Items Tagged with 'United States bankruptcy law'

ARTICLES

  • Bankruptcy Alert Software Notifies Lenders of Filings

    Wilmington, Del.-based software developer Corporation Service Company launched its Bankruptcy Tracker program, which monitors court filings and notifies companies via e-mail when a debtor files for bankruptcy. Corporation Service noted consumer bankruptcies recently reached the highest mark since the fall of 2005. In July alone, consumers filed 126,434 bankruptcies, representing a 34% increase over July of 2007 and an 8% increase over June’s filings. Corporation Service sends lenders e-mail alerts on bankruptcies filed against their debtors.
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  • Foreclosure Fears Drive One in Five Bankruptcies

    One in five people cite avoiding foreclosure as the main reason for choosing bankruptcy, according to the Consumer Credit Counseling Service (CCCS) of Greater Atlanta. In June, the national nonprofit financial counseling agency found that 21.6% of the 16,744 people who received counseling filed for bankruptcy to keep their home. That figure remained above 20% since April. “Our research shows that tens of thousands of Americans are turning to bankruptcy to avoid foreclosure," said Suzanne Boas, president of CCCS of Greater Atlanta, in a corporate release.
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  • Troubled Homeowners Tap Retirement Funds, Still Fall Behind

    An increasing number of troubled homeowners are tapping into retirement accounts, despite the negative financial consequences, but wind up struggling to pay their mortgage anyway, said the Consumer Credit Counseling Service of Greater Atlanta Thursday. A survey by the Counseling service found that 29.6 percent of people who called the nonprofit agency for foreclosure prevention counseling received an early distribution from their 401(k) or other retirement plan within the six months prior to contacting the agency.
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  • One in Nine Contemplate Bankruptcy: Report

    Twelve percent of Americans have either filed or considered filing for bankruptcy, according to a new survey released Thursday by FindLaw.com, a legal information Web site. The number of consumer bankruptcy filings has nearly doubled in the last three years, from 573,000 in 2006 to 1,064,927 in 2008, according to the National Bankruptcy Research Center.
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  • Circuit City goes bankrupt

    From the WSJ: Troubled electronics retailer Circuit City Stores Inc. filed for Chapter 11 bankruptcy Monday in an effort to stay ahead of lenders owed $898 million. With going-out-of-business sales already in full swing at about 20% of its outlets, the nation's second-largest consumer electronics chain by revenue says it has an immediate need for financing.
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  • Whoops

    Stewart Information Services Corp. said last week that an "agency defalcation" will cause it to widen its net loss for the first quarter, forcing it to restate earnings. The "found fraud" will lead to a $4.6 million pretax charge to earnings, the Houston-based title giant said, widening its first quarter loss to $25.2 million, or $1.40/share. Stewart had originally reported its first quarter loss at $22.3 million, or $1.24/share.
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  • Federal Judge Green-Lights Countrywide Probe

    Cue the free-for-all. A federal judge in Pittsburgh ruled late Tuesday that an inquiry by the U.S. Trustee to investigate bankruptcy management practices at Countrywide Financial Corp. could proceed, opening up a wide-ranging investigation that will likely represent the first deep-dive by government regulators into servicing practices at the nation's largest lender and servicer.
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  • Consumer Bankruptcies Jump in February

    U.S. consumer bankruptcy filings increased more than 15 percent nationwide in February over the previous month, according to data made available earlier this week from the National Bankruptcy Research Center. The jump may reflect worsening credit problems from an extended downturn in the housing market, and comes as Congress is considering a measure to allow changes to Federal bankruptcy code for mortgages.
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