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September O.C. bankruptcies hit 3-year high
October 29th, 2008, 6:00 am · 3 Comments · posted by Jan Norman, small-business columnist
Orange County bankruptcies continued to climb in September with 862 filings, 125% more than a year earlier and the highest number since new, stiffer federal bankruptcy rules took effect Oct. 15, 2005.
Here are September numbers for the U.S. Bankruptcy court in Santa Ana going back to 2000:
(*the month before tougher bankruptcy rules took effect)
In the first three quarters of 2008, 6,407 bankruptcies were filed, 97% ahead of the same period last year as the declining housing market, rising unemployment and credit crunch continued to take their toll on Orange County residents and businesses.
The number of Orange County bankruptcies through September already exceeds the 4,731 filings for all of 2007. More than 83% of the Orange County filings in September were for Chapter 7 liquidations in which most debts are discharged.
Orange County’s experience is not unique.
In the entire bankruptcy court central district covering Southern California, which includes Orange County, 6,380 bankruptcies were filed, 134% ahead of a year earlier.
Riverside County has been particularly hard hit with 1,877 bankruptcies in September alone. By comparison, Los Angeles County, which is much more populous, had 2,244 bankruptcies for the month.
More economic meltdown news…
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[...] Orange County bankruptcies hit a three-year high in September [...]
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