Santa Ana remains bankruptcy hot spot as OC filings hit five-year peak
More than 1700 new Orange County bankruptcy cases were filed in July, an almost 25 percent increase from a year ago, further indication that for many Southern Californians facing high unemployment and the depressed economy, financial woes are far from over.
From the Central District to Los Angeles County, Californians everywhere are fighting a similar battle fueled by surging credit debts, underwater mortgages and depleted retirement plans, the Orange County Register reports.
For those who are continuing to struggle, finding and talking with an experienced, understanding, Santa Ana bankruptcy lawyer or Ontario bankruptcy attorney can assist you in determining a course of action that will allow you to regain control of your life.
L.A. County alone has seen a more than 50 percent spike in filings from a year ago, while markets from Sacramento to Santa Ana to San Diego continue to make the “top 15” hardest-hit counties for bankruptcy filings.
And it isn’t just homeowners who are taking the hit. According to a recent post on entrepreneur.com, it’s small business owners around the state and nation who are adding to the fresh wave of bankruptcies flooding the courts.
A recent study of quarterly business filings by the American Bankruptcy Institute found that last year alone more than 60,000 companies filed bankruptcies nationwide, a number that has been steadily tracking upward since 2006 and is highest on record since 1994.
Meanwhile, ABI reports, more than 28,000 companies nationally have filed for bankruptcy during the first two quarters of 2010. If the trend continues, the country is on track to see another 60,000 companies fold this year as well.
With the closure of these small businesses, unemployment numbers continue to climb, further fueling the downward economic spiral ravaging the savings, credit ratings and dreams of California workers and entrepreneurs alike.
The Shakoori Law Group, a law firm dedicated to bankruptcy, debt collection defense and consumer protection, offers a free consultation to consumers throughout the Los Angeles area. Call (877) 529-2188.
