Posted on May 27th, 2010
A recent TransUnion report shows that fewer people are late in making their credit card payments this quarter, as opposed to last quarter.
Credit card delinquency is highest in Nevada, at 1.79 percent, with Florida following at 1.59 percent. North and South Dakota and Alaska possess the lowest delinquency rate.
The national average credit card debt also fell for the fourth consecutive quarter, down around $300 from $5,434 to $5,165.
In a news release, Ezra Baker, the director of consulting and strategy in TransUnion’s financial services business unit, said “The last four quarters of consecutive decreases in credit card balances shows that consumers continue to focus on paying down their credit cards in response to economic uncertainty and the continued somewhat anemic employment outlook, wanting to keep a credit cushion available for hard times.”
If you are in need of legal advice in bankruptcy law, contact the New Orleans bankruptcy attorneys of the Law Office of David D. Kervin, Jr., LLC, at 504-599-5906 today to discuss your legal options.
Posted on May 18th, 2010
Movie Gallery Inc. — the Wilsonville, Oregon-based operator of the Hollywood Video rental chain — announced this Friday a decision to close its remaining 1,900 stores in the U.S.
This resolution follows the company’s February Chapter 11 bankruptcy filing in the U.S. Bankruptcy Court for the Eastern District of Virginia in Richmond, its second filing in three years.
Revenue for the company fell last year to $1.4 billion from $2 billion. Analysts suggest that the proliferation of DVD kiosks, over-the-Internet services, and companies offering movies-by-mail is responsible for the company’s decline.
Are you facing bankruptcy? Contact the New Orleans Chapter 11 bankruptcy attorneys of the Law Office of David D. Kervin, Jr., LLC, at 504-599-5906 today to discuss your legal options.
Posted on May 14th, 2010
In early February, the second-largest movie rental company in the U. S., Movie Gallery, filed for Chapter 11 bankruptcy. Since then, downward trends in profits has led the company to move ahead with liquidation. The company named Great American WF LLC to liquidate Movie Gallery, as Great American promised $62.3 million to Movie Gallery after liquidation.
The courts approved both the motion to liquidate and a motion filed for expediency in the liquidator process. May 19 was set as the court’s decision date, and May 18 will hear all objections.
Great American will be responsible for liquidating a remaining 1,296 stores after Movie Gallery finishes closing another estimated 270 stores. In return, they will receive approximately 3 percent of sales, an unspecific sum, and a $1.75 million fee if a better offer surfaces before liquidation can commence.
The largest movie rental company in the country, Blockbuster, has also reported sales downturns, especially compared to rivals such as YouTube, Netflix, and Redbox locations.
If your business is facing extreme financial burdens, call the legal professionals of the Law Office of David D. Kervin, Jr., LLC, at 504-599-5906. The New Orleans Chapter 11 bankruptcy attorneys are here to help you with legal advice and the experience you need to explore your possible legal options.
Posted on May 13th, 2010
A recent RealtyTrac Inc. report shows that nationwide foreclosure filings are finally going down.
April is the first month this year that has seen the number of foreclosure filings nationwide fall, with a 2 percent overall decrease. Some states, like New York, experienced a drop of up to 23 percent.
“There were two important milestones in the April numbers that show foreclosure activity has begun to plateau — but at a very high level that will not drop off in the near future,” said James J. Saccacio, chief executive officer of RealtyTrac. “April was the first month in the history of our report with an annual decrease in U.S. foreclosure activity. Secondly, bank repossessions, or REOs, hit a record monthly high for the report even while default notices dropped substantially on a monthly and annual basis.”
“We expect a similar pattern to continue for most of this year,” Saccacio said, “with the overall numbers staying at a high level and ripples of activity hitting the various stages of the foreclosure process as lenders systematically work through the backlog of distressed properties.”
California, Florida, Michigan, Illinois, and Nevada foreclosures account for more than 50 percent of the nation’s total filings. Nevada leads the pack with one in every 69 homes receiving a foreclosure filing in April.
If you are facing a foreclosure filing or bankruptcy, contact the New Orleans bankruptcy attorneys of the Law Office of David D. Kervin, Jr., LLC, at 504-599-5906.
Posted on May 5th, 2010
Six Flags Inc., the New York City-based operator of the amusement parks of the same name, announced their emergence from Chapter 11 bankruptcy Monday.
The company originally filed for Chapter 11 bankruptcy in June 2009, citing an inability to refinance its heavy debt burden, which amounted to about $2.4 billion.
Six Flags Inc. will now be known as Six Flags Entertainment Corp., in cooperation with $725 million in equity from a new shareholders group headed by Stark Investments of St. Francis.
“This reorganization constitutes the final step in the repositioning of Six Flags globally,” Six Flags St. Louis Park president David Roemer said in a statement. “While the day-to-day operations of our park were never impacted, it’s very exciting to envision a future that will allow us to rapidly grow and expand the array of services and entertainment for every single guest.”
“Investing in the infrastructure of our park will also remain a top priority,” he said. “For Six Flags St. Louis, that means continuing to improve and upgrade all elements of the park and planning for new rides, attractions and special events over the next several years, including of course our highly anticipated 50th anniversary season in 2011.”
These large businesses are only able to emerge from bankruptcy due to the skilled handling of their financial and legal needs. If you are facing financial difficulty or looking for information on filing for bankruptcy, contact the New Orleans bankruptcy attorneys of the Law Office of David D. Kervin, Jr., LLC, at 504-599-5906.