Reed's Bankruptcy Blog

Ford Bankruptcy A Better Deal?

Reed Allmand — Wed, 11 Nov 2009 19:36:39 +0000

According to an article in the Star-Telegram, workers have rejected contract changes that would have allowed Ford Motor Co. to cut labor costs and remain competitive with Chrysler and GM, both of which recently emerged from bankruptcy. The article said: “Ford sought the deal to bring its labor costs in line with Chrysler Group LLC. and General [...] Related posts:

Credit Union Credit Cards Vs. Bank Credit Cards

Reed Allmand — Wed, 11 Nov 2009 17:46:28 +0000

According to an article in Forbes, as study conducted by the Pew Charitable Trust found that credit cards offered by credit unions may offer lower rates and cheaper fees than their bank issued counterparts. The article said: “The study found that the median advertised interest rates for credit cards issued by the nation’s 12 largest credit unions [...] Related posts:

Retailers May Take A Hit With CIT Chapter 11 Bankruptcy

Reed Allmand — Tue, 10 Nov 2009 21:00:15 +0000

According to an article in the Star-Telegram, CIT Group’s Chapter 11 bankruptcy is a source of angst for the nation’s small and mid-sized retailers, many of whom rely on the lender for credit. CIT Group insists that its bankruptcy will not cause disruptions for the already instable retail industry which has watched revenues drop since [...] Related posts:

Goldman Sachs New Subprime Player In Foreclosure Crisis

Reed Allmand — Tue, 10 Nov 2009 19:00:07 +0000

According to an article in the Star-Telegram, the Goldman Sachs Group which is now the owners of thousands of subprime mortgages facing foreclosure is finding itself battling homeowners in bankruptcy court. The article said: “Goldman spent years buying hundreds of thousands of subprime mortgages, many of them from some of the more unsavory lenders in the business, [...] Related posts:

Senate Reaches Compromise On Home Buyer Tax Credit Extension

Reed Allmand — Mon, 09 Nov 2009 18:00:47 +0000

According to an article in the Star-Telegram, the Senate reached a compromise on extending the $8,000 tax credit for first-time home buyers which was devised to combat the effects of the foreclosure crisis. The article said: “Under the Senate compromise, buyers must have sales agreements in hand by April 30, but they will have until June 30 [...] Related posts:

Historic Ridglea Theatre Avoids Foreclosure In Bankruptcy

Reed Allmand — Mon, 09 Nov 2009 16:00:04 +0000

According to an article in the Star-Telegram, a federal bankruptcy judge approved the sale of the historic Ridglea Theater to FixFunding through a process called “deed in lieu of foreclosure.” Using the “deed in lieu of foreclosure” process will allow the debtor to return the property to the lender, avoid foreclosure and escape the loan [...] Related posts:

Debtor Accused Of Bankruptcy Fraud Faces Fine And Imprisonment

Reed Allmand — Mon, 09 Nov 2009 14:11:59 +0000

According to a report released by the FBI, Anthony Randall Simmons a 44 year old debtor who filed for bankruptcy has been charged with bankruptcy fraud. Federal authorities stated that Simmons filed bankruptcy and attempted to defraud the system by concealing assets that he should have disclosed. Specifically, Simmons allegedly failed to report $95,000 he [...] Related posts:

American Airlines Workers Suffer Job Losses

Reed Allmand — Sat, 07 Nov 2009 16:00:51 +0000

According to an article in the Star-Telegram, American Airlines has cut its fleet from 900 planes to 600. Because it has fewer planes, the company announced 700 job losses and the closure of its Kansas City maintenance base. The job losses will affect mechanics, engineers, management as well as union and non-union workers. No job [...] Related posts:

Fannie Mae Offers Homeowners Facing Foreclosure An “Opportunity” To Rent Not Own?

Reed Allmand — Fri, 06 Nov 2009 23:05:12 +0000

According to an article in the Star-Telegram, Fannie Mae is offering homeowners facing foreclosure the option of leasing their home instead of going through the foreclosure process. The article said: “The government-controlled company, through its new “Deed for Lease” program, will allow borrowers to transfer ownership to Fannie Mae and sign a one-year lease, with month-to-month extensions [...] Related posts:

Foreclosure Crisis Headed To A Mall Near You?

Reed Allmand — Fri, 06 Nov 2009 21:30:38 +0000

Have you noticed the commercial centers near you growing a little quieter lately? If so, you’re not alone. Commercial real estate nationwide has taken a beating that has many experts fearing the worse. Vacancy rates have soared while rents have hit rock bottom. And many property owners are struggling to avoid foreclosure. Some have even [...] Related posts:

Bankruptcy Filings Hit Record Levels

Reed Allmand — Fri, 06 Nov 2009 20:10:46 +0000

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 [...] Related posts:

Benefits of Chapter 13 Bankruptcy

Reed Allmand — Fri, 06 Nov 2009 19:30:40 +0000

Most debtors considering bankruptcy hope that they will qualify for Chapter 7 bankruptcy; but if they don’t they can become very disappointed. If you are unable to qualify for Chapter 7 bankruptcy, don’t despair. Although discharging all of your debt in Chapter 7 bankruptcy has it benefits, Chapter 13 bankruptcy also offers its own set [...] Related posts:

Free Foreclosure Prevention Workshop Saturday November 7th

Reed Allmand — Fri, 06 Nov 2009 18:30:02 +0000

The Star-Telegram has announced a free foreclosure prevention workshop. Date: Saturday, November 7, 2009. Time: 9am – 2pm Location: Dallas Convention Center, 650 S. Griffin St. The workshop is designed to help homeowners facing foreclosure discover their options for preventing foreclosure. Homeowners will also have an opportunity to meet with their mortgage servicing company and/or a housing counselor to [...] Related posts:

Will CIT Group Survive Chapter 11 Bankruptcy?

Reed Allmand — Fri, 06 Nov 2009 18:00:32 +0000

After filing Chapter 11 bankruptcy on Sunday, CIT Group is hoping that it will fair better than previous financial companies who have filed bankruptcy. According to an article in the Star-Telegram, most financial companies who file for bankruptcy are usually liquidated or sold. The article said: “But the real test will come from CIT customers, who could [...] Related posts:

Co-Signers And Chapter 13 Bankruptcy

Reed Allmand — Fri, 06 Nov 2009 17:15:26 +0000

Do you have a secured loan with a co-signer? When you file Chapter 13 bankruptcy there are a few ways that you can minimize or even eliminate future creditor actions against your non-filing co-signer. Here are your options: You can return the property to the lender. For example, if you and [...] Related posts:

Super 88 LLC Files Chapter 11 Bankruptcy

Reed Allmand — Fri, 06 Nov 2009 17:05:54 +0000

According to an article in the Business Journal, Super 88 LLC, an operator of Asian supermarkets filed for Chapter 11 bankruptcy on Monday after a deal to sell the chain was derailed by two other parties claiming to have deals to buy individual stores. Because the deal to sale the company did not go forward, [...] Related posts:

How To Plan Your Bankruptcy

Reed Allmand — Fri, 06 Nov 2009 16:10:00 +0000

When debtors consider filing bankruptcy, they need to make sure that they plan carefully and work with a qualified bankruptcy attorney to make sure they are doing everything within the law. Here’s what you should do to prepare for your bankruptcy: Gather all of your financial documents. That includes pay stubs, creditor [...] Related posts:

Pending Expiration Of Tax Credit Causes Home Sales To Slow

Reed Allmand — Fri, 06 Nov 2009 14:58:55 +0000

According to an article in the Dallas Morning News, the Commerce Department reported that new home sales have dropped in September by 3.6 percent. Some analysts expect that the drop off in sales is a result of potential homebuyers delaying their decision to buy a home due to the expiring tax credit which will end [...] Related posts:

Duplicate Title With Errors Not Voided In Bankruptcy If Original Is Correct

Reed Allmand — Fri, 06 Nov 2009 01:00:12 +0000

In the bankruptcy case of Hartline, James M. and Heather K.; In re the bankruptcy court ruled against the bankruptcy trustee who wanted to avoid a credit’s lien due to administrative errors. The details of the bankruptcy case: The debtor-husband purchased a motor vehicle on Nov. 18, 2006. The purchase was financed by the defendant who applied [...] Related posts:

The Over-55 Crowd is the Most Likely to File for Bankruptcy

Reed Allmand — Thu, 05 Nov 2009 23:00:36 +0000

The recession has been hard on retirees for a number of different reasons, but at least they have a good option to turn to. According to an article in Newsweek, the “over-55 crowd” is now the most likely to file for bankruptcy. A confluence of events lead to this, and here are some of the causes: [...] Related posts: