*Updated March 23, 2011*
The Law Office of Cecilia Chen provides relevant bankruptcy data and services for San Diego and area. We’re now offering stats and commentary on major California cities.
The following data presented is for the San Francisco Bay Area that claims the second-highest population density of any city over 100,000 people in North America. The San Francisco Bay Area has a population of about 7.42 million and provides an interesting overview of the overall health of the Californian and American economy given its large segment size.
Chapter 7 Bankruptcy Data Summary
- Q4, 2010 San Francisco (MSA; not pictured) Chapter 7 claims in fact declined. Overall the Bay Area only saw a minute increase of about .58% compared to the previous quarter.
The mid-way point of 2011 may see a decline in Chapter 7 claims since bankruptcy legislation changed in 2005.It seems that 2011 will likely see a 5-10% decline in Chapter 7 claims. This observation is made by calculating the rate at which filings are made compared to previous quarters (the numbers are slowing and should reverse in 2011).- An average increase of about 12% per quarter has been observed since 2007. That number would be higher if it weren’t for the declining periods (percentage increase) in 2010.
- Bay Area Chapter 7 claims hit a 14 year high in Q2 – 2010 beating out the previous record in 1998 Q4.
- Q2-2009 recorded an all-time high in 14 years with 10456 claims defeating the previous record in 1996.
- The period just prior to the 2008 financial meltdown (Q1 v Q2) saw the largest percentage increase between periods at 20%.
- Q1 – 2010 vs Q1 – 2007 increase in Chapter 7 filings was over 340%.
- Q1 – 2010 vs Q1 – 2009 increase in Chapter 7 filings was 55%.
- Q1 – 2009 vs Q1 – 2008 increase in Chapter 7 filings was over 85%.
Chapter 13 Bankruptcy Data Summary
- Quarter 4 2010 data continued to increase, however, that rate of increase is still slowing, the fourth consecutive rate increase decline.
- Chapter 13 claims appear to be following up and down trends of Chapter 7 filings. We still hold to the estimate that a decrease in total filings will occur in late 2011.
- Quarter 2 2010 was the the highest claim total in over 13 years, the previous high in Q3 1997
- If we remove 2008 Q1 data then we have an approximate increase in Chapter 13 filings of 10% in each quarter since 2007.
- Apart from Q1 – 2008 there has been no decline in Chapter 13 claims in four years.
- Prior to 2008 crash Q1 – 2008 saw the fewest claims in over a decade.
- Chapter 13 claims have risen about 250% from q 1 2007 to q 1 2010.
For experienced bankruptcy consultation contact San Diego Bankruptcy Attorney Cecilia Chen.
All data collected herein provided by RAND California from 2007 onward.