Last week, American Airlines parent company AMR Corp. sought bankruptcy protecting by filing for Chapter 11 bankruptcy at the U.S. Bankruptcy Court for the Southern District of New York. American Airlines officials contemplated filing for bankruptcy for ten years as the airline became unable to make a profit. Over the past decade, the company is [...]
According to the Toledo Blade, Bostleman Corp., a suburban Toledo construction firm, has filed for bankruptcy. The company has been in business for 65 years with Fifth Third Bank as its primary lender. It was reported in 2006 that their revenue was up to $140 million. The recent filing showed its assets at less than [...]
On Nov 4, novelty ice cream company, Dippin' Dots, filed for federal bankruptcy protection. The company is located in Paducah, KY, and filed in Louisville. Dippin' Dots asked the judge to continue to use cash collateral to remain in operation. According to Yahoo News, the bankruptcy will not hurt creditors including Regions Bank, which the [...]
Pennsylvania's capitol city of Harrisburg has filed for bankruptcy protection due to a failure to pay a debt on a trash-to-energy incinerator. The city's Bryn-Mawr based lawyer, Mark D. Schwartz, was against the 4-3 decision made by the city council. "This was a last resort…they’re at their wits’ end," says Schwartz. With its debt [...]
A local restaurant owner has filed for Chapter 7 bankruptcy after the closing of two Ohio restaurants earlier this year because of financial issues. The man filed for personal bankruptcy in the U.S. Bankruptcy Court in Toledo and listed his assets as $559,500 and his liabilities as $3,077,359. The man cited that the restaurant closures [...]
The consumer bankruptcy rate in 2011 in expected to be lower than the total number in 2010. In September 2011, the number of bankruptcies fell to 108,517 from 130, 329, which was the rate in September 2010. According to the National Bankruptcy Research Center, the number of bankruptcies that have been filed in the first [...]
The state of Ohio ranks 11th in the nation for the number of foreclosures as of last month. According to RealtyTrac Inc., the number of homes that have received the first step in the foreclosure process in August has jumped 33 percent. This is the largest gain from month-to-month in nearly four years. In the [...]
In August 2011, northwest Ohio has seen a 26 percent decrease in bankruptcy filings compared to August 2010. Last month, there were 579 bankruptcy cases filed in the U.S. Bankruptcy Court of Toledo, a 21-county area. In August 2010, this number was at 785. As of this year there have been 4,767 filings, a 21 [...]
It has been nearly a year since a $570 million federal aid program began and it has saved thousands of Ohio residents from filing for foreclosure. The Restoring Stability fund began on Sept. 27, 2010 and has worked to help 2,500 homeowners from losing their homes. This program was designed to help states that have [...]
A man that is currently running for mayor in Streetsboro, Ohio has confirmed that he previously filed for Chapter 13 bankruptcy and continues to make payments at this time. The man filed for bankruptcy in 2009 and has been making monthly payments to creditors since then. The man stated that he was forced to file [...]
Although a decrease has recently been seen, the state of Ohio is now seeing an increase in delinquent mortgage payments. In the state of Ohio, there are nearly 9.1 percent of home loans that are behind at this time, but they have not yet reached foreclosure. Three months ago, this number was only at 8.3 [...]
An Ohio-based company, NewPage, is now considering filing for bankruptcy and deciding how this will affect their Luke Plant that currently employs 870 people. In a filing with the U.S. Securities and Exchange Commission, company officials listed bankruptcy as an option to restructure their debt. They have stated at this time that their plant operations [...]
If you are filing for bankruptcy, it may be hard to decide whether to file for Chapter 7 or Chapter 13. There are benefits to each, and it is important to know which will be the best decision for your individual case. There are a few benefits of Chapter 7 to keep in mind when [...]
Burt Reynolds is facing mounting financial woes and a foreclosure lawsuit. According to Merrill Lynch Credit Corp., Reynolds has not made a mortgage payment on his home since September 1, 2010. This prompted the action of filing a foreclosure lawsuit against the actor, who now risks losing his 4-acre waterfront Florida estate. Merrill Lynch wants [...]
As of July 2011, the number of foreclosures in Ohio has dropped more than 30 percent from where it was in July 2010. Decreasing foreclosure rates are not only being seen in Ohio, as the national foreclosure rate for July 2011 was also more than 30 percent lower than rates a year earlier. In the [...]
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