Have you ever wondered what life would be like in America without our modern bankruptcy system? Well, unfortunately for the citizens of the Philippines, life without a modern bankruptcy system has proven disastrous. "The lack of a modern insolvency legislation caused untold damage to our economy. Mere liquidity problems nearly spelled the death knell for [...]
Mortgages backed by the Federal Housing Administration are literally draining the agency of its cash reserves. The number of FHA foreclosures has increased 26 percent within the past year and at least 9.1 percent of FHA borrowers are at least 3 payments delinquent on their mortgage payments as of December. The problems are rooted in [...]
President Obama's State of The Union speech, addressed many issues facing Americans today. One of those issues was the need of America's banking institutions to repay the American taxpayer for bailing them out of their self created financial mess when many of them were facing the possibility of liquidation in bankruptcy. The President said: So [...]
Wal-Mart Stores, Inc. is implementing 11,200 job losses at its Sam's Club warehouses in an effort to stop financial losses being experienced by the discount grocery chain. Approximately 1,200 of those job losses will be in Texas. The cuts represent about 10 percent of the warehouse club operator's 110,000 staffers across its 600 stores. That [...]
Commercial real estate foreclosures may be poised to be a major Achilles heel for the financial recovery we all hope to see. Many commercial real estate properties are losing serious value and tenants causing a jittery reaction of commercial real estate lenders. It's becoming a common headline to hear about some "poor" real estate developer [...]
Rising inflation and stagnant pensions and retirement incomes are leaving many senior citizens vulnerable to financial troubles. More senior citizens are facing foreclosure, loan defaults on credit cards and significant reductions in their standard of living. The result is that many more are deciding to file bankruptcy so that they can survive and thrive in [...]
One of Dallas' oldest skyscrapers, the 52-story Elm Place tower at 1401 Elm Street, is closing down due to a foreclosure and an extremely low occupancy rate. [Guerrino] Savio [who represents the owners] said occupancy in the office tower had fallen to about 20 percent last year and has recently gone even lower. "It got [...]
At the end of 2009 we heard many commentators celebrate the ending of the recession and the arrival of a new year that would bring lower unemployment and more economic activity. However, the real indicators are pointing to more job losses and the possibility of more personal and business bankruptcy filings in 2010. Numbers for [...]
More than 5.7 percent of Dallas-Fort Worth homeowners are more than 90 days delinquent on their mortgage and facing a possible foreclosure. Plus, another 1.41 percent of Dallas-Fort Worth homeowners are already in foreclosure. The irony of this is that we are constantly being told that the recession is clearing and that things are getting [...]
Muzak Holding LLC a music and entertainment company which provides background music in stores, hotels and elevators just received approval of its Chapter 11 bankruptcy reorganization plan and hopes to exit Chapter 11 bankruptcy in late January. The company, which filed for bankruptcy protection in February to restructure maturing debt, was able to slash its [...]