The South Bay Law Firm Law Blog highlights developing trends in bankruptcy law and practice. Our aim is to provide general commentary on this evolving practice specialty.
 





 
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      Insolvency News and Analysis - Week Ending September 12, 2014
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    Posts Tagged ‘Orange County California’

    Southern California – America’s Small Business Bankruptcy Leader

    Monday, August 2nd, 2010

    In a globalized business environment, it should be no surprise that some of the more interesting – and better – economic reporting on the US economy now comes from offshore.

    Last month, China’s Xinhua news agency reported that California leads the nation in small-business bankruptcies.  The report – based on data reported by Equifax – covers small business filings under all applicable chapters of the Bankruptcy Code (i.e., Chapters 7, 11, and 13).  The Xinhua report (it broke the story a day before the Orange County Register) is here.

    Equifax’s reporting shows that California remains the most impacted state, with the Los Angeles and Riverside/San Bernardino MSA’s leading the nation in small business bankruptcy flings by a significant margin.  

    The chart below provides a closer look at this trend.

                                                        # of
                     MSA         # of Bankruptcies Bankruptcies  % of Increase
                                        Q1 2009        Q1 2010
        Los Angeles-Long
         Beach-Glendale, CA                899          1035          15.13%
        Riverside-San
         Bernardino-Ontario,
         CA                                663           736          11.01%
        Sacramento-Arden-
         Arcade-Roseville,
         CA                                462           522          12.99%
        Houston-Sugar Land-
         Baytown, TX                       365           399           9.32%
        San Diego-Carlsbad-
         San Marcos, CA                    345           387          12.17%
        Portland-Vancouver-
         Beaverton, OR-WA                  276           386          39.86%
        Denver-Aurora, CO                  304           382          25.66%
        Santa Ana-Anaheim-
         Irvine, CA                        359           370           3.06%
        California -Rest of
         State                             233           335          43.78%
        Phoenix-Mesa-
         Scottsdale, AZ                    234           327          39.74%
        Dallas-Plano-
         Irving, TX                        348           323          -7.18%
        Chicago-Naperville-
         Joliet, IL                        395           314         -20.51%
        Atlanta-Sandy
         Springs-Marietta,
         GA                                336           304          -9.52%
        Oregon -Rest of
         State                             235           299          27.23%
        ---------------                    ---           ---          -----
        New York-White
         Plains-Wayne, NY-
         NJ                                335           272         -18.80%
        ------------------                 ---           ---         ------

    Inc. Magazine picked up the story last week, commenting that “no area has been insulated from the recession and the economy clearly isn’t rebounding quickly enough.”

    No kidding.

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