The House Judiciary Committee has approved a bankruptcy reform bill that will allow bankruptcy judges to modify mortgages for people facing foreclosure .The bill's sponsor, Democratic Rep. John Conyers Jr. spoke of the importance of the bankruptcy reform: "We have block after block of "for sale" and foreclosure signs - feeding off each other, driving [...]
According to an article in the Dallas Morning News, over 24 homebuilders have essentially shut down and are facing bankruptcy because they don't have the funding to continue operations. Many buyers and otherwise healthy companies are being caught in the whirlwind of bankruptcy, foreclosures and credit contraction sweeping the country.Many may think this is just [...]
President Obama and his administration have updated the White House website and included their position on bankruptcy changes. The site says that President Obama wants to: Reform Corporate Bankruptcy Laws to Protect Workers and Retirees: Current bankruptcy laws protect banks before workers. Obama and Biden will protect pensions by putting promises to workers higher on [...]
U.S. Circuit Court of Appeals ruled in Hersh v. United States, No. 07-10226 that attorneys are included in the bankruptcy section 101(12A)'s definition of "debt relief agency" and that Section 527(b)'s disclosure requirements regarding advice to incur debt before bankruptcy are constitutional. The court's recent action reversed a lower court's ruling that the bankruptcy section [...]
What's rarely being talked about is how the credit card companies are at risk of going bankrupt. Many may applaud; but I say not so fast. Most of these credit card companies have created or are linked to banks, hire large numbers of employees and their "credit" (your debt) is bundled and sold to Wall [...]
According to an article in the Star-Telegram , the opening of a new school in the Crowley district is on hold indefinitely. Basically there isn't enough money to open the school and pay for the teachers and other school staff needed. The article said: "Driving by those buildings every day is a painful reminder of [...]
Senator Dick Durbin (D, IL) introduced S. 61, the " Helping Families Save Their Homes in Bankruptcy Act " to congress this week. Other congressman such as Rep. John Conyers (D, MI), chairman of the House Judiciary Committee and Rep. Brad Miller (D, NC) will also introduce legislation to congress supporting loan modification in bankruptcy [...]
According to a report released by Foresight Analytics LLC and Trepp LLC a record number of commercial real estate loans are coming due in Texas and nationwide within the next three years. These loans must either be paid in full, renewed or refinanced. But with the freeze on lending many malls, offices, warehouses and other [...]
According to a Federal Reserve report, household debt decreased at an annual rate of .75 percent during July, August and September 2008. Consumer debt fell from $13.94 trillion to $13.91 trillion within a 3-month period. This is the first time consumer debt declined during a 3-month period since the Federal Reserve began tracking consumer debt [...]
The Associated Press reports that Toyota's U.S. car sales fell to their lowest point in more than 26 years as Americans reign in their budgets and battle job losses and the difficulty of finding car loans. Also, many consumers in the Dallas-Fort Worth area are delaying big purchases such as buying a new car and [...]