Business Failures climb in Santa Barbara
Bankruptcies in the Tri-county have risen by more than 65% this year. In the Santa Barbara Bankruptcy court, there have been 1,467 chapter 7 filings this year compared to 896 in the same period last year, an increase of 63%. The Chapter 11 filings have been 11 compared to 3 last year.The profile of small firm owners and entrepreneurs includes flooring contractor, filmmaker, chiropractor, plastic manufactures. Most of the bankruptcies can be accounted to the unavailability of credit and unexpectedly low sales.
A business chapter 7 is different from a consumer chapter 7 as in a business chapter 7 the debts are not entirely wiped away.
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