Bankruptcy

Celebrities caught up in the 24 Percent Rise of Bankrutpcy Filings

By mcbride

Bankruptcy filings continue to grow to 119,874 in August from the previous year. “Consumers continue to turn to bankruptcy as a shield from the sustained financial pressures of today?s economy,” said Samuel Gerdano, the executive director of the American Bankruptcy Institute. “As a result, we expect consumer filings to top 1.4 million this year.”

Our nation?s “Debt problems don?t stop with sub-prime borrowers … movie actor Stephen Baldwin, .. sought protection from creditors after lenders began foreclosure procedures against his home. Lenny Dykstra filed for Chapter 11 bankruptcy in a petition that says the former Major League Baseball All-Star owes between $10 million and $50 million.”

You can read the article in full at:

http://www.bloomberg.com/apps/news?pid=email_en&sid=aqyxH6p.cd_c  

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=au04p.PrHKhA  

Michelle

Full post as published by Texas Lawyer Blog on September 03, 2009 (boomark / email).