South Florida Bankruptcy Lawyer

General Motors Corp, over the years, has been responsible for building and selling millions of dollars in cars for the US population. The economy over the last few years has been declining severely and purchases for everyone has been slowing to a halt. Because of such a decrease in our economy, sales of all GM cars have been less than half of what they would usually sell by this time of the year.

The increase in gas prices has also helped to contribute to the decrease in purchases of GM vehicles. Not only is GM losing many sales from all over the US, but their stock prices are decreasing in the market rapidly.

GM is trying to currently recoup all the money they have lost, but things are looking like bankruptcy for this company. During their financial analysis, the company has to make $15 million in order to make up the money they lost and break even. GM has stated that bankruptcy has become possibility for the overall future of GM Corp.

For more information, contact the Palm Beach Bankruptcy Lawyers of Eric N. Klein and Associates at 561-353-2500.

In a recent look at the US economy, studies have proven that the drastic increase in gas prices is what is proving to increase all other products as well as raising the number of Florida Bankruptcies. According to recent reports, the number of people filing for bankruptcy in the last six months is higher than the last three years.

The basic understanding to this is that because these gas prices go up, so does everything else because this seems to be our most used form of transportation. Although gas continues to reach all time highs, there is no word yet as to whether the prices will level off or even decrease within the next year. Some have said that because of these increased gas prices, the economy is becoming more in dept with each penny that the gas continues to increase. Although we don’t like the idea of this higher price of gas, this will eventually lead to more bankruptcies as the year progresses.

For more information, contact the Boca Raton Bankruptcy Lawyers of Eric N. Klein and Associates at 561-353-2500.

In fall of 2005, Congress made a new law that was supposed to keep some people from abusing the bankruptcy system. Congress though that people were purposefully charging a large amount on a credit card with no intent on paying any of it back.  Congress then proceeded to push through a bankruptcy law to supposedly help the situation.

After looking at the past two years’ numbers, the government has realized that even with this law, the number of people claiming bankruptcy seemed to continue to climb. They eventually realized was that there are only a small percentage of people who are taking advantage of the system like this.

The recent reports of the bankruptcy filings in the US show that, because of the state of the economy, our numbers are continuing to grow as the year moves forward.  Although this was a surprise to the government, Congress is currently working to do all they can to decrease our overall bankruptcy numbers.

For more information, contact the Boca Raton Bankruptcy Attorneys of Eric Klein and Associates at 561-353-2500.

Legislation designed to help hundreds of thousands of people who are facing foreclosure is on track to go to the White House by July 4th.

The legislation creates a $300 billion federal mortgage insurance fund that could save, potentially, 500,000 borrowers from foreclosure. The fund would require that participating lenders erase some of the original loan amount in order to receive funds from the federal fund.

Congress is currently trying to prevent 1.4 million homes from going through foreclosure. A large number of these homeowners are affected by falling home values and mortgages fail to have payments made on them.

If you are considering filing for bankruptcy, contact the Boca Raton bankruptcy lawyers of Klein Attorneys at 561-353-2500 to discuss your situations to determine your options.

The number of mortgages in any portion of the foreclosure process jumped in the first three months of the year. Both the percentage of loans in foreclosure as well as the rate of foreclosure starts reached levels which hadn’t been seen since 1979, according to the Mortgage Bankers Association.

 Overall, 2.47% of all mortgages were in the foreclosure process at the end of the first quarter. This is an increase from the 2.04% of mortgages which were in foreclosure at the end of the fourth quarter of 2007, according to the MBA’s most recent National Delinquency Survey. For comparison, during the first quarter of 2007, 1.28% of all loans were in the foreclosure process.  

 According to the MBA’s vice president for research and economics Jay Brinkmann, the increase in the number of houses in foreclosure is a reflection of the decline in home prices. Foreclosure start rates were up for all types of mortgages.

If you are faced with overwhelming debt and are considering bankruptcy, please contact the Boca Raton bankruptcy lawyers of Klein Attorneys at 561-353-2500 to discuss your situation.