Brokers have been told by Ally Financial Inc.’s GMAC Mortgage unit to stop evictions in 23 states.
According to a memo from the spokesman of Ally Financial, brokers have been told to halt on all evictions and cash-for-key transactions and lockouts regardless the circumstance.
This memo also said that the company will be suspending sales on properties that they have already foreclosed on and are on the market. Some of the states that will be affected by this announcement are Connecticut, Illinois, Louisiana, Nebraska, New Jersey, Ohio and Florida.
If you or a loved one are going through a tough financial situation and need legal assistance, contact the New Orleans bankruptcy attorneys of Kervin &Young, LLC by calling 504-599-5906 today.
Blockbuster executives announced last month that they plan to file for Chapter 11 bankruptcy sometime this month. Under Chapter 11 bankruptcy, businesses are able to restructure the company while paying off debts and continuing operations. The pre-planned bankruptcy will help Blockbuster pay back $1.1 billion of debt.
In accordance with the bankruptcy, Blockbuster plans to close between 500 and 800 stores across the country. Last year alone, almost 1,000 stores were closed. In addition, they hope to be able to expand into kiosk and online rentals in order to compete with companies like RedBox and Netflix.
If you or someone you know is considering filing for Chapter 11 bankruptcy, contact the New Orleans Chapter 11 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.
The U.S. Federal Reserve’s latest Beige Book survey, released Wednesday, suggests that the economies of District 12 West Coast states have expanded “modestly” in the past six weeks
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The information in the Beige Book is anecdotal rather than statistical, and is collected from a sample of business executives in various key industries in each district. The 12th district is based in San Francisco and includes Washington, Idaho, Oregon, California, Nevada, Arizona, Utah, Alaska and Hawaii. Each district released its own Beige Book Wednesday.
Pressure on wages and prices was limited, and retail sales/services saw mixed results but grew on balance. Manufacturing sector activity grew, especially in the areas of information technology and demand for energy resources.
Unfortunately, housing markets in these areas continued to slide, as major cities found themselves struggling with foreclosures and falling values.
Commercial real estate markets remained weak. “Demand for commercial real estate remained at very low levels, as reflected in elevated vacancy rates and subdued leasing activity for office and industrial space in many parts of the district,” according to the Fed.
There is no shame in bankruptcy during this difficult economic time. If you are facing the possibility of bankruptcy, contact the New Orleans bankruptcy lawyers of the law office of Kervin Young, LLC by calling 504-599-5906 today.
According to the American Bankruptcy Institute, the number of personal bankruptcy filings in August fell by 8 percent.
The decrease in the month of August makes up for the 9 percent increase that occurred between June and July. The number of filings in August dropped to 127,028.
Last month’s drop is encouraging, but 2010 is still on track to have more personal bankruptcy filings than last year. This year there have been 1 million filings and last year at the same time there were 921,000.
If you or a loved one are considering bankruptcy, you need experienced representation on your side. Contact the New Orleans bankruptcy lawyers of the law office of Kervin Young, LLC by calling 504-599-5906 today.
