California Bankruptcy News

• Modoc County expects to avoid bankruptcy, revive local hospital -- A rural California county has asked the state for a loan to infuse funds into a failing hospital and relieve debt. On Tuesday, a vote passed to impose a $195 yearly parcel tax on Modoc County in order to avoid bankruptcy. The money is expected to go toward existing hospital operation costs, which originally overwhelmed the county, and creating a new hospital district.
• IOUs may be used as California continues without budget -- The state's controller said that not having a budget presents the largest financial threat.
• California city considering filing bankruptcy -- Officials in Antioch are considering seeking protection as revenues have dropped, a problem that is facing many state and local organizations.
• California rocket company's plan approved by court -- Sea Launch Co.'s restructuring plan will now face regulatory review.
• County in California looking for loan from state -- Without the funds, Modoc County may have to file bankruptcy.
• California theater plans productions after filing bankruptcy -- The Pasadena Playhouse will have a show in January.
• Healthcare group in California attempts to mediate on judgment -- Skilled Healthcare Group has agreed not to seek bankruptcy during a mediation process agreed to with plaintiffs.
• California metro areas lead nation in small businesses filing bankruptcy -- Of the top 15 statistical areas for small businesses filing bankruptcy, six are in California.
• Census data highlights California businesses filing bankruptcy -- New data sheet show that business bankruptcies increased 121 percent from 2006 through 2008.
• California bankruptcy court reports filings up in May -- Overall, the number of bankruptcy cases was up 34.8 percent in May.
• Number of California school districts facing financial trouble up 38 percent -- Unless a solution is found, some educational institutions in the state may have to file bankruptcy or cut programs.
• California city cuts police force to avoid bankruptcy -- Maywood will contract services out to sheriff's office and neighboring town.
• Some Californians able to avoid foreclosure in May -- The number of foreclosures seen in the state in May declined from numbers seen in April and during the fifth month of last year.
• California unemployment will remain high -- The jobless rate in California is expected to drop slower than the national rate.
• California city continues to hold highest unemployment rate in the country -- El Centro, California, posted a 27.9 percent jobless rate in April, according to a government statistical office.
• Auto delinquency rate in California higher than national average -- According to TransUnion, 0.91 percent of auto loans in California were late on payment.
• Program aims to help young people avoid filing bankruptcy -- A former judge met with high school students to teach them about avoiding debt.
• California district may have to file bankruptcy -- The Sacramento school district may have to file for bankruptcy, a report found.
• Western homeowners more negative about home values -- Homeowners in the West are more pessimistic about home values.
• California leads nation in homeowners trying to avoid foreclosure through HAMP -- On a state-by-state basis, California posted the largest percentage of consumers trying to avoid foreclosure through a program from the federal government.
• Home prices see some stabilization in California -- Consumers who cannot stop foreclosure have flooded the market with their old homes, which leads to housing values falling.
• Court reports increase in California bankruptcy filings -- The U.S. Bankruptcy Court for the Central District of California reported recently that certain types of bankruptcy filings increased during the first four months of the year.
• California, Nevada see higher rates of those filing bankruptcy -- Bloomberg News reported recently that California and Nevada are facing a large share of people filing for bankruptcy.