Bankruptcy Chapters

In the 2011 fiscal year, bankruptcy filings in the U.S. decreased by 8 percent.  A report from the American Bankruptcy Institute using data from the Administrative Office of the U.S. Courts says that 1.47 million bankruptcies were filed in the U.S. from January through September.

1.06 million of the bankruptcies filed through September were consumer bankruptcies.  According to the ABI, personal bankruptcy filings dropped by 11 percent in the first 9 months of 2011.

Consumer bankruptcies also decreased.  Chapter 11 filings were reported to have decreased by 22 percent and Chapter 7 filings by 18 percent.  The report did not note if Chapter 12 or Chapter 13 business bankruptcies also declined.

If you are considering filing for bankruptcy, contact the Milwaukee bankruptcy lawyers of DeLadurantey Law Office, LLC by calling 414-377-0518 today.

Tags: Bankruptcy Filings, Filings

Blossman Bancshares Inc., has announced that they will be filing for Chapter 11 reorganization Bankruptcy as the company tries to sell Central Progressive Bank.

The parent company to CPB are trying to sell the company to First NBC Holding Co. Federal regulators have told CPB that they will be shutting them down next month if they have not yet found a buyer.

As of Thursday, officials with Central Progressive have said that they will remain in business and that deposits made by customers are protected by the federal regulators.

Tags: Bancshares Inc, Bankruptcy, Blossman Bancshares Inc, Chapter 11

On the eighth day of Christmas, my true love sent to me…eight things to know about gift cards this holiday season. Sure, you might have been expecting some milk maids or something, but with gift cards firmly entrenched as the most popular type of holiday present and the U.S. agriculture industry not what it once was, you might find this more useful. So gather together your swans, geese, golden rings, calling birds, French hens and turtle doves; get that partridge out of the pear tree; and settle in to learn everything you need to know about getting better gifts this year

1.  Last year’s leftovers are still valuableIt’s not just you; all of us in general don’t even come close to using all of the gift cards we receive each year. In fact, a quarter of U.S. adults have at least one gift card left over from last year, and 55% of them have more than two, according to a Consumer Reports Holiday Survey. The top three reasons people gave for not using their cards: not finding anything they want to buy, lack of time, and forgetfulness. It’s not

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Tags: Cards, Gift Cards

Massachusetts bankruptcy filings fell in October 2011, which was the fourth straight month that we saw a decline in bankruptcies throughout the country. It is not clear if this was because folks have better control of their credit or because the next big wave, with respect to foreclosures, has yet to hit. It is also possible that lenders are not lending as much so folks are not credit restricted. The American Bankruptcy Institute reports a 19.6% decrease in personal bankruptcy filings in October 2011, from the October 2010 filings. Further, total consumer debt fell in the past two years. We have reported the decrease in Massachusetts bankruptcies in numerous blog posts. The news continues to be good!

And October had 2% fewer personal bankruptcies than September this year. For the year, the Administrative Office of the U.S. Bankruptcy Courts reports that the number of business and personal bankruptcies are down approximately 8% over the past year. By the end of the third quarter, September 30, 2011, the number of personal bankruptcies was 1,417,326.

Bankruptcy filings for 2011 are as follows: 353,082 total in the first quarter, with 252,338, or 71% as Chapter 7 no asset personal bankruptcies; 367,487 total in the second quarter with 265,759 or 72.32% as Chapter 7 cases.

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Last week, Jefferson County commissioners voted 4-1 to file for bankruptcy.  The bankruptcy filing is reportedly the largest bankruptcy petition filed by a municipality in the history of the U.S.

The filing was made on Thursday.  A federal judge in Birmingham ordered a hearing in which officials will determine whether or not the county is eligible for Chapter 9 bankruptcy.

In September, the county and its creditors were able to reach a provisional agreement which included $1.1 billion in concessions.  The agreement also included an increase in sewer rates for residents of Jefferson County of up to 8.2 percent.

To speak with an experienced attorney about filing for bankruptcy in Birmingham, contact the Birmingham bankruptcy lawyers of Greenway Law, LLC by calling 205-324-4000 today.

Tags: Bankruptcy, Jefferson County