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|May 27, 2016|
Orange County bankruptcies soar 93%
SANTA ANA--Orange County is seeing a rush to bankruptcy court this year.
In August, there was an 88 percent increase over the same month last year.
Year-to-date statistics posted by the U.S. bankruptcy court in Santa Ana show bankruptcy filings through August totaled 5,545, 93% ahead of 2007.
Thatís a pace not seen since 2005, when the numbers soared as financially-strapped businesses and consumers tried to beat an Oct. 15 deadline for new, stricter bankruptcy rules.
The last peak in bankruptcies prior to the 2005 spike was in 2001 during the height of the last economic downturn.
Story Date: October 13, 2008