1st drop in Orange County July bankruptcies in 5 years

In July, 1,414 Orange County residents and businesses filed for bankruptcy, down 17.5% from a year earlier, reports the U.S. Bankruptcy Court.

That's the first July decline in bankruptcy filings since 2006, according to data for the Central District of California, which comprises eight counties from San Luis Obispo to the Arizona border.

"I think consumer bankruptcies have been a little slower than we were a year ago," said Irvine consumer bankruptcy attorney Tim McFarlin of McFarlin & Geurts LLP. "What I saw driving a lot of Orange County bankruptcies were foreclosures. Recently, banks have been less aggressive about foreclosures and that has caused bankruptcies to slow.

Read the rest of the article at the Orange County Register