BANKS AND FINANCE
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O.C. bankruptcies jump 94 percent in 2008
The U.S. Bankruptcy Court in Santa Ana saw nearly 9,000 individual and business bankruptcy filings last year.
By Kristen SchottPublished: January 16, 2009 01:23 PM
The new year is here, but the massive amount of bankruptcies in 2008 signals coming strife for local businesses and individuals. Close to 9,000 filings landed in U.S. Bankruptcy Court in Santa Ana last year, a 93.8 percent increase since 2007.
December's preliminary numbers are 862 bankruptcies – Chapter 7, Chapter 13 and Chapter 11 – second only to October with 886 filings. The Chapter 11 filings – which pertain to businesses – are the highest in nine years.
And it's only going to get worse this year, due to a lack of liquid assets and slower credit, according to reports.
The entire Central District of Southern California – which includes Orange, L.A., Riverside, Santa Barbara, San Luis Obispo and Ventura counties – saw a 94 percent increase, as well.
Related headlines
OC METRO Minute Jan. 15: RealtyTrac reports foreclosure rates
Economic Forecast with Jim Doti and Economist Esmael Adibi
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December's preliminary numbers are 862 bankruptcies – Chapter 7, Chapter 13 and Chapter 11 – second only to October with 886 filings. The Chapter 11 filings – which pertain to businesses – are the highest in nine years. And it's only going to get worse this year, due to a lack of liquid assets and slower credit, according to reports. The entire Central District of Southern California – which includes Orange, L.A., Riverside, Santa Barbara, San Luis Obispo and Ventura counties – saw a 94 percent increase, as well. Related headlines OC METRO Minute Jan. 15: RealtyTrac reports foreclosure rates Economic Forecast with Jim Doti and Economist Esmael Adibi |
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