Matador Legal » Chapter 7

Business Bankruptcies increase in Pittsburgh by 11%

Matador Legal — Tue, 16 Jun 2009 13:01:20 +0000

Business Bankruptcies have risen by 11 % in the first quarter in 2009, compared to 2008. According to American Bankruptcy Institute’s data here, 14,319 business filings were prepared in US. Bankruptcies are usually considered a lag indicator for the economy, as in it lags business life cycles.

Among these 9700 were chapter 7 filings. The Pittsburgh area recorded 163 business bankruptcies, among these 95 were chapter 7 liquidation and 49 were chapter 13 reorganization.

The total bankruptcies across US including business and business have touched 330,477, while Pittsburgh accounting for 3359.

http://pittsburgh.bizjournals.com/pittsburgh/stories/2009/06/15/story3.html?b=1245038400^1844327

Tax Lien not part of Chapter 7 protection

Matador Legal — Mon, 25 May 2009 13:52:49 +0000

The new chapter 7 bankruptcy no longer eliminates all forms of debts. Tax liens and those financial obligations set down by legal authorities (whether familial support or fines assessed from criminal proceedings) were never part of any bankruptcy protection and secured debts (meaning those tied to property: home mortgages, car or boat loans, etc) are simply ignored presuming the owners wish to keep title on the property in question.

Nowadays, even student loans – which, by definition, should be the least secured of all debts – have been rendered immune to bankruptcy, and the congress has recently talked about doing the same to fees incurred from hospitalized patients and other medical bills. This leaves pretty much only credit cards as the last bills that Chapter 7 bankruptcy can, so to speak, protect.

Source:

http://www.nurido.at/news/credit-card-debt-consolidation-how-it-works-121868.html

Florida bankruptcy rises

Matador Legal — Sat, 02 May 2009 12:40:30 +0000

Consumer bankruptcies in Florida have risen to 2309 in April 2009, compared to 2247 in March 2009. 1504 bankruptcies were recorded in April 2008.

The majority of the filings have been from Miami-Dade and Broward counties.

Miami-Dade recorded 958 bankruptcies while Broward had 703 filings.

Source :

http://www.miamiherald.com/news/breaking-news/story/1027346.html