New Bankruptcy Law
July 4, 2009
9:50 am


New Bankruptcy Law




Bankruptcies on the rise
- 10.25.2008 - Article Number: 4


These are boom times for Judith Whitman and the other San Jose area lawyers who practice before U.S. Bankruptcy Court in San Jose.

For the past year, a steady rise in home foreclosures in Silicon Valley has driven a relentless increase in bankruptcies filed here.

Now, as the economy sags, small businesses are also turning up in bankruptcy filings, lawyers say, bringing in more clients than they've seen since the bankruptcy laws were changed by Congress in 2005.

A worried friend recently asked Whitman if her business was suffering because of the economic downturn.

"We're doing fine,'' Whitman reassured her friend, in what might have been an understatement.

Bankruptcies filed in the third quarter of 2008 are up 92 percent over the same period in 2007, according to a review of cases filed with the court, which covers Santa Clara, Santa Cruz, Monterey and San Benito counties.

As of Sept. 30, there have been 5,594 cases filed; 4,453 cases were filed in all of 2007.

Many of these bankruptcies are being filed by people who can no longer afford the home loans they took out during the housing boom. They file for personal bankruptcy under Chapter 13 or under Chapter 7, which is a total liquidation of assets.




Add comment | View comments



Creditors to get more money in updated Vick bankruptcy plan (USA Today)
In the Michael Vick bankruptcy plan rejected in April by a federal judge, he sought to keep two homes and three vehicles. He has cut that to one home and one vehicle in his new plan, which also increases how much of any of future income he must turn over to pay off millions in debts.
Fri, 03 Jul 2009 21:11:53 GMT

Tropicana Las Vegas emerges from bankruptcy (AP via Yahoo! News)
Tropicana Las Vegas has emerged from Chapter 11 bankruptcy with new owners.
Fri, 03 Jul 2009 21:41:35 GMT

Bankruptcy in over-65s 'triples' (BBC News)
The number of pensioners filing for bankruptcy has increased threefold over the past five years, research shows.
Sat, 04 Jul 2009 01:16:14 GMT

Tropicana Las Vegas emerges from bankruptcy (AP via Yahoo! Finance)
Tropicana Las Vegas has emerged from bankruptcy protection with new owners. Toronto-based Onex Corporation and former MGM Mirage President Alex Yemenidjian acquired a majority stake in the Las Vegas hotel-casino this week, as it completed its yearlong bankruptcy process, the Las Vegas Sun reported.
Sat, 04 Jul 2009 00:08:24 GMT

New Bankruptcy Law

New Bankruptcy Law


July 4, 2009, 9:50 am



>> Search article








how to make money blogging 

real estate

Student Loans

Student Loans

Student Credit Card Application

Compare Home Loans

Pimples

Evolution

John Mccain

Nursing Homes

no deposit home loan australia

home loan comparison australia

home loan rate comparison

Kitchen Remodeling

Children

Remove Acne

Adsense Guide

Barak Obama

Public Speaking

Heart Disease

Cure for cancer

Cure for diabetes

Glaucoma

Canadian Student Loans

Jets For Sale

Slot Machines

Winter Holidays

Cheap Sports Car

Free Online Courses

Mesothelioma Lawyers

Headache Remedies

Fuel Prices

credit card comparisons

Dog Training

ancestry com

cheap family holidays

beaver dam wisconsin

online business administration degree
credit card comparisons

forex trading

conveyancing solicitor

how to create a blog

merchant services credit card processing

houses for sale

file compression programs

event planning software

more website traffic

web page development

garden designs

 

New Bankruptcy Law Sitemap