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 Bankrutpcy Filings For August 2009
Chapter 7 bankruptcy filings in the Riverside County Bankruptcy Courthouse for August 2009 reveal that the top ten cities in Riverside and San Bernardino County with the most Chapter 7 bankruptcies were:
Corona, Fontana, Moreno Valley, Murrieta, Ontario, Rancho Cucamonga, Riverside, San Bernardino, Temecula, and Victorville.
Bankruptcy attorneys from Riverside and San Bernardino County are also witnessing a high number of filings from debtors residing in Chino, Chino Hills, Hemet, and Hesperia.
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.
Most Chapter 7 Bankruptcy Filing Cities in Inland Empire, June 2009
For bankruptcy attorneys in Riverside and San Bernardino counties, there was no shortage of Chapter 7 bankruptcies to be filed in June, 2009. And for the second month in a row, the top ten cities in the Inland Empire with the most Chapter 7 bankruptcy filings has remained the same.
The ten cities with the most Chapter 7 bankruptcy filings in the Inland Empire for the month of June 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: Hemet, Hesperia, Lake Elsinore, and Rialto.
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.
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.
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.
Chapter 7 Bankruptcy Filings in Riverside County & San Bernardino County, December 2008
Bankruptcy lawyers are needed in many cities, but perhaps in some more than others.
The Riverside County and San Bernardino County cities with the most chapter 7 bankruptcy filings for the month of December, 2008, are as follows: Corona, Fontana, Moreno Valley, Murrieta, Ontario, Rancho Cucamonga, Riverside, San Bernardino, Temecula, and Victorville.
Riverside County and San Bernardino cities that also had a high number, especially considering their relative population, include Chino, Chino Hills, Hemet, and Menifee.
The total number of Chapter 7 bankruptcy filings in the Riverside Bankruptcy Courthouse, for the month of December 2008 was 1,254.
Bankruptcy Filings Rise, Especially in Riverside Courthouse
From the Californian online:
“More Americans sought to discharge debts in bankruptcy court last year, and the numbers of local debtors entering bankruptcy more than doubled from 2007, according to court filings and local attorneys.
About 1.06 million individuals sought personal bankruptcy protection last year, an increase of more than 30 percent over 2007, according to the American Bankruptcy Institute, a research group based in Alexandria, Va.
A total of 18,900 residents and corporations filed initial petitions at the Riverside division of the U.S. Bankruptcy Court, compared with 8,860 in 2007. The division covers Riverside and San Bernardino counties.
A prominent bankruptcy attorney in Temecula said the increase has been even more dramatic in foreclosure-wracked Southwest County.
Bankruptcies filed under Chapter 11 of the U.S. Bankruptcy Code, which allows a corporation to put off debt while it reorganizes, rose by 530 percent in the two-county district, to 297.”
A Temecula attorney noted that there was a “ripple effect” from the economic distress, especially in construction industry:
“In August, a group of large lenders filed an involuntary bankruptcy petition against Woodside Homes Inc. in Riverside. Court filings showed the Utah-based builder owing some $680 million, including several hundred thousand dollars to local subcontractors. Woodside has built homes in the Wolf Creek development in southern Temecula; Audie Murphy Ranch, its master-planned community of 2,000 homes north and south of Newport Road in Menifee, has been repeatedly delayed.
Other filings included:
– WSR Publishing Inc., a Murrieta company whose monthly Widescreen Review covers home-entertainment products. The company continues to publish in print and at www.widescreenreview.com. Owner Gary Reber said his company’s woes stem mainly from the weakening market for consumer electronics. WSR also had difficulty refinancing some of its debt, Reber said.
– It’s About Time … Scrapbooks & More Inc. of Murrieta filed for Chapter 7 liquidation in mid-December.”
As the Inland Empire well knows, and as bankruptcy lawyers in Riverside and San Bernardino counties can attest, the economic domino effect leaves few industries untouched. With more than double the number of bankruptcy filings in the Riverside Courthouse in 2008 than in 2007, consumers and businesses alike are hurting. Whether you live in Corona or Rancho Cucamonga or Murrieta, your community is not immune from the effects of this downturn. We can only hope that new policies and the stimulus package in the works can prevent the dominoes from continuing to fall.
Treasury Department Rejects Proposed Changes Favoring Credit Card Forgiveness.
Banks and consumer advocates recently requested changes that would permit forgiveness of as much as 40% of debt for borrowers who do not qualify for existing programs. The proposed changes would also have permitted borrowers to defer taxes on forgiveness of indebtedness until after the end of any repayment plan. Current law requires borrowers to recognize and pay taxes on the forgiveness of debt immediately. The plan would have benefited lenders by allowing them to recognize losses associated with charge offs of unpaid debt at the end – rather than the beginning – of repayment plans.
The change would have also helped borrowers – particularly those in Orange County and Riverside County where qualification for Chapter 7 may be difficult – who are attempting to avoid bankruptcy by negotiating credit card payoffs.
The Financial Services Roundtable and the Consumer Federation of America, who made the request, hoped such a pilot program would become permanent and that as many as 50,000 people struggling with credit card debt would be involved.
It is unfortunate that the Treasury Department rejected this proposal, as this would have helped residents from Riverside County get back on their feet, and avoid possibly needing a bankruptcy attorney. Until these and other measures are adopted, however, more and more Chapter 7 bankruptcies will be filed in Riverside County and San Bernardino County, from Corona to Murrieta to Rancho Cucamonga.
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