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 Kervin & Young, 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 Kervin & Young, LLC, by dialing 504-599-5906.

The first new public park to be made in New Orleans in the last 20 years is underway after a film production company went bankrupt, leaving the Trust for Public Land to bid for it.  The park-building project is expected to cost approximately $3.8 million and it will be 18 acres large.  The park is being built along the Lafitte Corridor in the Mid-City neighborhood of New Orleans.  A community development block grant is funding the build.

The Louisiana Institute of Film Technology went bankrupt after the man who headed the organization was sentenced to five years in prison starting in April.   He was sentenced for allegedly being involved in a scheme to bribe the former Louisiana film commissioner in exchange for movie tax credits. The property was purchased by the Trust for Public land after bankruptcy proceedings concluded.

If you are considering filing your company for bankruptcy, trust the competent and professional New Orleans bankruptcy attorneys of the Law Offices of Kervin & Young, L.L.C.  Contact them by calling 504-599-5906 today.

Garlock Sealing Technologies, LLC, filed for Chapter 11 bankruptcy protection Saturday. According to court reports, the industrial gaskets and sealing systems company filed for bankruptcy in a North Carolina court.

Garlock apparently was forced into bankruptcy because of a number of asbestos-related personal injury lawsuits. Bankruptcy protection may give the company the opportunity to handle its lawsuits and obligations owed to creditors.

If your company is considering filing for bankruptcy, contact the New Orleans bankruptcy attorneys of Kervin & Young, LLC, at 504-599-5906.

The number of personal bankruptcy filings decreased in May. According to information compiled by the National Bankruptcy Research Center, personal bankruptcies totaled 136,142 last month.

While personal bankruptcies declined 6% from last month, they were 9% greater than the number of filings in May 2009. Many of the personal bankruptcy filings are likely due to the poor economic conditions and the high unemployment.

If you are considering filing for bankruptcy, contact the New Orleans personal bankruptcy attorneys of Kervin & Young, LLC, at 504-599-5906.

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 Kervin & Young, LLC, at 504-599-5906 today to discuss your legal options.

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 Kervin & Young, LLC, at 504-599-5906 today to discuss your legal options.

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 Kervin & Young, 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.