Recent data points out that there has been an influx of bankruptcy fillings in Orange County, mainly due to the current economic crisis. Most bankruptcy filings were individuals who have lost their job, have high debt related to medical or school bills, or had a high mortgage payment they could no longer afford.
According to an OC Register interview with our own bankruptcy attorney, Benjamin Yrungaray, unemployment and high medical bills played a significant role in individual filings while most business fillings were in real estate fields.
[easychart type=”pie” height=”250″ width=”630″ title=”Orange County Bankruptcy Filings by Type” groupnames=”Chapter 7, Chapter 11, Chapter 13″ group1values=”84″ group2values=”2″ group3values=”14″ groupcolors=”058DC7, 50B432, ED561B” chartfadecolor=”FFFFFF” hidechartdata=”true”]
The pie graph above shows that about 84% of Orange County’s bankruptcy filings are Chapter 7 liquidations, 1.8% Chapter 11 business reorganization and 13.7% Chapter 13 individual reorganizations.