According to the American Bankruptcy Institute, the number of consumer bankruptcy has fallen 17 percent from 130, 329 to 108,517. This number is also down 10 percent from where they were at the start of the year.

The report has been based on data calculated by the National Research Center. From August to September, the number of consumer bankruptcies fell by 4 percent. Although these numbers have decreased there are still concerns with the U.S unemployment rate.

If you or a loved one has been struggling with debt, you need representation on your side that can explain all of your options and make this time less stressful. Contact the New Orleans bankruptcy lawyers of the Law Office of David D. Kervin, Jr. by calling 504-599-5906 today.

According to U.S. Bankruptcy Court documents,  the orchestra’s Chapter 11 proceeding had produced $2.4 million in expenses and fees to outside forms and consultants by the end of June. With months remaining in the Chapter 11 process, the cost of the proceedings is closing in on the $2.9 million the association once forecast for the entire process.

“The $2.9 million projection referenced in the most recent draft of the strategic plan reflects only bankruptcy-related professional fees and was based on an estimate of reasonable progress in the case,” orchestra spokesman Matt Broscious wrote in an email. “There are any number of factors and costs . . . The orchestra does not plan on issuing a revised projection for costs of reorganization until sometime in early fall. With the goal to provide ongoing financial sustainability for the orchestra, the bankruptcy process represents a set of onetime, short-time costs that will help us do that.”

The largest invoice to date comes from the orchestra’s bankruptcy lawyers, who have so far billed $1.05 million. The invoice shows billable hours by 12 lawyers and two paralegals. The second-largest invoice comes from the association’s bankruptcy adviser, with a total of $833,365.

If your business needs assistance with bankruptcy litigation, please contact the New Orleans Business Bankruptcy Litigation Attorneys of the Law Office of David D. Kervin, Jr. by calling 504-599-5906.

Judge Martin Glenn of U.S. Bankruptcy Court in Manhattan approved procedures for an auction of Borders, which will occur if any parties decide to challenge a bid by liquidators led by Gordon Brothers Group and Hilco Merchant Resources. Borders on Thursday said it hoped the private equity firm Najafi Cos. Or other parties will come forward with a bid that would keep the company in business.

Najafi’s Direct Brands offered $215.1 million for Borders’ assets and would have assumed about $220 million in liabilities. Borders on Wednesday however, named the liquidators as the new “stalking horse” bidder for next week’s auction amid concerns from creditors that the liquidators’ bid was better than Najafi’s in the event that the company had to be liquidated.

If you need assistance with bankruptcy proceedings, please contact the New Orleans Debt Negotiation Attorneys of the Law Office of David D. Kervin, Jr., LLC, by calling 504-599-5906.

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.

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.

According to a reorganization plan filed Monday, the Medford, Oregon-based company will be able to convert all of its $200 million in outstanding notes into equity and raise $55 million in equity financing after it emerges from Chapter 11. The equity financing will be used to pay down debt.

The company entered Chapter 11 bankruptcy protection in March after struggling to remain afloat during the recession. Harold & David said the reorganization plan has the support of its official committee of unsecured creditors and about 81 percent of the company’s noteholders.

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

According to court documents, the organization filed a petition in federal bankruptcy court on Tuesday. The orchestra listed $327,000 in assets and almost $4 million in liabilities.

According to the petition, the organization’s main creditor is M&T Bank, which is owed about $545,000. The bank has a lien on donated artwork and vinyl records as well as music library holdings. The orchestra listed 559 other nonpriority claims in the petition. Every individual left with an unused ticket was named in the filing.

The organization’s list of assets includes a Yamaha piano worth $12,000 and a $3,000 truck.

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

According to a new report from the American Bankruptcy Institute using data from the National Bankruptcy Research Center, overall consumer bankruptcy filing total for April reached 134,720, down from 144,490 filings in April 2010. Last month’s filings also represented a seven percent decrease from the previous month; March saw 144,657 consumer bankruptcy totals.

The percentage of Chapter 13 bankruptcy filings for April remained unchanged from March.
“As consumer debt levels fall and families continue to shore up their finances, bankruptcy filings will continue to drop as well,” said Samuel J. Gerdano, Executive Director of the American Bankruptcy Institute. “Consumer bankruptcies for 2011 will likely dip below the 1.5 million filings recorded last year.”

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

According to court documents, the Philadelphia Orchestra was facing a $14.5 million shortfall on a $46 million budget. Orchestra Chairman Richard Worley said the symphony would run out of money by June. A hearing before U.S. Bankruptcy Judge Eric L. Frank last week allowed the orchestra to reorganize its finances without cancelling the concert season.

The orchestra has not outstanding debt and an endowment of $140 million. The endowment funds are restricted by various donors for specific uses, or to be held solely for interest income, making the funds off limit for general operating expenses. In the bankruptcy petition, Worley blamed the economic recession and an “increasingly crowded entertainment market” for the filing.

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

According to court documents, the satellite television provider will pay $320.6 million for the Dallas-based movie rental chain. The transaction is expected to close by April 25, but could be extended to May 5. Blockbuster’s senior secured note holders will receive about $162 million, or 26 cents on the dollar.

The company’s senior secured note holders include billionaire investor Carl Icahn and hedge fund Monarch Alternative Capital LP.

Funds will also go to film studios and to cover administrative fees and taxes. Unsecured debt holders and share holders will not receive anything.

In a statement Thursday, Blockbuster chairman and CEO Jim Keyes called the bankruptcy sale to Dish Network an “important milestone in the ongoing transformation of Blockbuster.”

If your company is facing bankruptcy, please contact the New Orleans Bankruptcy Attorneys of the Law Office of David D. Kervin, Jr., by calling 504-599-5906.