If you or a loved one are struggling to make payments and feel that you are slipping further and further into debt, it is important that you know all of your options.

One option is debt negotiation, also called debt settlement or credit settlement, and this is a process where the debtor and creditor discuss what a debtor owes and come to an agreement that reduces  the debt and covers the payment in full.

The consumer makes monthly payments and the goal is that the creditor  agrees to allow a lesser payment instead of going through the process of foreclosure or repossession.

Although some individuals negotiate with creditors themselves, some find that creditors do not take them seriously. If you or a loved one are looking for representation to help you settle your debt, contact the New Orleans debt negotiation lawyers of the Law Office of David D. Kervin, Jr, by calling 504-599-5906.

A judge on Thursday said Borders Group Inc. could auction itself off to liquidators.

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.

Lawmakers in Harrisburg, Pennsylvania are at odds over whether Chapter 9 municipal bankruptcy is the right option for the indebted state capital.

A team of state-appointed advisors has recommended against bankruptcy, suggesting instead a rescue plan that would sell an incinerator at the root of the city’s fiscal problems. The Harrisburg City Council has until July 23 to adopt the rescue plan, which also calls for renegotiating labor deals and cutting jobs. The city council requested on Wednesday that Mayor Linda Thompson prepare for bankruptcy as a last resort.

The Pennsylvania legislature is debating a bill that would create a management board with full power to implement the Act 47 rescue plan if the council does not approve.

Pennsylvania’s Act 47 law mandates that financially faltering cities implement plans to ward off Chapter 9 filings.

If you are struggling with debt, please contact a New Orleans debt negotiation lawyer of the Law Office of David D. Kervin, Jr. by calling 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 the Law Office of David D. Kervin, Jr., LLC, at 504-599-5906 today to discuss your legal options.

Six Flags Inc., the New York City-based operator of the amusement parks of the same name, announced their emergence from Chapter 11 bankruptcy Monday.

The company originally filed for Chapter 11 bankruptcy in June 2009, citing an inability to refinance its heavy debt burden, which amounted to about $2.4 billion.

Six Flags Inc. will now be known as Six Flags Entertainment Corp., in cooperation with $725 million in equity from a new shareholders group headed by Stark Investments of St. Francis.

“This reorganization constitutes the final step in the repositioning of Six Flags globally,” Six Flags St. Louis Park president David Roemer said in a statement. “While the day-to-day operations of our park were never impacted, it’s very exciting to envision a future that will allow us to rapidly grow and expand the array of services and entertainment for every single guest.”

“Investing in the infrastructure of our park will also remain a top priority,” he said. “For Six Flags St. Louis, that means continuing to improve and upgrade all elements of the park and planning for new rides, attractions and special events over the next several years, including of course our highly anticipated 50th anniversary season in 2011.”

These large businesses are only able to emerge from bankruptcy due to the skilled handling of their financial and legal needs. If you are facing financial difficulty or looking for information on filing for bankruptcy, contact the New Orleans bankruptcy attorneys of the Law Office of David D. Kervin, Jr., LLC, at 504-599-5906.