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.

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.

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.

Tropicana Entertainment Inc. successfully emerged from bankruptcy earlier this week. According to a company press release, the company underwent the Chapter 11 reorganization process.

The reorganization plan included eliminating about $2.5 billion of debt and renewing its gaming license in five states. The bankruptcy filing was the result of the poor commercial credit market and other factors related to the recent recession.

If your company is considering filing for Chapter 11 bankruptcy, contact the New Orleans Chapter 11 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.

Many individuals who file for bankruptcy fear that they will lose their homes. Bankruptcy, however, affords individuals with many protections including the assurance that they can keep their home.

This assurance is usually dependent on whether individuals continue to make mortgage payments. If individuals start missing payments, then the court may give the bank permission to foreclose.

If you have considered filing for bankruptcy, contact the New Orleans personal 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.