Bankruptcy filings by Orange County individuals and businesses hit a decade high for January, according to new data from the U.S. Bankruptcy Court Central District of California.
Source: U.S. Bankruptcy Court
The highest monthly number of filings ever in the Orange County court in Santa Ana was 4,214 in October 2005 just before federal bankruptcy laws changed making it more difficult to discharge all debts through the bankruptcy courts.
But January’s filings are a continuation of the troubles Orange County residents and small businesses have had since the housing bubble burst and the long and deep recession that pushed the local unemployment rate as high as 9.8%. In December it was 9.1%.
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