TOTAL U.S. BANKRUPTCIES IN THE FIRST HALF OF 2010 UP 14 PERCENT OVER 2009
The total number of U.S. bankruptcies filed during the first six months of 2010 increased 14 percent over the same six-month period in 2009, according to data released today by the Administrative Office of the U.S. Courts. Total filings reached 810,209 during the first half of the calendar year of 2010 (January 1-June 30), compared to 711,550 cases filed over the same period in 2009.
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US BUSINESS BANKRUPTCIES RISE
US business bankruptcies rose again in last month, marking the fifth-straight February that such filings have increased, according to a bankruptcy data provider on Tuesday.
Companies from a range of industries, including video rental chain Movie Gallery Inc MVGRQ.PK , radio network Air America and luxury ski resort developer East West Resort Development V LP LLLP, were among the 6,557 businesses that filed for relief from creditors in February, according to Automated Access to Court Electro
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U.S. FORECLOSURE HIT RECORD HIGH IN 1ST HALF 2009
U.S. foreclosure filings hit a record in the first half, a sign that job losses and falling property prices deepened the housing recession, according to RealtyTrac Inc. More than 1.5 million properties received a default or auction notice or were seized by banks in the six months through June, the Irvine, California-based seller of default data said today in a statement.
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RIGHTS OF SUPPLIERS IN THIS ECONOMIC DOWNTURN
Suppliers have a number of basic rights and remedies that can be used when their customers are unable to pay in a timely manner and resort to filing for bankruptcy or other available relief from the credit crunch and economic downturn. Before getting into the supplier's rights and remedies, it helps to understand bankruptcy basics.
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WHAT DEBTS ARE DISCHARGED BY BANKRUPTCY?
For bankruptcy purposes, the term discharge refers to the legal eradication of a debt. A debt that is discharged can no longer be enforced against the debtor; however, any liens securing the debt may survive the bankruptcy case.
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BANKRUPTCY FINANCING GETS PRICIER AND MORE ELUSIVE
Financing is getting pricier and more elusive for companies that file for bankruptcy. Debtor-in-possession - or DIP - financing is the fuel that keeps companies going through bankruptcy, allowing them to continue paying their suppliers and their employees as they try to become profitable again. It has been a popular and lucrative form of financing for much of the last decade, as the DIP lender is usually the first to be paid back when the company emerges from bankruptcy or liquidates.
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US JUDICIARY OFFICE REPORTS BANKRUPTCY COURT FILINGS INCREASE IN LAST 12 MONTHS
August 27, 2008 ― In the 12-month period ending June 30, 2008, there were 967,831 bankruptcy cases filed, according to statistics released today by the Administrative Office of the U.S. Courts. That is a 28.9 percent increase compared to filings for the 12-month period ending June 30, 2007, when cases totaled 751,056. Historic data on bankruptcy filings is available on the Judiciary's website under Bankruptcy Statistics.
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WHAT YOU NEED TO KNOW ABOUT PERSONAL BANKRUPTCY
Bankruptcy has become an epidemic. An astounding 91,214 Americans declared bankruptcy in May 2008, up 31% from the same month a year ago. More than 1 million Americans are expected to declare bankruptcy this year, a jump of nearly 50% from last year, according to the American Bankruptcy Institute. That means at least one in every 100 families will be affected by a bankruptcy. It's a sign of the times: a combination of the housing and mortgage crisis, consumer debt burdens and the strains that...
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BANKRUPTCIES LIKELY TO RISE IN 2008
More U.S. businesses are likely to hang "going bankrupt" signs on their doors next year as the twin blows of slower economic growth and pricey commodities force the weakest companies to seek refuge from creditors.
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WHAT YOU NEED TO KNOW ABOUT BANKRUPTCY RECLAMATION
A creditor who has sold goods to a debtor while the debtor was insolvent has a right to reclaim the goods. To do so, the seller must send a reclamation demand in writing within 10 days or, in certain circumstances, 20 days after the debtor receives the goods.
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PREFERENTIAL PAYMENTS IN BANKRUPTCY – ADDING INSULT TO INJURY
If you received payment of a perfectly legitimate invoice within 90 days before your customer went into bankruptcy (a year, if you are an "insider" as defined by the bankruptcy law), the trustee or debtor-in-possession may have the right to recover the payment from you as a "preferential payment." The theory behind this provision of the Bankruptcy Code is that if some creditors got paid and others did not, it would only be fair to recover all payments so they can be added to the pool of assets a
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NEW BANKRUPTCY LAWS THIN RANKS OF FILERS
The ranks of people seeking to erase their debts have thinned noticeably in the year since the biggest changes in U.S. bankruptcy laws in a quarter-century took effect.
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THE QUICK GIST OF BUYING CLAIMS IN BANKRUPTCY
Generally, buying and selling claims is freely allowed in bankruptcy cases. The transfer of claims, often referred to as "trafficking in claims," has become a very lucrative business.
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NEW AMENDMENTS EXPAND RIGHTS OF VENDORS IN BANKRUPTCY
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (“BAPCPA”) contains a number of amendments which expand a vendor’s right to (1) reclaim goods shipped prior to a debtor’s bankruptcy case and (2) seek administrative expense priority. The revised provisions became effective for cases filed on or after October 17, 2005.
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BANKRUPTCY CHECK LIST
How it hurts when one of our customers, especially the one we bet our life on, has declared bankuptcy. Suggested list of things to do when you receive a notice that one of your customers has filed a petition in bankruptcy.
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