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.

General contractor Brian M. Marshall, who has founded companies such as Fireline Restoration Inc., its successor Initech Restoration Inc., Marshall Aviation LLC, Marshall Investments LLC, and several others, has requested that his latest bankruptcies be dismissed or converted to liquidation under Chapter 7 following a $691,000 loss in equity by Initech.

Marshall has been trying to pay off debts since November of last year, when the Securities and Exchange Commission’s reported that Marshall had created a “fantasy land of fraud” to increase share prices for his various companies. Branch Banking & Trust Co., one of his many lenders, has filed lawsuits to seize real estate and property of Marshall’s amounting to the $21 million he owes in loans. Court records show that BB&T has seized a 45-foot SeaRay and is looking to repossess several of his houses and a Porsche, Ferrari, Bentley, and Land Rover. Marshall’s Gulfstream jet was repossessed by another lender last year.

If you need legal advice regarding filing for Chapter 13 or Chapter 7 bankruptcy, and want to know how to prevent repossession of your property,  contact the New Orleans bankruptcy attorneys of Kervin & Young, LLC, at 504-599-5906.

Newspaper publisher Tribune Co. announced Thursday that it has reached an agreement that will clear the way for the company to file a bankruptcy reorganization plan.

Tribuen Co. publishes the Lost Angeles Times, Chicago Tribune, Baltimore Sun and other newspapers. Tribune Co. has been in Chapter 11 protection since December 2008. Tribune creditors that stand to take losses in the case have filed complaints saying the company and lenders knew the $8.3 billion leveraged buyout would pitch the company into insolvency by piling on too much debt.

Tribune announced Thursday that is has come to an accord with one such lender, Centerbridge Partners. Centerbridge holds 37 percent of Tribune’s outstanding bond debt, and would get a 7.4 percent stake in the company, paid in a combination of cash, stock and debt if the court approves Tribune’s plan. The company announced that two other creditors, J.P. Morgan and Angelo, Gordon & Co., stand to take over a 91 percent stake in the company under the plan, and have agreed to the settlement.

If you need legal counsel in regards to personal finances or are seeking advice when it comes to filing for Chapter 13 or Chapter 7 bankruptcy, contact the New Orleans bankruptcy attorneys of Kervin & Young, LLC, at 504-599-5906.

Former NBA Superstar Derrick Coleman has filed for bankruptcy.

According to court documents, the former Detroit Pistons player is over $4.7 million in debt. Coleman listed $1 million in assets, including a $50,000 Bentley automobile, five fur coats, and his $168,000 home in suburban Beverly Hills.

In the bankruptcy filing, Coleman says he plans to surrender other properties he owns. The ex-basketball player was forced to close his upscale ‘Sweet Georgia Brown’ restaurant in downtown Detroit because he was unable to pay rent. In the bankruptcy petition, Coleman blamed the poor economy for the restaurant’s failure.

Coleman has been named in a lawsuit filed by the Detroit Economic Growth Corporation, claiming he defaulted a $200,000 loan on another business venture.

If you need legal counsel in regards to personal finances or are seeking advice when it comes to filing for Chapter 13 or Chapter 7 bankruptcy, contact the New Orleans bankruptcy attorneys of Kervin & Young, LLC, at 504-599-5906.

When individuals file for bankruptcy, they often are unsure how long they will have to repay their debts. In some cases, their debts will be discharged, and they will not be forced to repay these debts.

For debts that individuals are required to pay, they typically have between 36 and 60 months to repay their debts. The length of time for debt repayment usually depends on the type of bankruptcy filing.

If you or anyone has considered filing for bankruptcy, contact the New Orleans bankruptcy attorneys of Kervin & Young, LLC, at 504-599-5906.

The owner of New Orleans-area shopping malls Oakwood Mall and Rivercenter Mall is working to exit it’s Chapter 11 bankruptcy and is considering buyout offers within the next four months. Because the malls are not under-performing, they may be an attractive investment for an investor that can afford to purchase them and successfully manage them.

Bankruptcy proceedings can be a difficult process if you do not have experienced representation on your side. For help with a Chapter 7, Chapter 11, or Chapter 13 bankruptcy filing, contact the New Orleans bankruptcy lawyers of Kervin Young at 504-599-5906 today.

When individuals file for bankruptcy, they often receive immediate relief from certain types of hardships. These hardships can include excessive debts and harassing phone calls from creditors.

The bankruptcy filing will also stop car dealerships from repossessing their vehicle and stopping banks from foreclosing on their homes. In many cases, a filing will put a halt on any wage garnishments.

If you have questions about filing for bankruptcy, contact the New Orleans bankruptcy attorneys of New Orleans bankruptcy attorneys of Kervin & Young, LLC, at 504-599-5906.

When individuals file for bankruptcy, they are sometimes worried about the fees associated with bankruptcy. In most cases, filers will only need to pay the initial filing fee.

After this fee is paid, a filer’s expenses are typically confined to lawyer fees. However, if the filer chooses to convert a Chapter 13 to a Chapter 7 bankruptcy.

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

When individuals file for Chapter 13 bankruptcy protection, they often are required to repay a number of their debts. The length of time for repaying these debts is usually capped at 60 months.

If individuals need more time to pay, they typically have a number of options. One, they could try to negotiate with their creditors and formulate a new payment plan. If they cannot come up with a new plan, these debtors may be forced to file for Chapter 7.

If you or anyone you know is considering filing for Chapter 13, contact the New Orleans Chapter 13 bankruptcy attorneys of New Orleans bankruptcy attorneys of Kervin & Young, LLC, at 504-599-5906.