South Florida Bankruptcy Lawyer

Wachovia Corp. will be acquired by Citigroup Inc. for about $2.16 billion after shares of the North Carolina lender collapsed under unpaid mortgages.

Ranked sixth by assets in the U.S., Wachovia’s all-stock deal wraps up at about $1 a share.  All depositors will be protected, according to the Federal Deposit Insurance Corp.

Citigroup is the biggest U.S. bank by assets.  It plans to raise $10 billion in capital and cut its own dividend in half as it takes on the failed bank’s senior and subordinated debt.

If you or someone you know is facing a financial crisis or overwhelming debt, consider bankruptcy as an alternative to regaining control of your finances.  Contact the South Florida bankruptcy lawyers of Eric N. Klein & Assoc.,  P.A. at 561.353.2500 for an initial consultation.  We will discuss your current financial situation and how filing for bankruptcy could benefit you.