Blossman Bancshares Inc., has announced that they will be filing for Chapter 11 reorganization Bankruptcy as the company tries to sell Central Progressive Bank.

The parent company to CPB are trying to sell the company to First NBC Holding Co. Federal regulators have told CPB that they will be shutting them down next month if they have not yet found a buyer.

As of Thursday, officials with Central Progressive have said that they will remain in business and that deposits made by customers are protected by the federal regulators.

If you or a loved one has been struggling financially, it is important that you discover all of your options in order to determine what is best for you. Contact the New Orleans business bankruptcy lawyers of the Law Office of David D. Kervin by calling 504-599-5906 today.

Southern Montana Electric Generation and Transmission filed for bankruptcy Friday afternoon citing that they had a serious cash flow issue.

A board meeting took place on Friday when multiple board members allegedly walked out because the board protested to seat a new representative. The members that were protested at the meeting said that they did not know that the company was planning to file for bankruptcy.

The company has five co-ops  in southeastern and central Montana and they work to supply power to all of its members. The bankruptcy filing will put a hold on two lawsuits that have been filed by two of its members.

The filing has raised questions about how the company was able to borrow $300 million in order to increase one of their plants to 120 megawatts. The company has said that they are seeking to reorganize under Chapter 11 bankruptcy.

If you or a loved one has been considering bankruptcy, you need experienced representation on your side. Contact the New Orleans Bankruptcy lawyers of the Law Office of David D. Kervin Young Jr. by calling 504-599-5906 today.

Consumer bankruptcy filings decreased seven percent nationwide in April.

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.

Hawaii’s Unity House Inc. filed for Chapter 11 bankruptcy protection on Wednesday.

The famous Honolulu nonprofit filed for Chapter 11 bankruptcy protection to protect its assets and gain time to repay a $5.5 million loan on The Lotus at Diamond Head hotel. The organization needs more time to secure funds to repay the loan, borrowed from MK Pacific LLC.

According to court documents, in pursuing repayment of the loan, MK Pacific LLC filed a foreclosure lawsuit against Unity House and a receiver was appointed in the case last month.

Unity House chairman Jim Boersema told reporters the organization could sell the 51-room Lotus at Diamond Head to help finance its exit from bankruptcy. The hotel is currently undergoing an appraisal.

Court documents show Unity House’s debts are between $1 million and $10 million. The organization listed assets of more than $20 million.

If your business is facing bankruptcy, please contact a New Orleans bankruptcy lawyer of the Law Office of David D. Kervin, Jr. LLC by calling 504-599-5906.

A federal bankruptcy judge is expected to rule Thursday on whether Blockbuster inc. can stay in business or will be liquidated.

The hearing begins at 10:00 a.m. Thursday in bankruptcy court in Manhattan. Among those objecting to Blockbuster’s plans are several movie studies as well as the government’s own bankruptcy-court representative. Summit Entertainment and an official creditors committee say liquidation would help secure repayment for their goods. They are asking U.S. Bankruptcy Judge Burton Lifland to reject a proposed sale of the company for $290 million to senior bondholders.

Blockbuster has asked the judge to approve the proposed sale of the company to New York-based hedge fund Monarch Alternative Capital. Lifland signaled last week however, that the sale process could be in trouble, calling the Monarch-led bid “one of the most aggressive documents that I have seen in my 31 years on the bench.”

If you are facing bankruptcy, please contact a New Orleans Bankruptcy Lawyer of the Law Office of David D. Kervin, Jr., by calling 504-599-5906.

Movie rental company Blockbuster Inc. has been given more time to file its restructuring plan.

The Dallas-based company filed for Chapter 11 bankruptcy protection in September. A regulatory filing with the Securities and Exchange Commission indicates that the company now has until February 4 to file its reorganization plan. The company has previously been granted filing extensions.

Blockbuster is expected to emerge from bankruptcy protection this year under new owners. The company is hoping the bankruptcy process will reduce its debt from nearly $1 billion to around $100 million.

The rental-chain has also begun talks with its bondholders for an additional $200 million to $250 million for use after it leaves bankruptcy protection.

Blockbuster has closed more than 1,000 stores in the past two years and plans to close an additional 182 stores in the next few months.

If your business needs is considering filing for Chapter 11 bankruptcy, please contact the New Orleans bankruptcy attorneys of the law office of the Law Office of David D. Kervin, Jr., LLC, by calling 504-599-5906.

A U.S. bankruptcy judge in New Orleans threw out a financial filing from Direct Marine Services, a Houma Shipyard.

The company was formed in 2008 and filed for bankruptcy in February so that it could reorganize funds under a court supervision. The company claimed that they had debt from 80 creditors owing more than $2.5 million.

The ruling gives the company no protection therefore the investors can now receive there investment. As a part of this, money can now be taken that would have been paid to former employees for unpaid wages. The court said that there was very little to this case.

If you or a loved one has questions about your current financial situation, Contact the New Orleans bankruptcy lawyers of the Law Office of David D. Kervin, Jr., LLC, by calling 504-599-5906 today.

A bankruptcy court has granted Litchfield, Illinois-based sporting goods company Schutt Sports the approval to sell most of its assets to a unit of Platinum Equity LLC.  Kranos Intermediate Holding Corp. is set to purchase the bulk of Schutt Sports’ assets for approximately $33.1 million.

Judge Kevin J. Carey said that he would approve the sale as soon as the companies showed him a final agreement.  This decision follows a complaint by the Rawling Sporting Goods Co., which claimed it was unfairly denied additional bids for Schutt Sports’ assets.

The deal was concluded after 20 hours of auctioning.  Kranos will keep about 400 employees.  Employees in Illinois will be kept for at least 12 months, and employees in Pennsylvania will be kept for at least three.

If you are considering filing for bankruptcy, the New Orleans Chapter 7 bankruptcy attorneys at the Law Offices of the Law Office of David D. Kervin, Jr., LLC, may be able to help.  Contact us today by calling 504-599-5906.

Last week, a U.S. bankruptcy court judge ordered Bank of America Corp to pay around $90 million in interest to Lehman Brothers Holdings Inc in addition to the $501.8 million in deposits that the bank has already been ordered to return.

The ruling comes a scant three weeks after the ruling against Bank of America wherein Judge James Peck found the bank had violated federal law in “brazenly” seizing $500 million of Lehman’s deposits in the summer of 2008.

A spokeswoman for the bank told reporters that they were disappointed with the decision and were considering seeking an appeal.

The court decision is a victory for Lehman as it attempts to repay the hundreds of billions of dollars owed to creditors following its Sept. 15, 2008 bankruptcy.

If you are facing bankruptcy, contact the New Orleans bankruptcy lawyers of the Law Office of David D. Kervin, Jr., LLC by calling 504-599-5906 to discuss your legal situation.

Attorney David Kervin Jr. was interviewed recently in order to discuss why bankruptcy filing may not be the best alternative to have your bank foreclose on the property.

“The more we do this, the more savvy we get at looking at the intangibles of clients’ cases and say, ‘You’re probably not going to last in Chapter 13,’” Kervin told

Chapter 13 bankruptcy occurs when debtors are allowed to reorganize their finances rather than liquidate them. One issue is that most Chapter 13 filings allow debtors three to five years to pay back creditors, but mortgage debt has a longer time frame. Kervin has said that many larger institutions are unwilling to help borrowers catch up and make payments that are smaller.

If you or a loved one has been considering bankruptcy, you need experienced representation on your side during this stressful time. Contact the New Orleans bankruptcy lawyers of the Law Office of David D. Kervin, Jr. by calling 504-599-5906 to discuss your legal situation.