Bankruptcy Blog

A recent press release issued by RealtyTrac, a national database for foreclosed properties, said recently that if foreclosure filings continue on their current pace, one million homeowners will lose their homes in 2008, up from 400,000 in 2007.
Recent economic news leaves little doubt that more foreclosures are likely this year. Trouble in the credit markets [...]

Bad economic news abounds these days. The financial markets in New York are in crisis. Lending sources are drying up. Foreclosure rates are higher than any time since the Great Depression. More and more consumers and businesses are seeking bankruptcy protection in federal courts as they struggle to make payments on the record amount of [...]

The Jefferson County Commission in Alabama has told its attorneys to prepare a bankruptcy filing in case it cannot reach an agreement on how to escape from the county’s over $3 billion of bond debt.
The county, which includes Alabama’s largest city, Birmingham, is prepared to file Chapter 9 Bankruptcy if it cannot reach an agreement [...]

A settlement reached between Countrywide Financial Corp. and a bankruptcy trustee in Western Pennsylvania could affect an investigation into the company’s mishandling of payments from bankruptcy trustees across the country.
Roberta DeAngelis, acting U.S. Bankruptcy Court Trustee for Delaware, New Jersey and Pennsylvania, filed court papers asking to modify an agreement proposed to resolve allegations that [...]

Democratic presidential candidate Senator Barack Obama is advocating changes to the current bankruptcy system in speeches on the campaign trail. Senator Obama recently unveiled some of his new bankruptcy ideas which include easing bankruptcy laws for elderly homeowners, disaster victims, military families, and other individuals who have become overwhelmed with debt.
One of Obama’s new provisions [...]