Chapter 7 Bankruptcy Filings for Inland Empire, October 2009
From the Curtis Law Group Blog:
“Chapter 7 bankruptcies filed by residents of Riverside County and San Bernardino County are filed in the Riverside Bankruptcy Courthouse. Data from that court points to the following ten cities as having the highest number of Chapter 7 bankruptcies for residents of those counties for October 2009:
Corona, Fontana, Hemet, Hesperia, Moreno Valley, Murrieta, Ontario, Rancho Cucamonga, Riverside, and San Bernardino.”
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.
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.
Bankruptcy Protection for Eddie Bauer Holdings, Inc.
From CNN online:
“Eddie Bauer Holdings Inc. filed for Chapter 11 bankruptcy protection Wednesday, citing an inability to pay back debt.
Eddie Bauer (EBHI) emerged from Chapter 11 bankruptcy in 2005 after being spun off from former owner Spiegel Catalog, which itself sought bankruptcy protection in 2003.
Costs from the 2005 reorganization, combined with pressure from the current recession, left the company ‘with no choice but to use this process to reduce the debt load,/ said chief executive Neil Fiske in a prepared statement.’”
Eddie Bauer has 371 stores nationwide. In San Bernardino County, there is an Eddie Bauer store in Rancho Cucamonga at Victoria Gardens. In Riverside County, the Dos Lagos Center in Corona also has an Eddie Bauer store. It seems that no closings are imminent, but if a new buyer takes over, however, it’s unclear what effect that would have on store closings.
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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.
Bankruptcy Bill Delayed By Debate On Loan Modification
Riverside County and San Bernardino County homeowners seeking relief from bankruptcy judges to modify their mortgages for them and save them from foreclosure are holding their breath, as Congress debates who deserves to receive this kind of help from bankruptcy judges. Whether or not a bankruptcy attorney has another tool to help Riverside County residents save their homes from foreclosure hinges on the outcome of this debate. Whether you own a home in Corona or a condo in Rancho Cucamonga, this legislation may affect you.
From Yahoo news:
“A dispute among House Democrats stalled legislation Thursday to let bankruptcy judges reduce the principal and interest rate on mortgages for debt-strapped homeowners.
The measure, backed by President Barack Obama, is the most controversial part of a broader housing package that had been expected to pass the House this week.
It hit a snag after a group of moderates expressed concerns in a closed-door meeting of House Democrats about how the bill would affect homeowners who are still struggling to make their mortgage payments.
The banking industry has lobbied hard against the measure, mounting a successful multimillion-dollar effort last year to kill it.
This year, mortgage industry players who are scrambling to narrow the scope of the measure to reduce its potential cost for banks have won some key concessions. House Democrats agreed to limit the measure to existing loans made before the bill is enacted and to borrowers who can show they tried other ways of modifying their home loans before resorting to bankruptcy, among other changes.
But banks want to go much further, restricting the bill only to subprime or other exotic loans.
Centrist House Democrats who have been working in tandem with the financial services industry to scale back the bill balked at supporting it on Thursday after a news report suggested that Sen. Dick Durbin, D-Ill., the lead sponsor of the bankruptcy measure in the Senate, was willing to limit it only to subprime mortgages. The Senate is expected to take up the legislation within two weeks.”
Obama’s New Housing Plan Doesn’t Address Bankruptcy Law
Although President Obama’s new housing plan may be “loaded with incentives for homeowners, mortgage servicers, lenders and banks” to modify the loans that are leading so many Riverside County residents to foreclosure and bankruptcy, what the plan does not do is address the so-called “cramdown” proposal — that Bankruptcy judges be allowed to modify home loans. This change in bankruptcy law would be a boon for the clients of Riverside County bankruptcy attorneys; it would help many Chapter 7 bankruptcy clients keep their homes. This is not only an issue for homes in Riverside and San Bernardino County areas like Corona and Chino, but also in higher income areas like Rancho Cucamonga, where homes with high mortgage payments have been forcing even high income earners into seeking a bankruptcy attorney or leading to foreclosure. The best that can be said about this housing plan, at least with regard to bankruptcy law, is that it does not “rule out” the possibility that a future bill might tackle this issue.
Riverside County has been waiting for such a bill for a long time and it looks like the wait shall continue…
Couple Who Struck it Rich in Real Estate Forced into Bankruptcy
Mr. and Mrs. Robert Dyson have been forced into bankruptcy. According to their bankruptcy attorney, the real estate market’s dismal state during this economic crisis was the culprit. As news about record foreclosures and bankruptcies in Riverside and San Bernardino County cities such as Corona, Rancho Cucamonga, and Riverside, it is not too surprising that the real estate market that had given so much, ended up taking away as much as it gave.
From the North County Times online article:
“A couple who made a name and fortune in high-class coastal real estate have crashed into bankruptcy and are asking a court to erase more than $40 million in debt, including $625,000 that stemmed from alleged misuse of a helicopter loan.
According to court filings, property records and interviews, the couple, Robert and Loraine Dyson, shut down their Solana Beach real estate brokerage, an affiliate of Sotheby’s International Realty, in October. They also filed for personal bankruptcy and have apparently scotched plans to develop an equestrian resort and estates in central Riverside County…
The Dysons’ financial unraveling was as spectacular as their ambition. The couple own a $7 million estate in Rancho Santa Fe and —- until recently —- several other residences in the most exclusive areas of the Southern California coast and the San Jacinto Mountains.
Press releases from their real estate agency reported billions of dollars of annual sales. Their charitable foundation parceled out tens of thousands of dollars.
The Dysons’ slide into bankruptcy followed an attempt to transform themselves from high-end real estate agents into high-end developers at what may have been the worst possible time.
They put some $30 million into property in the foothills of the San Jacinto Mountains starting in late 2005, with plans for equestrian estates that would eventually ramble over nearly 2,500 acres…
They filed for Chapter 7 bankruptcy on Oct. 30, estimating their debts at $50 million to $100 million and their assets at $1 million to $10 million. A debtor who qualifies for Chapter 7 can usually keep a car and other necessities, subject to limits on their value; other assets are sold off to cover portions of the debt, and the remaining debt is wiped away.
The trustee supervising their bankruptcy recommended in December that the couple abandon the Rancho Santa Fe home that they bought in June 2005 because debt and liens account for nearly its entire $7 million value. A later filing by the trustee recommended they give up a $90,000 leased Porsche sports car and their $3.2 million home in Palm Desert, which is in foreclosure…”
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