Chapter 7 Bankruptcy Filings, September 2009
Chapter 7 bankruptcy filings in the Riverside County Bankruptcy Courthouse for September, according to research done by a leading bankruptcy law firm, continue to trend upward in 2009.
The cities with the most Chapter 7 bankruptcies in Riverside County and San Bernardino County for September did not change from the top-ten in August:
Corona, Fontana, Moreno Valley, Murrieta, Ontario, Rancho Cucamonga, Riverside, San Bernardino, Temecula, and Victorville.
Bankruptcy attorneys in the Inland Empire are also noticing a high number of filings from bankruptcy debtors residing in Chino, Chino Hills, Hemet, Hesperia, and Lake Elsinore.
Chapter 7 Bankruptcy Filings in Riverside & San Bernardino Counties, July 2009
Chapter 7 bankruptcy filings in Riverside County and San Bernardino County for July 2009 were most numerous in the following ten Inland Empire cities:
Corona, Fontana, Hemet, Moreno Valley, Ontario, Rancho Cucamonga, Riverside, San Bernardino, Temecula, and Victorville. Hesperia also had a high number of Chapter 7 bankruptcies filed, as did Murrieta.
Chapter 7 bankruptcy, also known as “fresh start” bankruptcy by bankruptcy attorneys, helps debtors get out from under large amounts of debt by discharging most debts owed to creditors.
Chapter 7 Bankruptcy Filings in Inland Empire, May 2009
For bankruptcy attorneys in Riverside and San Bernardino counties, there was no shortage of Chapter 7 bankruptcies to be filed in May, 2009.
The ten cities with the most Chapter 7 bankruptcy filings in the Inland Empire for the month of May 2009 were: Corona, Fontana, Moreno Valley, Murrieta, Ontario, Rancho Cucamonga, Riverside, San Bernardino, Temecula, and Victorville. Other Inland Empire cities that also had a high number include: Hesperia, Perris, and Rialto.
Chapter 11 Bankruptcy Filed By GM
Attention, Riverside and San Bernardino counties, your favorite GM dealership might not be around in a few months. Today, GM filed for Chapter 11 bankruptcy, and is expected to close a number of dealerships over the course of its restructuring, which is estimated to take 2-3 months. GM dealerships in the Inland Empire include those in the cities of: Corona, Hemet, Moreno Valley, Redlands, Riverside, San Bernardino, and Victorville.
From the Los Angeles Times online:
President Obama said that pushing General Motors Corp. into bankruptcy today was a painful but necessary step to revive the legendary automaker, saving thousands of jobs and avoiding another direct hit to the struggling economy.
“‘Working with my auto task force, GM and its stakeholders have produced a viable, achievable plan that will give this iconic American company a chance to rise again,’ Obama said at the White House just hours after the company filed for bankruptcy protection this morning in a Manhattan courtroom…
‘Simply loaning GM more money, instead of taking equity in the company, would have continued to saddle GM with ‘irresponsibly large debt,’ the reason the company is in its current dire position, Obama said.
‘We are acting as reluctant shareholders because that is the only way to help GM to succeed,’ he said. ‘What we are not doing, what I have no interest in doing, is run GM.’”
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Inland Empire Chapter 7 Bankruptcy Filings, February 2009
For bankruptcy attorneys in the Inland Empire, there were no shortage of Chapter 7 bankruptcies that needed to be filed in February, 2009. The amount of Chapter 7 bankruptcy filings in the Riverside Bankruptcy Courthouse in February, which serves both Riverside County and San Bernardino County, totals 1,352 — an increase from January’s 1,120 Chapter 7 filings.
The ten cities with the most Chapter 7 bankruptcy filings in the Inland Empire for the month of February 2009 were: Corona, Fontana, Hemet, Moreno Valley, Murrieta, Ontario, Rancho Cucamonga, Riverside, San Bernardino, and Temecula. Other Inland Empire cities that also had a high number include: Perris and Hesperia.
House of Representatives Passes Bankruptcy Bill
Attention, Inland Empire bankruptcy attorneys — the number of rising bankruptcies in the near future may not be due to the economy alone. Consumer bankruptcies, especially Chapter 13 bankruptcies, may increase do to the new Bankruptcy Bill that has just passed in the House. How the Senate may change the bill remains to be seen, but now we know how the House wants it to look.
From the AP:
“A plan to give debt-strapped American homeowners a chance to lower their mortgage payments through bankruptcy courts won House of Representatives approval Thursday as a report revealed that foreclosures and past-due home loans hit a record 5.4 million last year.
A survey by the Mortgage Bankers Association released Thursday found that nearly 12 percent of U.S. homeowners were in foreclosure or behind on their payments at the end of 2008.
The legislation, part of President Barack Obama’s housing rescue plan, is facing a much tougher road in the Senate amid the same industry opposition and reservations from moderate Democrats that nearly derailed it in the House.
The House passed the bill 234-191 mostly along party lines, and the Senate could consider it within weeks.
The legislation would give bankruptcy judges — who now can modify loans for such items as cars and student loans but not for primary residences — new power to reduce the interest rate and principle on a home mortgage.
Supporters regard the threat of a mortgage modification in bankruptcy as a crucial tool to prod banks to negotiate with homeowners for more affordable terms. Critics argue the measure will create a flood of bankruptcy filings that ultimately will drive up mortgage rates and further destabilize the battered housing market.
The House bill is the product of a compromise between dueling Democratic factions. A group of moderates broke with liberal backers last week and refused to support the measure unless it included several changes the banking lobby had sought.
It took days of intense bargaining with an assist from Obama’s team to get the measure back on track. The president dispatched his housing secretary, Shaun Donovan, to a closed-door meeting in the Capitol to explain to restive Democrats how the measure fits in with the $75 billion housing initiative Obama unveiled this week.
The resulting compromise would bar homeowners from getting loan modifications in bankruptcy court unless they have first tried to work out a deal with their lenders and have no other way of affording their mortgages.
It also would let judges consider whether the home loan company had made a reasonable offer to change the terms to those embodied in Obama’s housing plan — allowing the homeowner to reduce his monthly payments to about one-third of his income.”
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Chapter 7 Bankruptcy Filings in Inland Empire for January 2009
The search for an Riverside County or San Bernardino bankruptcy attorney to file a Chapter 7 bankruptcy was made by hundreds of Inland Empire residents each and every month in 2008. This year looks like more of the same, and possibly much more of the same. In January 2009, there were at least 1,120 Riverside and San Bernardino County residents who required a bankruptcy attorney to file for Chapter 7 on their be half.
The Inland Empire cities with the most Chapter 7 bankruptcy filings for January, 2009 are as follows:
Corona, Fontana, Moreno Valley, Murrieta, Ontario, Rancho Cucamonga, Riverside, San Bernardino, Temecula, and Victorville.
Other Riverside and San Bernardino County cities that also had a high number, especially considering their relative population, include Chino, Lake Elsinore, and Rialto.
Circuit City’s Bankruptcy to End in Liquidation
After filing for bankruptcy in November, Circuit City will now have to shut down completely and liquidate its’ stores and assets after failing to find a buyer. Only a week ago, according to the New York Times report, there were two potential buyers in talks with Circuit City, but it was not able to reach an agreement with its creditors and lenders in time.
From the New York Times online:
“The demise of Circuit City, while not surprising given its declining sales, is part of a radical shift taking place in American retailing. Weak chains — unable to weather the freeze-up in consumer spending, and choked by tight credit markets — are shuttering their doors.
Last year, a raft of retailers including Boscov’s, Sharper Image, Mervyns, Linens ’n Things, Whitehall Jewelers and Steve & Barry’s filed for bankruptcy protection. This week alone, Goody’s Family Clothing and Gottschalks Inc. also filed. Many more retailers are expected to follow suit as they run out of working capital or are unable to finance their debt. But emerging from bankruptcy is harder than ever because of changes in the bankruptcy code and vise-like credit markets.
Indeed, Wall Street analysts said in November that the prospects of long-term survival for the Circuit City were bleak. Months of declining sales during the recession sent the company over the edge, although its problems go back a decade, from buying cheap real estate leases in inferior locations to laying off its most experienced sales staff. The latter saved money but cost the company employee morale and countless customers.
When the retailer filed for Chapter 11 bankruptcy in November, its shares had lost more than 90 percent of their value since the beginning of 2008.
The company is still awaiting final approval of the liquidation from federal bankruptcy court.”
As Circuit City stores will now be shut down, Inland Empire residents should make those last few trips to their nearby store. Circuit City locations in Riverside County and San Bernardino County are in the following cities: Rancho Cucamonga, Montclair, Moreno Valley, San Bernardino, and Temecula.
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Polaroid Files for Bankruptcy — Again
Riverside County residents learned earlier this year of Circuit City’s bankruptcy and store closings; now it appears that the stores that remain open may have one less brand of merchandise to sell — Polaroid. Back in February, Polaroid stopped producing it’s signature instant film cameras, and switched gears to focus on LCD TV’s, digital cameras, and other such electronics products. Now, the bankruptcy attorneys for Polaroid have begun the Chapter 11 bankruptcy process because Polaroid’s parent company, Petters Group Worldwide, is embroiled in a fraud investigation. Polaroid said that the bankruptcy reorganization will not impact day-to-day operations, and that Polaroid will likely be sold at the end of the process.
So fear not, Riverside County and San Bernardino County residents. It seems that, for the time being at least, you can still shop for Polaroid products this holiday season, whether at the Ontario Mills Mall, Victoria Gardens in Rancho Cucamonga, the Crossings in Corona, the Tyler Mall in RIverside, or at any of the many other Inland Empire shopping centers.
Polaroid filed for Chapter 11 bankruptcy previously in 2001.
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Chrysler to Close Factories in Riverside County
From instantriverside.com:
“In a cost-cutting move, Chrysler announced Wednesday that it is halting production of vehicles at all of its factories. It is unclear if this will have any impact on dealerships at the Riverside Auto Center.
Moss Bros. Dodge and Riverside Chrysler Jeep sell Chrysler products at the Riverside Auto Center.
Here is the official statement issued by Chrysler LLC:
Due to the continued lack of consumer credit for the American car buyer and the resulting dramatic impact it has had on overall industry sales in the United States, Chrysler LLC announced that it will make significant adjustments to the production schedules of its manufacturing operations. In doing so, the Company will keep production and dealer inventory aligned with U.S. market demand.
In response, the Company confirmed that all Chrysler manufacturing operations will be idled at the end of the shift Friday, Dec. 19, and impacted employees will not return to work any sooner than Monday, Jan. 19, 2009.”
For Riverside County and San Bernardino County residents, this is another sign that the economic crisis is hitting main street as hard as wall street. Car companies like Chysler are surely being affected by the number of bankruptcy filings, as car loan debts are often high on the list of debt that is discharged when an individual files for Chapter 7 bankruptcy. From Temecula to Riverside, from Chino to Rancho Cucamonga, Inland Empire residents and businesses are feeling the pain. Whether it means discharging the debt in bankruptcy on a car loan that can’t be paid, or simply not being able to buy a new car, Christmas won’t be what it used to be for the customers or the employees of car dealerships this year.
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