Los Angeles County, California is one of the largest population centers in the United States and it’s size and the recent downturn in the economy has directly affected the amount of bankruptcies filed in Los Angeles county.

Bankruptcy Statistics in Los Angeles

In case you thought you were alone, here are some interesting statistics:  In the ‘Central District of California (which includes Los Angeles County, Orange County, Riverside County, Ventura County, Santa Barbara County, and San Luis Obispo), there were a total of 32,236 bankruptcy filings for the first 3 months of 2010.  That is the highest number of filings for any district in the entire country.  It is no wonder we have the dubious honor of being named the “Bankruptcy Capital of the World.”

Do you remember when the new bankruptcy laws were all over the news ?  There were literally hundreds of attorneys claiming that when the laws changed you woulod no longer be able to file bankruptcy or that it would be so difficult that you probably would not qualify.  Just to give you some perspective, only 21,684 bankruptcies were filed in the 3 months prior to the new bankruptcy laws taking effect in October of 2005.  That was presumably the last chance to file bankruptcy and we have already surpassed those numbers this year.

Do you remember the real estate bust of the ‘90s ?  That bust followed the infamous phrase “Greed is Good” uttered by Gordon Gekko in the 1987 movie “Wall Street”.  The real estate bust soon followed and so did the rising tide of bankruptcies under the old bankruptcy code.  The highest number of bankruptcies of any district was again the Central District at 31,121.  We’ve surpassed that and it is hard to tell when we will reach the peak.

Choosing the Right Bankruptcy Attorney in Los Angeles

As the Bankruptcy Capital of the World, there will also be the requisite large number of bankruptcy attorneys.  How will you know which attorney is good for you ?  How do you really know how to choose from the nearly 170,000 active attorneys in California ?  Fortunately, there are a limited number of “Certified Specialists”.  The State Bar of California, has an independent committee that verifies the experience, expertise and qualifications of certain attorneys and after an extensive exam and obtaining proof of experience and references from other attorneys and judges, certifies a limited number of attorneys as Specialists in a particular field. As of August 11, 2010, there were only 32 Los Angeles bankruptcy attorneys in all of Los Angeles County, including Long Beach, who are certified specialists.

Bankruptcy is Still Available

Bankruptcy is still alive and thriving and available for those qualified individuals and businesses who need to get out from under crushing, debilitating debt.