Orange County, California, Bankruptcies Level Off, Still High
Posted on July 26th, 2011
According to the U.S. Bankruptcy Court for the Central District of California, bankruptcy filings in Orange County leveled off in May but remain at historically high levels. Individuals and business in Orange County filed 1,569 bankruptcies, just slightly lower than April filings and virtually unchanged from May 2010.
These May filings are, to date, among the highest monthly totals for 2011, confirming that Orange County is feeling the deleterious effects of a still-stagnant economy.
Los Angeles County led California’s Central District with a 4.7% decline in May bankruptcy filings compared to a year earlier, reports Jan Norman on www.ocregister.com.
From the Bureau of Labor Statistics, Orange County has shown recent signs of economic recovery, with the average weekly salary in the fourth quarter of 2010 increasing 4.4% to $1,112. Chapman University states that the county’s high-tech manufacturing increased to its highest level in six years during the second quarter of 2011.
Tags: High, Orange County
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Bankruptcy Filings Surge To A Five Year High
Posted on August 25th, 2010
Personal bankruptcy filings for the year ended June 30, 2010 surged to a five year high, hitting 1.57 million, a 20% increase from the prior year. Furthermore, in the period between April and June, there were 422,061 bankruptcy filings, a 9% increase from the 388,148 in the previous quarter, and up 11% from 381,073 a year earlier.
Quarterly filings surpassed 400,000 for the first time since a record 667,431 bankruptcies were filed in the fourth quarter of 2005, when Congress passed new bankruptcy laws that made it harder for people and businesses to file Chapter 7 bankruptcy.
The huge spike in filings in 2005 were primarily due to individuals and businesses rushing to file bankruptcy before the new bankruptcy laws took effect whereas the current steady rise in bankruptcy filings since 2006 is directly attributable to the overall weakness in our local, state and national economies.
Indicatively, Nevada had the highest rate of filings on a per capita basis in the last year, with 11.74 per 1,000 people, while Alaska had the fewest, with just 1.58 per 1,000.
Tags: Five Year, Five Year High, High, Year High
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