Bankruptcy Blog

Over the weekend CIT Group filed for bankruptcy protection in an attempt to cut $10 billion in debt from its balance sheets.
Economists say that the bankruptcy, which is the fifth largest ever filed in the United States, could impact small businesses across the country who have relied on CIT as a source of credit.
Many say [...]

GM is in bankruptcy court.

FDIC Closes Bank United in the largest bank failure of the year.

ABI still projecting 1.4 million consumers bankruptcy cases in 2009.

Reports are out this afternoon that the Treasury Department is helping to prepare a bankruptcy filing for Chrysler as it nears the April 30 deadline for the struggling automaker to restructure.
Its efforts to form an alliance with Italian automaker Fiat, Chrysler is having trouble getting its debt holders to negotiate better terms on $6.9 billion in debt.
A [...]

The associated press is reporting that the former owner of the Edmonton Oilers, Peter Pocklington, was arrested at his Palm Desert, California home Wednesday on charges that he allegedly concealed assets during bankruptcy proceedings.
Pocklington was indicted for allegedly making false statements in bankruptcy and making false oaths and accounts in bankruptcy. If convicted, he could [...]

Legislation that would allow bankruptcy judges to restructure home mortgages was introduced in both the House and Senate as the 111th Congress of the United States opened Tuesday.
The change to the law has hope as many congressional Democrats, along with President-elect Barack Obama, have called for action to stop the growing number of foreclosures.
Officials [...]

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 [...]