Matador Legal

In a chapter 13 reorganization plan, the second mortgage can be converted into an unsecured debt and is payable according to the plan agreed by the bankruptcy court trustee, if the property value is less than the balance owed on the first mortgage, which itself should be less than a million dollars.
For example, if the [...]

Bankruptcies, both consumer and business rose by nearly 63% in the first four months, compared to the same period last year in the central district of California. Chapter 7 filings increase by 64%, while Chapter 13 filings increased by 40%. Compared to 3 chapter 11 filings last year, this year recorded 11 filings.
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Commercial and Business bankruptcies have continued to rise in New Hampshire. In June, N.H. recorded 412 households and 11 business bankruptcies, an increase of 27% over the June figures, last year. For the first five years this totaled 2,475.
At this rate, it is expected that we would see around 5000 filings by the end of [...]

For the five month period from Jan to May 2009, total commercial bankruptcy filings stood at 36,106. The total filings are up from 23,829 for the same period last year, showing an increase of 52%. Compared to the same period in 2006, after Bankruptcy laws were revised to prevent abuse, the increase is 240%.
The vast [...]