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ECONOMIC NEWS
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Orange County bankruptcies drop in April

A total of 1,639 individuals and businesses filed in the period, down 2.6 percent from the same time in 2010.

By Kristen SchottPublished: June 03, 2011 10:33 AM

Orange County bankruptcy filings fell in April over the same time in 2010, marking the first year-over-year decline since October 2006. Filings also dropped from March of this year, according to new figures from the U.S. Bankruptcy Court for the Central District of California.

A total of 1,639 individuals and businesses filed for bankruptcy in April, down 2.6 percent over the same time last year and 12.9 percent from March. By comparison, only 245 filings were recorded in October 2006, when numbers dropped 94.2 percent from the prior year.

Meanwhile, Chapter 7 and Chapter 11 bankruptcies posted declines in April. The number of Chapter 7 filings totaled 1,325, dropping 6.8 percent compared to the same time in 2010 and 11.4 percent from March. Chapter 11 bankruptcies fell 10 percent over the year and 10 percent over the month; 18 of those filings were reported.

Chapter 13 bankruptcies showed a 23.3 percent uptick compared to April 2010, as 296 filings were recorded. But, the number dropped 18.9 percent from March. No Chapter 12 bankruptcies were reported.

The larger seven-county Central District – which includes Orange, L.A., Riverside, San Bernardino, Santa Barbara, Ventura and San Luis Obispo – saw a total of 12,444 filings in April. That's up a slight 0.2 percent compared to the same time in 2010 but down 10.5 percent from March.

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