BANKRUPTCY COURT OPENS IN VALLEY.Byline: Dennis Love Daily News Staff Writer First, the good news: The U.S. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. opened its first divisional office in the San Fernando Valley San Fernando Valley Valley, southern California, U.S. Northwest of central Los Angeles, the valley is bounded by the San Gabriel, Santa Susana, and Santa Monica mountains and the Simi Hills. on Monday in response to a surge of bankruptcy filings in the area. And now, the bad news: The U.S. Bankruptcy Court opened its first divisional office in the San Fernando Valley on Monday in response to a surge of bankruptcy filings in the area. In one of those mixed blessings that life seems to be full of, the new, high-tech bankruptcy court will mean that Valley judges, attorneys, witnesses, court employees and other citizens enmeshed en·mesh also im·mesh tr.v. en·meshed, en·mesh·ing, en·mesh·es To entangle, involve, or catch in or as if in a mesh. See Synonyms at catch. in bankruptcy proceedings bankruptcy proceedings n. the bankruptcy procedure is: a) filing a petition (voluntary or involuntary) to declare a debtor person or business bankrupt, or, under Chapter 11 or 13, to allow reorganization or refinancing under a plan to meet the debts of the party no longer will be forced to make the often arduous trip to downtown Los Angeles Downtown Los Angeles is the central business district of Los Angeles, California, located close to the geographic center of the metropolitan area. The sprawling, multi-centered megacity is such that its downtown core is often considered just another district like Hollywood or , where Valley bankruptcy cases previously were filed and heard. But the former IBM building at 21041 Burbank Blvd., with three courtrooms among its three floors and 51,000 square feet of space gutted and converted at a cost of $2.6 million, was necessitated by a startling star·tle v. star·tled, star·tling, star·tles v.tr. 1. To cause to make a quick involuntary movement or start. 2. To alarm, frighten, or surprise suddenly. See Synonyms at frighten. leap in bankruptcy filings in the San Fernando Valley, with most of those by individuals. Filings in the Valley are up 47 percent over last year, now coming in at a annual clip of about 15,000, said Jon D. Ceretto, executive officer for the U.S. Bankruptcy Court's Central Division of California. The Central District - which encompasses Los Angeles, Orange, San Bernardino, Ventura, Riverside, Santa Barbara and San Luis Obispo San Luis Obispo (săn l  `ĭs ōbĭs`pō), city (1990 pop. 41,958), seat of San Luis Obispo co., S Calif., near San Luis Obispo Bay; inc. 1856. counties - is the busiest in the nation. ``We're not in the economic forecasting business, but we're curious about when we will see filings from businesses catch up with the individual filings,'' said Ceretto. ``At some point the credit card debt Credit card debt is an example of unsecured consumer debt, accessed through ISO 7810 plastic credit cards.Debt results when a client of a credit card company purchases an item or service through the card system. individuals aren't repaying will begin to hurt.'' The Woodland Hills courthouse will serve the area covered by the Ventura-Los Angeles county line to the west, the Kern-Los Angeles county line to the north, Lancaster and Palmdale to the northeast, Pacoima, San Fernando and North Hollywood to the east, and Studio City, Sherman Oaks, Encino, Tarzana, Topanga and Malibu to the south. The other four bankruptcy courts in the Central District are in downtown Los Angeles, Santa Ana, San Bernardino and Santa Barbara. Business seemed brisk at the new facility Monday afternoon. At 2 p.m., about 10 people stood in line at the first-floor filing window. ``Life just got a lot easier for a lot of people,'' said Rich Keith, a clerk for an Encino Law firm, who was running an errand at the court Monday. About 40 workers will staff the facility. No new hires were required, with most employees transferring to the Valley division on a voluntary basis. Bankruptcy Judges Geraldine Mund, Arthur M. Greenwald and Kathleen T. Lax will preside over the Valley division cases. CAPTION(S): PHOTO Jon D. Ceretto Sees need for area branch |
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