Orange County bankruptcies filed by 1 in 6 consumers in the past year
Six out of every 1,000 California residents have filed bankruptcy in the last year, the Orange County Register reported.
As our Riverside Bankruptcy attorneys reported recently on our Orange County Bankruptcy Lawyer Blog, the number of California bankruptcies has continued to rise even as bankruptcy numbers nationwide have leveled off or started to decline. Using the Register's figures, the number of area residents who have filed bankruptcy in the last year:
-12,600 Bankruptcies in Riverside County
-18,156 in Orange County
-12,090 San Bernardino County
The recession and collapse of the real estate market have brought financial hardship to the doorstep of struggling families. Bankruptcy remains a powerful tool to reclaim your financial footing and the future financial well-being of you and your family. The number of California bankruptcy filings has tripled the last 3 years.
The new statistics, which represent 12 months of bankruptcy filings through March 31, rank California 8th in number of bankruptcy filings compared to total population. The state ranks first by a wide margin for total number of bankruptcies.
Nationwide bankruptcy filings per 1,000 residents:
1)Nevada: 11.7
2)Tennessee: 8.55
3)Georgia: 7.8
4)Indiana: 7.62
5)Alabama: 7.42
6)Michigan: 7.11
7)Ohio: 6.26
8)California: 6.15
9)Illinois: 6.04
10) Kentucky: 6.03
A total of 1.47 million bankruptcies were filed nationwide in the last 12 months, a 25 percent increase compared to the 1.15 million filed in the previous 12 months. Just 674,000 were filed in the 12 months ending in 2007, before the economic downturn.
Nationwide bankruptcy filings increased in each category:
Chapter 7 (personal or business liquidation): Up 34 percent to 1.1 million.
Chapter 13 (personal reorganization): Up 12 percent to 415,966.
Chapter 11 (business reorganization): Up 30 percent to 15,251.
Chapter 12 (farm bankruptcies): Up 65 percent to 605.
The Shakoori Law Group represents clients facing bankruptcy throughout Orange County, including Irvine, Laguna Hills, Anaheim, Garden Grove, Huntington Beach and Santa Ana. Call (877) 529-4545 today for a free and confidential consultation to discuss your rights.
