Orange County Bankruptcy Lawyer Blog

Orange County bankruptcies and business and personal bankruptcy filings skyrocketed nearly 50 percent in April, the Orange County Register reported on Friday.

As our San Bernardino bankruptcy attorneys and Riverside bankruptcy lawyers reported recently on our Orange County Bankruptcy Lawyer Blog, about 1 in 6 local residents filed for bankruptcy protection last year in the Los Angeles area. The fact that filings increased 50 percent in April over last year's figures is a startling reminder of the financial stress consumers still face in Southern California.

Filing for bankruptcy is a powerful tool that offers consumers a new beginning. Californians are continuing to seek protection in record numbers in response to the real estate bust and the economic downturn. For those who meet certain criteria, Chapter 7 bankruptcy offers a chance to completely erase most debt, including credit card debt, medical debt and judgments or liens. For others, Chapter 13 bankruptcy will allow you to structure an affordable repayment plan. In either case, bankruptcy will stop creditors from hassling you at work or home and will provide the space and time you need to help reclaim your financial freedom and independence.

Compared to last year, bankruptcy filings increased in April across the California Central District of the U.S. Bankruptcy Court, which covers five counties from San Luis Obispo County to the Arizona border, including Santa Ana, Los Angeles, Riverside and San Bernardino counties.

Area California bankruptcy filings for April 2010:

-Orange County: Up 48.8 percent to 1,682 from 1,130.

-Los Angles Up 71 percent to 4,835 from 2,828.

-Riverside/San Bernardino: Up 36.1 percent to 3,818 from 2,805.

-Southern California: Up 43.6 percent to 12,425 from 8,655.