For bankruptcy attorneys in Orange County, there were no shortage of Chapter 7 bankruptcies at the Santa Ana Bankruptcy Courthouse in May 2009.
The ten cities with the most Chapter 7 bankruptcy filings in Orange County for the month of May 2009 were: Anaheim, Costa Mesa, Fullerton, Garden Grove, Huntington Beach, Irvine, Lake Forest, Mission Viejo, Orange, and Santa Ana.
It seems that allowing bankruptcy judges to modify mortgages is leading to entrepreneurial ventures by firms seeing the new change as an opportunity.
A California company has designed a new audit report to help bankruptcy judges and trustees.
From Yahoo news:
“A specialist in providing forensic loan audits for attorneys and financial institutions has developed a new product designed for bankruptcy attorneys, judges and trustees, who will soon be operating under a law allowing judges to restructure residential mortgages in bankruptcy proceedings.
Industry analysts predict that the pending legislation, which has passed the House and is expected to win Senate approval, will produce a surge in bankruptcy filings, as financially-pressed borrowers seek bankruptcy protection in an effort to avoid foreclosure…
Audit reports can consist of approximately 100+ pages of information. In order to expedite the review process, a concise, two-page summary of the audit will highlight all relevant information about the transaction and the parties involved in it.”
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Orange County residents learned earlier this year of Circuit City’s bankruptcy and store closings; now it appears that the stores that remain open may have one less brand of merchandise to sell — Polaroid. Back in February, Polaroid stopped producing it’s signature instant film cameras, and switched gears to focus on LCD TV’s, digital cameras, and other such electronics products. Now, the bankruptcy attorneys for Polaroid have begun the Chapter 11 bankruptcy process because Polaroid’s parent company, Petters Group Worldwide, is embroiled in a fraud investigation. Polaroid said that the bankruptcy reorganization will not impact day-to-day operations, and that Polaroid will likely be sold at the end of the process.
So fear not, Orange County. It seems that, for the time being at least, you can still shop for Polaroid products this holiday season, whether at the Irvine Spectrum, Fashion Island in Newport Beach, South Coast Plaza in Costa Mesa, the Mission Viejo Mall, or at any of the many other Orange County shopping centers.
Polaroid filed for Chapter 11 bankruptcy previously in 2001.
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