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.

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.

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.

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 Kervin & Young, LLC, at 504-599-5906.

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 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.

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.

The bankruptcy process often begins when filers meet with their bankruptcy attorneys. These attorneys will often help filers prepare their financial records and any other documents that may be needed for a filing.

Once these documents are in order, the potential filers will take the means test, which will determine their eligibility. If they are eligible, individuals will file a bankruptcy petition and obtain an automatic stay.

For the next few months, creditors will be notified, and some the filers debts will be discharged. This timeline, however, could vary depending on various legal contingencies.

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

Bankruptcy fraud is the use of deceptive means to conceal assets or liabilities during a bankruptcy filing. The fraud is often used as a way to secure  the benefits of bankruptcy protection,  while  still maintaining certain  assets.

Executives will often engage in bankruptcy fraud by using a number of different strategies. These strategies could include mistating assets or liabilities, temporarily transferring assets to a third party, or creating concealed subsidiaries to hold  the  assets.

If you have questions about bankruptcy fraud, contact the New Orleans bankruptcy lawyers of Kervin & Young at 504-599-5906.