Highest Bankruptcy Filings in More than 5 Years

By admin • May 2nd, 2011

In Orange County the first quarter of the year ended with a 65 month high in Bankruptcy filings.1,881 individuals and businesses filed for Bankruptcy Protection making it the highest one-month total since the Bankruptcy law was changed in 2005. This represented a 10.1% year over year increase and the highest number of Bankruptcy filings for the month in 11 years as reported by the U.S. Federal Bankruptcy Court.

Source: U.S. Bankruptcy Court, Central District California

Although nationally, the increase of Bankruptcy filings seems to be slowing, the bottom line is that it continues to increase. The economic recovery here in Orange County, Los Angeles, and the Inland Empire will remain extremely slow until unemployment improves and the housing market gets upward traction…neither of which will likely happen soon. Until then, Chapter 7, Chapter 11, and Chapter 13 Bankruptcy will remain among the most viable means for individual economic recovery. For many, Bankruptcy is an excellent wealth management strategy. Doan Law Firm has helped more than 25,000 people remove over one billion dollars of toxic debt. We have crafted an ever increasing number of Chapter 13 plans to save clients’ homes. And, we help all of our clients get a fresh financial start.

For more on this visit OC Metro’s Metro Minute video on the topic.

 

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