The number of bankruptcy filings in the first half of this year reached their highest point since 2005, when the Bankruptcy Abuse Prevention and Consumer Protection Act was created to curb a dramatic increase in filings.
In the first two quarters of 2010, consumer bankruptcy filings totaled 770,117- 14 percent more than the total filings in the first two quarters of 2009. The American Bankruptcy Institute expects 1.6 million filings by the end of the year.
The month of June had a total 127,000 filings- a 7 percent decrease from May’s total filings. June’s filings were 8 percent more than the total number of bankruptcies filed in June 2009.
If you or someone you know is considering filing for bankruptcy protection, contact the New Orleans bankruptcy lawyers of The Law Offices of the Law Office of David D. Kervin, Jr., LLC at 504-599-5906 to learn more about your rights.
Michael Vick is not a stranger to the courtroom. From dogfighting to the shooting after his birthday party, trouble seems to follow this star athlete. He will once again be appearing in a courtroom, this time for violating the terms of bankruptcy.
According to ESPN, “In the new proceeding filed against Vick in Newport News, Va., his bankruptcy trustee asserts that instead of paying what he owed to numerous creditors as he faced the dogfighting charges and likely bankruptcy, Vick made payments to his mother, the mothers of his three children, his sister and his brother.”
Bankruptcy law does not allow for one to give away gifts before paying back creditors. These gifts are called “voidable preferences.” If the trustees do determine that these monetary gifts were viable money to give to creditors to settle his estate, then they can try to regain the funds.
If you or someone you know is facing bankruptcy, contact a New Orleans Bankruptcy Attorney at The Law Offices of Kervin and Young, LLC, by dialing 504-599-5906.
Catherine Curan from The New York Post reports, “Underwater homeowners are jumping onto an unexpected financial life raft that lets them escape crippling second mortgage debts and keep their homes — Chapter 13 bankruptcy.”
Curan writes that, if the home worth is estimated at less than the first mortgage, then the owner can go to bankruptcy court and ask to reclassify their debt from the second mortgage. It would then transform from a secured debt to an unsecured debt. A secured debt has to be paid whereas an unsecured debt does not have to be paid in full.
This economy provides the perfect breeding ground for these situations. Curan consulted with a New York City bankruptcy attorney who said that about 20 percent of his Chapter 13 bankruptcy clients, that are homeowners, qualified for this circumstance.
This offers a new alternative to borrowers who are unable to reach a loan modification agreement with their bank.
If you need help with a Chapter 13 Bankruptcy, contact an experienced and trustworthy New Orleans Chapter 13 bankruptcy lawyer at Kervin and Young, LLC, by dialing 504-599-5906.
According to the Tribune News Services, “Three-time Pro Bowl quarterback Mark Brunell, who was paid nearly $52 million during his past 10 years in the NFL, plans to file for Chapter 11 bankruptcy protection Friday.”
Brunell was part of the Super-Bowl winning team last year, serving as the backup quarterback. He is facing multiple lawsuits over his failed real estate and business loans. His partnership, Champion LLC, had bad timing on its investments, writes Brunell in a response to the Florida Times-Union.
One of Brunell’s former partners, ex-Jaguar Joel Smeenge, has already filed for bankruptcy.
The Tribune News Services reports that Brunell has made almost $52 million in his 10 years of playing in the NFL.
If you or anyone you know faces bankruptcy, call the New Orleans Chapter 11 bankruptcy lawyers at the Law Office of David D. Kervin, Jr., LLC, by dialing 504-599-5906.