their debts through Chapter 7.

Sometimes, bankruptcy is the only option left. If you are considering filing for bankruptcy, contact the Galveston bankruptcy attorneys of Gipson, Norman & Root at 409-765-6000.