Bankruptcy

Mortgage Cram-Downs by Bankruptcy Judges Are Taking Place: DBRS

Posted on Thursday, May 05, 2011

NOTE: Article has been updated to include jurisdictions where DBRS says most primary mortgage cram-downs are taking place: California, Texas, and Louisiana. The research firm and ratings agency DBRS has learned from various servicers that although Congress never authorized bankruptcy judges to modi...

Bankrupt Reasoning: The Facts of State Bankruptcy

Posted on Wednesday, February 16, 2011

On February 9, the House Committee on Oversight and Government heard testimony about whether states, like corporations and some municipalities, should be allowed to declare bankruptcy. A proposal from University of Pennsylvania Professor David Skeel has been making the rounds and gained traction r...

New York Fed Economists Say Bush-Era Bankruptcy Law Fueled Over 200,000 Foreclosures

Posted on Monday, February 14, 2011

WASHINGTON -- Economists at the New York Federal Reserve have concluded that a controversial 2005 law backed by banks and credit card companies pushed more than 200,000 people into foreclosure and exacerbated the subprime mortgage crisis. Consumer advocates fought hard against the law, which made ...

City Bankruptcies Will Increase, Dimon Warns

Posted on Thursday, January 13, 2011

As cities across the nation face increasing budget strains, the vocal group of experts warning about municipal defaults has gained a powerful member: Jamie Dimon. The JPMorgan CEO said he expects to see more U.S. municipalities declare bankruptcy, Bloomberg News reports. His concerns echo those of ...

11 States Where Bankruptcies Soared In 2010

Posted on Tuesday, January 11, 2011

Last year was a brutal one for Americans filing for personal bankruptcy, as long term unemployment and dire housing prices caught up to those who had managed to stay afloat. In 2010, personal bankruptcy filings topped 1.5 million -- a 9% increase from 2009, and the highest level since 2005, when a r...

Bankruptcy Filings Leapt 9% Last Year

Posted on Wednesday, January 05, 2011

The number of Americans filing for personal bankruptcy topped 1.5 million last year, as high long-term jobless rates and depressed home prices drove more households to seek court protection. Sortable List: Personal Bankruptcies, by State Personal bankruptcies rose to 1.53 million, up 9% from 20...

Consumer Bankruptcies Hit 5-Year High In 2010

Posted on Wednesday, January 05, 2011

NEW YORK (By Jonathan Stempel) - The number of U.S. consumers who filed for bankruptcy protection in 2010 was the highest in five years, and the figure could rise as Americans struggle with excess debt in an uncertain economy, a report issued Monday said. Roughly 1.53 million consumer bankruptcy p...

Expect (alot) more Middle Class Bankruptcies

Posted on Tuesday, January 04, 2011

Of course “Bankruptcy Filings Leapt 9% Last Year.” Filings will increase even more, along with voracity in the fight for bankruptcy ‘cram downs.’ The reduced interest rates on all those mortgage modifications the President promised would save us all will begin to tick upward again - they’re only ...

Involuntary Bankruptcy Requirements

Posted on Sunday, December 19, 2010

Requirements of an Involuntary Petition The legal requirements for filing an involuntary bankruptcy petition are straight-forward and outlined in Section 303(b) of U.S. Title 11: 1. The creditors filing the petition must have total outstanding, unsecured debt of at least $13,475. Wh...

November S. Fla. bankruptcies climb

Posted on Friday, December 03, 2010

South Florida continued to see upward movement in the number of bankruptcy cases filed in November compared to the same period last year. However, those filings fell, month-over-month, especially in Miami-Dade County, where the rate of personal bankruptcies dropped 25 percent in November compared t...

S. Fla. business bankruptcies up in October

Posted on Wednesday, November 17, 2010

South Florida bankruptcy filings rose in October, although new case filings slowed slightly from September. In the three-county area, personal bankruptcy filings rose 31 percent, to 3,244 from 2,473 in October 2009, but were down 2.6 percent from the previous month. The number of business bankrupt...

Bankruptcies Soar -- But Not For Businesses

Posted on Wednesday, November 17, 2010

WILMINGTON, Delaware - Bankruptcies rose 13.8 percent in the year to September 30 but business filings fell for the first time since the start of the most recent recession, according to government data on Monday. Business filings fell 0.7 percent as the economy strengthened and lending picked up,...

Personal bankruptcies up 31% in October

Posted on Thursday, November 11, 2010

South Florida continued to see upward movement in the number of bankruptcy filings in October, although new case filings slowed slightly from September. In the three-county area, personal bankruptcy filings rose 31 percent, to 3,244 from 2,473 in October 2009, but were down 2.6 percent from the p...

Cram Downs

Posted on Thursday, May 28, 2009

Wondering if any of my bankrputcy attorney friends out there care to chime in on the defeat of the cram down?...

Impact On Credit

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Bankruptcy stays on your credit report for 10 years which can make buying cars, homes and other things more difficult and expensive. Chapter 7 is used when you want a totally clean slate. The objective is usually for the court to declare you unable to pay your debts and all debts are eliminated....

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