Chapter 7 bankruptcy is an opportunity for a debtor to emerge out of a financial crisis relatively quickly.

The Chapter 7 bankruptcy code allows all non-exempt property of the debtor to be sold, with the proceeds going to creditors. Typically, individuals filing for Chapter 7 bankruptcy have little or no assets to lose. Chapter 7 bankruptcy is also known as bankruptcy liquidation, which means converting assets into money. Chapter 7 accounts for approximately 65 percent of all Consumer Bankruptcy filings.

Under Chapter 7 a trustee is appointed who works to collect all non-exempt property of the debtor, sell the assets, and distribute the proceeds to the appropriate creditors. Unlike other types of bankruptcy, a debtor need not pay a trustee under Chapter 7 bankruptcy.

If you would like to learn more about Chapter 7 bankruptcy liquidation, please contact a New Orleans Chapter 7 Bankruptcy Attorney of the Law Office of David D. Kervin, Jr., LLC, by calling 504-599-5906.

Four sports apparel manufacturing executives in Las Vegas have filed for Chapter 7 Bankrutpcy.

According to court documents, Jeff Newman, Lucy Newman, David Timothy Reichert, and Kenneth Robert West filed Chapter 7 personal bankruptcy after the sale of their business, SFC USA Inc., resulted in acrimonious litigation with the buyer. SFC USA was a locally-owned embroidery and printing company in Las Vegas that was open for nearly 40 years.

The company was to be sold to LaSalle Capital Group L.P., a Chicago based hedge fund. Seven months after the sale, SFC executives filed a lawsuit claiming LaSalle had mismanaged the business and failed to fulfill financial obligations. The litigation lasted more than six years and the lawsuit was eventually dismissed.

All four former-SFC executives cited mounting legal fees as the reason for their bankruptcy filings.

If you are considering bankruptcy, please contact the New Orleans Chapter 7 Bankruptcy Lawyers of the Law Office of David D. Kervin, Jr., LLC, at 504-599-5906.

Nationwide bankruptcy filings reached their highest levels of the last five years between April and June, according to government data released last Wednesday. This represented an increase of 11 percent from the same time period in 2009.

422,061 bankruptcy filings were reported during that time period this year as opposed to 381,073 during the same time frame in 2009. Filings between January and March of this year numbered 388,148.

Quarterly filings have not exceeded 400,000 since a record 667,431 were filed in the fourth quarter of 2005.

Consumer bankruptcies jumped 21 percent, to 1.51 million, from the same time last year.

If you find yourself in this unfortunate position, contact the New Orleans Chapter 7 bankruptcy lawyers of The Law Offices of the Law Office of David D. Kervin, Jr., LLC at 504-599-5906 as soon as possible to discuss your financial options.

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 the Law Office of David D. Kervin, Jr., LLC, at 504-599-5906.