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Bankruptcy

Consumer Bankruptcy Blog from Legal Helpers

Bankruptcy issues, debt consolidation issues and information on filing for bankruptcy provided and addressed by bankruptcy lawyers.

Post Frequency: 1.9/day

Last Entry: August 06, 2009 at 18:22:25

The Latest Bankruptcy Information Statistics

Posted on August 06, 2009
Bankruptcy is not a crutch. When used responsibly, bankruptcy can dig you out of the financial catastrophes you never could have anticipated, such as the U.S. unemployment reaching nearly 10%! This is perhaps the reason the number of U.S. bankruptcies has risen 60% since last year...

U.S. Government Aids Homeowners in Refinancing

Posted on August 05, 2009
As of July 15, 2009, U.S. Housing and Urban Development Secretary, Shaun Donovan, announced an expansion of the federal government?s Home Affordable Refinance Program to include participation by borrowers who are current in their mortgage payments but who are up to 125% ?underwater? on their mortgage...

The Beginnings of Bankruptcy

Posted on August 04, 2009
In the United States, bankruptcy laws were established under civil code in 1800 when Americans were faced with a difficult economy, such as what is currently happening. Modern bankruptcy is based on Article 1, Section 8 of the United States Constitution that gives Congress the exclusive power “to establish uniform laws on the subject [...

Luna Innovations Seek Chapter 11 Bankruptcy Protection

Posted on August 03, 2009
Joining many of the other financially strung companies in the United States, Luna Innovations has filed for bankruptcy protection under the Chapter 11 guidelines. The filing is reported to be the result of a legal dispute the company had with Hansen Medical back in April...

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Who Is Hurt Most by G.M.?s Wide-Scale Bankruptcy?

Posted on July 31, 2009
Jobs Overseas + Bankruptcy/Health Care Catch 22=Unsure Future for Retired Workers Retired (G.M. parent company) Delphi workers have long enjoyed a life-time of health coverage. Even as insurance coverage rates went sky-high, G.M. continued to foot the medical bill for about 100,000 of these white-collar salaried employees?a sum of $1...

Fraser Papers Files for Bankruptcy Protection

Posted on July 30, 2009
Fraser papers is has recently announced it will seek Chapter 15 bankruptcy protection in Canada and the United States. The filing is the result of sinking selling prices and the decreasing demand for pulp and lumber as well as the outstanding debt repayments that could not be made without assistance...

Go Cubs Go, Go Cubs Go?

Posted on July 29, 2009
More than just their fight song, it appears that the Chicago Cubs will soon be gone as a subsidiary of the Chicago Tribune Company and be sold to the Ricketts family for a reported $900 million. The Tribune Company has already gone through Chapter 11 bankruptcy for the newspaper last December (2008), due to weakness [...

The Euro Bankruptcy VS US Bankruptcy- Which Helps YOU Recover?

Posted on July 28, 2009
The Euro just celebrated its 10th birthday this January 2009. A shock for some, who didn?t think the unit of currency would last very long. The Euro saw its share of resistance from financially struggling countries?Denmark has long been a detractor. In the face of the ongoing recession, the Euro faces unprecedented challenge and a Danish [...

Glass-Steagall Act ? Should the Repeal be Repealed?

Posted on July 27, 2009
According to the Congressional Research Service of the Library of Congress: During the Great Depression, Congress examined the mixing of the ?commercial? and ?investment? banking industries that occurred in the 1920s. Hearings revealed conflicts of interest and fraud in some banking institutions? securities activities...

CIT May Be The Christmas Grinch

Posted on July 24, 2009
CIT Group, Inc., the New York-based giant finance company, disclosed to federal regulators that it is experiencing major monetary difficulties. Just as U.S. retailers are starting to recover from a dismal 2008-2009 holiday season, CIT hammered still another nail into the retail coffin...

GM Finds Solace in Bankruptcy- So Can You!

Posted on July 24, 2009
Well, GM has exited its bankruptcy protection. YAY!! Oh, wait. It?s not really that great news since the federal government owns 61% of GM stock. BOO! Oh, wait. It?s really not that bad. GM is promising to change their stodgy, clunky, brand-heavy company into a sleek, stream-lined business, ready to go ?to infinity and beyond? [...

Mets Star Lenny Dykstra Seeks Bankruptcy Protection

Posted on July 22, 2009
No one seems to be safe from our troubled economy these days. Even seemingly wealthy celebrities are falling deep into debt and are unable to deal with their financial burden without help. A prime example of this is former center fielder for the New York Mets Lenny Dykstra filing for Chapter 11 bankruptcy this month...

Oscient Filing for Bankruptcy: What Happens to Laid Off Employees?

Posted on July 22, 2009
It?s been announced recently that Oscient Pharmaceuticals Corp. has filed for Chapter 11 Bankruptcy. Oscient, (located in Waltham, Massachusetts) was responsible for producing the ?Factive? product, which is an antibiotic used for fighting bronchitis and pneumonia...

Gentlemen, Please Do Not Start Your Engines

Posted on July 20, 2009
It?s come to this?even the drag racers have been hit hard by the flagging effects of the sinking economy that?s sweeping the country. The General Motors Corp. bankruptcy is apparently leaving more than just its employees in its lackluster dust. The Detroit auto-maker recently filed papers with the U...

Oklahoma Residents Suffer Financial Difficulty- Bankruptcy May Be the Solution

Posted on July 17, 2009
Oklahoma is not a state renowned for extravagant living. So why does bankruptcy information show Chapter 7 filings astonishingly higher in Oklahoma, (.6% of their state population), than in the rest of the nation? Could it be that Oklahomans are uniquely irresponsible about credit card debt, or are their rival neighbors the Texas Longhorns [...

Diagnosis: Medical Bankruptcy

Posted on July 16, 2009
Over 62% of all personal bankruptcies filed in 2007 had a medical cause. The newly coined term, ?medically bankrupt?, refers to those who have filed for bankruptcy with illness or injury being factors in their filing. Although a percentage of those filing under these circumstances were over the age of 65, many were females, often [...

What?s 150 Years in Prison Divided By $65 Billion?

Posted on July 15, 2009
How the U.S. Bankruptcy Information Courts Are Recovering Lost Millions Since Bernie Madoff?s Ponzi scheme was uncovered in December 2008, unprecedented backlash was thrown at the reckless financier?truly a scoundrel of the first water. Madoff?s case seemed serendipitously timed?right when families in America were filing for personal bankruptcy, foreclosing property and left in the [...

Chrysler Files for Bankruptcy: Employees Consider Personal Bankruptcy Solution

Posted on July 15, 2009
Back in May of this year Chrysler filed for chapter 11 bankruptcy and announced its plans to merge with the Italian automaker known as Fiat in order to stay in business. This event marked the first time a major auto company in the United States filed for bankruptcy since 1933, (when auto giant Studebaker filed)...

Michael Jackson ? The Poor Little Rich Man ?Gone But Not Forgotten

Posted on July 13, 2009
Rich? Poor? Bankrupt? The speculation regarding Michael Jackson?s financial status follows him even into the great beyond. The February ?09, Forbes.com estimated Jackson?s net worth at about $350 million, although this was not his entire net worth. He also held about $650 million in real estate as well as at least $100 million worth of Beatles [...

Bankruptcy Information: What a Bankruptcy CAN?T Do

Posted on July 10, 2009
Well, a lot of people seem to know what bankruptcy CAN do, but not everyone seems too familiar with what bankruptcy CAN?T do. In the long run, this sort of bankruptcy information can end up being more useful when deciding if filing for bankruptcy is right for you...

Unemployment Rises: Bankruptcy a Logical Option for Many Americans

Posted on July 09, 2009
New figures were released recently that state the current unemployment rate is up to 9.5 percent in the United States. As much as we?d like to believe that the economy has begun to pull itself out of this deep economic recession, it appears that we?ve still got some sinking to do before any upward momentum [...

Consumers fall behind on loans at record pace

Posted on July 09, 2009
Consumers fall behind on loans at record pace Soaring unemployment and a shrinking economy drove delinquencies on credit card debt to an all-time high in the first quarter.

House Committee Approves Mortgage Modification in Bankruptcy Bill

Posted on January 29, 2009
Yesterday, the House Judiciary Committee approved legislation that would allow bankruptcy judges to modify residential mortgages in chapter 13 bankruptcy.� The legislation is named H.R. 200 and it’s next stop is the�floor of the House of Representatives...

Changing US Bankruptcy Law Top Priority

Posted on January 23, 2009
Not only does President Obama support changing the bankruptcy laws to enable bankruptcy judges to adjust residential mortgages through Chapter 13, but so does the Speaker of the House.� Nancy Pelosi (D-CA) .� House Democrats are trying to push through this legislation as part of the economic stimulus package...

Divorcing? Should you both file for bankruptcy first?

Posted on January 16, 2009
The marriage is broken.� The parties can not reconcile.� One or both of them is working to support the family.� There may be children.� The couple is already struggling to meet monthly debt obligations.� This is an all too familiar scenario that bankruptcy lawyers see all the time...

2005 Bankruptcy Reform Legislation Responsible for Foreclosure Crisis?

Posted on January 14, 2009
An article in the Kansas City Star by Dan Margolies reported that researchers at the Federal Reserve Bank of New York recently argued that Bankruptcy Reform Legislation that went into effect in October 2005 helped trigger the surge in home foreclosures...

Citibank Endorsing Mortgage Cramdown? Is it a Ploy?

Posted on January 09, 2009
A news report by Rueters and the Baltimore Sun indicate there are behind the scenes meetings with Citibank executives and some Democratic legislators that have been supporting the recently introduced legislation that would allow Bankruptcy judges to rewrite or “cramdown” residential mortgage loans in an effort to stem the tide of foreclosures...

Bankruptcy Mortgage Relief Proposed

Posted on January 07, 2009
Representative Brad Miller (D-NC) introduced legislation in the House of Representatives today which would give bankruptcy judges power to modify residential mortgages in bankruptcy.� Senator Dick�Durbin (D-IL) indicated he would reintroduce�similar legislation in the Senate soon as part of the broad economic stimulus package now being worked on by President-elect Obama and Congressional leaders...

Top Legislative Agenda in 2009: Mortgage Relief Through Bankruptcy

Posted on December 11, 2008
Two U.S. lawmakers said Monday that they will start the new legislative session in January by renewing an effort to give homeowners a chance to rework residential mortgages in bankruptcy.� Senator Dick Durbin (D-IL) and Representative Brad Miller (D-NC) said they will introduce legislation to modify bankruptcy laws to give judges in bankruptcy the ability [...

Bankruptcy and Famous People

Posted on November 20, 2008
The vast majority of people I talk to about financial problems feel very guilty about their situation.� Much of the hesitation to pursue bankruptcy arises out of the belief that there is a stigma that attaches once�a bankruptcy is filed.� Certainly it is true that we should not intentionally make decisions that we know or [...

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