Central District of California Bankruptcy Filings have Increased Over Forty percent

Written by Adam Peck Category: Nursing Homes January 23rd, 2013 1 min read

In February, 1,314 Orange County individuals and businesses filed for bankruptcy, up 35.9 percent from a year earlier.

That is the highest number of February filings in the Santa Ana federal bankruptcy court since 2000, according to data from the U.S. Bankruptcy Court.

In the Central District of California, 9,909 bankruptcies were filed, up 40.5 percent from a year earlier. The Central District covers eight counties from San Luis Obispo to the Arizona border.

Many of the Orange County business filings are driven by real estate,fewer residential-related businesses are filing and more commercial and retail developers and subcontractors are.

Nationwide, almost 111,700 consumer bankruptcies were filed in February, a 14 percent increase from a year earlier, according to the American Bankruptcy Institute.

The vast majority of bankruptcy filings are by consumers, although that number includes many small-business owners whose personal finances tank because their businesses are struggling.

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Written by Adam Peck

Expertise: Personal Injury

Adam J. Peck, ESQ is a principal with Peck Law Group, APC. In 2008, Mr. Adam Peck received his Juris Doctorate from Whittier Law School where he graduated Cum Laude. His practice is primarily dedicated to representing Elders, Dependent Adults, along with their loved ones and family members, who have suffered horrific personal injuries.