Archive for 'Bankruptcy News'

The Reader’s Digest Association Inc., has reached an agreement with its lenders on a restructuring plan that it will most likely complete under a prepackaged bankruptcy filing. This will take place in order to reduce its debt.
The company also did not to make a $27 million interest payment due Monday. It said it would use the 30-day grace period available to continue discussions with its lenders.
If under the restructuring deal, the company’s senior secured lenders will exchange a ...

The One and a quarter million personal bankruptcy filings in the past twelve months is a 34 percent increase from the year before. The Washington Post reports the figures released Thursday by the Administrative Office of the U.S. Courts.

This year’s bankruptcies are expected to be the highest since 2005 when bankruptcy reform laws seemed to usher in a great number of bankruptcies. The 126,434 consumers that filed for bankruptcy protection in July is the highest month since 2005.

The economy ...

The parent company of Bailey Banks & Biddle Jewelry store chain and operator of several jewelry store departments in many department stores including The Bon Ton and some divisions of Macy’s has filed for Bankruptcy protection.

Pittsburgh Business Times reported the Chapter 11 filing for Finlay Enterprises, Inc. On August 6, 2009.

The Associated Press has highlighted the efforts of Rev. John Lasseigne of Mary Immaculate Church of Pacoima, CA. One goal he has for his parishioner is more down-to-earth – saving homes. One in nine homes in this area us up for foreclosure.
Lasseigne graduated from law school prior to attending seminary. This has assisted him in reading contracts, renegotiating mortgages, and lobbying politicians on behalf of his parish. Many churches have helped during the recession with soup kitchens, credit ...

With unemployment at 9.5 percent the Chicago Tribune says bankruptcy filings are the highest they have been since October 2005. This is when Congress passed the Bankruptcy Prevention and Consumer Protection Act when into affect. These measures have not stopped recent filings.
Americans are falling deeper in debt which has driven the nationwide filings for July 2009 up 34 percent higher than the same month last year.

Twenty-five mortgage company executives have pledged to the Obama administration to improve efforts to assist those in danger of foreclosure according to the Associated Press.
The Treasury Department reached a verbal agreement with the mortgage executives for a goal of 500,000 loan modifications by Nov. 1. Treasury Secretary, Timothy Geithner said this is an opportunity to accelerate the program and bring relief faster.

Diana Parsons graduated from the University of Wisconsin and she has still not found a full-time job reports the New York Times. Is this a result of the economy? Actually Ms. Parsons, 21, is jobless by choice. She turned down two jobs because one would require her to relocate and the other required her to work nights.
May college career advisers are noticing that new graduates do not seem to comprehend the economic challenges facing the country was stated ...

The Star Telegram reports that married couples report 30% more stress than their unmarried counterparts when searching for jobs. Those individuals 35-44 showed the highest rates of stress. Debt and unemployment are the leading cause of stress in the US. Those facing job loss, foreclosure, and high debt may want to consider looking into bankruptcy.

Many people are faced with mounting medical bills states the Chicago Tribune. As many as 60% of bankruptcy cases are related to medical bills. These individuals typically fall into three categories. They have lost their job and benefits, many have insurance but not enough, and a number of young people think they didn’t need health insurance.
Dallas resident Kenny Jacobs is one of these individuals. He has skin cancer and is now bankrupt. His diagnosis came after losing his ...