Bankruptcy, Foreclosure: Trends of the ‘90s
Orange County bankruptcy filings were down slightly in 1993, but the figures remain well above those of the previous decade. Residential mortgage foreclosures increased nearly 70% in the past five years.
Bankruptcy Filings
1989 1990 1991 1992 1993* Chap. 7 5,957 7,314 9,918 12,066 11,029 Chap. 11 362 309 457 416 368 Chap. 12 0 0 0 0 1 Chap. 13 1,987 1,719 1,993 1,838 1,619 Total 8,306 9,342 12,368 14,320 13,017
* Jan. through Nov.
Bankruptcy Glossary
Chapter 7: Allows businesses and individuals to keep some personal property and, in some instances, a home and automobile. But they must sell the rest to pay off at least part of what is owed.
Chapter 11: Provides businesses protection from creditors while reorganizing operations and establishing a payment plan.
Chapter 12: Special category for farms.
Chapter 13: Allows individuals protection from creditors and allows payments to be extended up to fice years.
Orange County Foreclosures
1993: 5,242
1989 1990 1991 1992 1993* Los Angeles 2,607 2,385 6,577 13,334 23,294 Orange 365 596 1,584 3,109 5,242 Riverside 1,302 1,054 2,167 4,698 7,202 San Bernardino 1,984 1,392 2,480 4,594 7,295 San Diego 1,166 1,016 1,963 3,635 4,618 Ventura 57 215 685 1,052 1,609 California 15,205 12,393 22,340 41,784 66,053
* Estimate
Source: U.S. Bankruptcy Court; TRW REDI Property Data. Researched by JANICE L. JONES / Los Angeles Times
