According to an article in Bloomberg, more Americans filed bankruptcy in October than in any month since changes to the U.S. bankruptcy code were put in place in 2005. In the month of October alone, bankruptcy fillings for individuals rose 25 percent from a year earlier to 131,200 filings. And since January 2009, there have [...]
In the Chapter 7 bankruptcy case of Sparks, Jeanette R.; In re, debtor is allowed to keep homestead exemption despite bankruptcy trustee's objection; but is not allowed to exempt $514 held in a mutual fund account. The details of the bankruptcy case: "The 55-year-old, unemployed Chapter 7 debtor owned an interest in her home, which [...]
According to an article in the Star-Telegram, as more business face the possibility of bankruptcy because of falling revenue, retailers around the country are following the marketing trend created by the federal government--"cash for clunkers" type sales gimmicks are being offered for just about any type of product you can imagine. The article said: "Cash [...]
In the Chapter 13 bankruptcy case of Nutter, Gregory W.; In re, the bankruptcy court denied the Chapter 13 debtor's motion to extend the automatic stay.The details of the bankruptcy case: "The Chapter 13 debtor and his wife were self-employed. Together, they filed for bankruptcy five times. Three of the bankruptcies were filed on the [...]
According to an article in the Star-Telegram, credit card lenders such as Bank of America, Chase and Discover have switched many credit card customers from fixed rate credit cards to variable rate credit cards ahead of the new credit card legislation that will limit the credit card industry's ability to increase rates in the future. [...]
According to an article in the Bloomberg, U.S. consumer bankruptcies rose past 1 million during the first nine months of 2009. That's the highest number of bankruptcies since the 2005 changes to bankruptcy laws. The article said: "Personal bankruptcies totaled 1,046,449 for the period, according to the American Bankruptcy Institute and National Bankruptcy Research Center. [...]
According to an article in the Dallas Morning News, the Servicemember's Civil Relief Act (SCRA) provides a wide range of protections for active duty members who may be facing high interest rates on their credit cards. The article said: "The Servicemember's Civil Relief Act provides a wide range of protections for active-duty military members. It's [...]
According to an article in Reuters, credit markets are finally loosening for corporations who have filed Chapter 11 bankruptcy. Many investors are taking a close look at investing in bankruptcy loans given to companies who have filed Chapter 11 bankruptcy as debtors in possession. The article said: "Several fund managers are going to investors for [...]
In the bankruptcy case of Lunkes, William J.; In re, the bankruptcy court denied the debtor a bankruptcy exemption for a trust left by the debtor's father. The details of the bankruptcy case: "In 2002, the debtor's father established a trust. He was the settlor, trustee and beneficiary. The debtor and his four siblings were [...]
According to an article in USA Today, the number of bankruptcy filings since January have reached 954,911, a significant increase from 703,732 in the same period in 2008. The article said: "In August, filings were up 22% compared with August 2008... The housing crisis has caused much of the recent financial distress." The rising number [...]