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.

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.

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.

RealtyTrac Inc., a California-based financial tracking firm, reported last week that one in 465 homes in the Houston, TX, area had been foreclosed on in March. This number represents a 29 percent increase from foreclosure numbers in February and a 53 percent increase from March of 2009.

Nationwide numbers follow the same trend. One in 352 homes across the United States received a foreclosure filing in March. These 367,056 properties denote a 20 percent increase compared to February’s foreclosures and an 8 percent increase compared to March last year. RealtyTrac’s U.S. Foreclosure Market Report states that this is the largest number of foreclosures they have tracked since January of 2005.

“Foreclosure activity in the first quarter of 2010 followed a very similar pattern to what we saw in the first quarter of 2009: A shallow trough in January and February followed by a substantial spike in March,” said James Saccacio, chief executive officer of RealtyTrac.

This substantial spike in March has been represented by the final stages of foreclosures in previous years. This year the spike is represented by an aberrant 9 percent quarterly increase in bank repossessions as opposed to the 13 percent quarterly decrease in repossessions seen at this time in previous years.

If you are facing the prospect of a foreclosure filing and need financial advice and legal counsel in how to proceed with a bankruptcy filing, call the New Orleans foreclosure 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.

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.