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Orange County bankruptcy filings reach highest level since 2005
This past March, the 1,881 individuals and companies that filed for bankruptcy in Orange County, California, reached its highest total since the federal bankruptcy law changed in October 2005, reports the Orange County Register.
According to data from the U.S. federal bankruptcy court, the number of bankruptcy filings was also 10.1 percent higher than last March.
The most significant increase in local bankruptcy filings came in Chapter 13 - typically filed for individual reorganizations - which rose more than 54 percent in March, according to the news source.
Chapter 7 bankruptcy filings, which are liquidations for businesses and individuals, climbed 3.4 percent.
"On the consumer side, more people in Orange County are experiencing the flow through of losing their home, losing their job, high credit card debt and the final step is personal bankruptcy," a bankruptcy attorney told the news source.
One indication of the increases in bankruptcy filings came when prominent Orange County realtor John McMonigle filed for Chapter 7 bankruptcy earlier this month, according to the Daily Pilot.
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