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April O.C. bankruptcy filings jump 46%
May 28th, 2009, 5:00 am · 13 Comments · posted by Jan Norman, small-business columnist
In April, 1,130 Orange County individuals and businesses filed for bankruptcy protection, 46.4% more than in April 2008, according to data just released for the U.S. Bankruptcy Court in Santa Ana.
Here are the April year-to-year comparisons for O.C. and the adjacent bankruptcy courts. (The three county courts are part of the Central District of California U.S. Bankruptcy Court.)
However, the April filings in Orange County declined 2.2% from March, possibly an indication of some easing of the financial woes that have caused filings to double almost every month for the past year. However, the number of both individual and business filings are high by historical standards since the bankruptcy law changed in October, 2005.
By comparison, Orange County had 194 bankruptcy filings in April 2006.
Nationwide, consumer bankruptcy filings increased 36% to 125,618 in April from the same period a year ago, according to the American Bankruptcy Institute, based on data from the National Bankruptcy Research Center.
“The filings reveal that American families are continuing to seek relief from the financial pressures of today’s economy,” said ABI Executive Director Samuel J. Gerdano. “The April total is in line with our estimate of more than 1.4 million consumer cases to be filed in 2009.”
Nationwide business bankruptcies have not been released yet for April, but in March they hit a two-year high with 7,843 companies seeking protection from the bankruptcy courts, according to the Automated Access to Court Electronic Records, a private firm that tracks bankruptcy filings.
Daily Bankruptcy Review says: The seizing up of the global credit markets and the U.S. recession caused bankruptcy filings to spike last year and to remain high into 2009. Many U.S. companies are strapped for cash and are unable to refinance, leading them to default on their debt obligations.”
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Decline of western civilization, thanks so much to our elected representatives.
Don’t forget to include the Federal Reserve and the Banks. You know, the ones that lobby the Congressmen for special favors.
The ones that engineered mortgages based on lower monthly payments to enable anyone to qualify for a home.
Then bundled all these horrible loans in a neat little package and sold em to your IRA, and 401k’s.
I could go on and on, but the blame, all of the blame goes back to the banks, and the politicians that enabled the banks to get away with this.
Hang em all.
We are truly hosed. This in only the 4th inning folks. Don’t let them tell you that the recession will end in 2009 (ha!) or in 2010. You won’t be able to find these idiots when they are proven wrong. At best, we are in an L-shaped recession similiar to what Japan has experienced. But the japanese had a ton of personal savings to fall back on. Americans got nothing. Look at the treasury markets that are realing from the TREMEMENDOUS debt this country is in. And Arnold wants a federal bailout (loan guarantee) which will put the nation at even GREATER risk. What you see happening before your eyes is simply unsustainable mathematically. The numbers don’t compute. And mathematics calls all bets in the end. Mark my words.
its just getting worst, isnt it?
haha….is anyone surprised at all? GM(soon) and Chryler filing for Chapter 11! CA is in 24 BILLIONS debt AGAIN!! Millions of home owers spent more than they should!! Gas prices are going up! CA taxes went way up! And most Americans are so dumb that they spent every dollars that they have!!
Yes elected reps are to blame, but part of it is also due to the some of the stupid consumers who watched too much “MTV Cribs” or whatever lifestyle tv show they are into. The folks who bought more than they could afford or need! (homes, cars, etc.) It really annoys me seeing single people with no kids whining about losing their large homes and large cars. You are single! You don’t need them! Get over your ego and inflated self worth! You get no pity from me, in fact you get laughter.
Ed, your sooo compassionate, ur mom must be soo proud of u.
Actually yes she is very proud because she raised a kid who is self reliant, smart enough to live within his means, and doesn’t need a bailout from taxpayers! I never asked or received a penny from my folks (they don’t have it anyway), unlike some of the trust fund spoiled kids in the OC. College, cars, everything I own, paid for by myself through hard work. My record was to hold three jobs at the same time at one point!! Her son is realistic about life, finances, and does not live in a fake dream world. Just because my neighbor drives a BMW, then I should too, because well, I deserve it. Ummm yeah right!! I will show compassion to those who deserve it who face the hardship through an unforeseen event. I will NOT show compassion to those that brought their own problems upon themselves!
I have to agree. I am finding way too many kids with “parental money” to live off of. They are in their 40’s but their parents pay for their homes, cars, etc. It is sickening.
People living within their means might help the problem, blaming our Government is like blaming the banks for loaning money to people, thats what banks do.. Any disagreement.?
As harsh as it may sound, I totally agree with ED. Our society are so used living on credit, it’s pathetic. Somehow, we are taught to believe that we deverse a more luxury living than our actual income will allow. So we live on the equity of our homes, credit cards, student loans and various subsidies. THEN WE FREAKIN BLAME THE BANKS!!!
Ed has a point I see it all the time
Oh this must be the happy thread! Man, I have never heard so much disparity & depression before. Folks things WILL get better this is NOT the end of the world. I dont know when, I dont know how, but they will improve they ALWAYS do.