After several high-stakes real estate gambles folded, Lehman Brother filed for Chapter 11 bankruptcy protection on Monday. The company spent the weekend trying to stake a potential buyer through several negotiations. The two most likely suitors, Bank of America and Barclays PLC turned their backs after the United States government said it would not backstop Lehman’s troubled assets to facilitate a sale.
Lehman brokerage customers can sleep easy as their account will be protected and transferred to other brokerage firms, as guaranteed by federal regulators. Lehman employees remain in the dark about the status of their jobs. They have received little information and thousands are expected to be laid off.
If you or someone you love if facing financial crisis, you should consider filing for bankruptcy to help control your debt and your distress. Contact South Florida bankruptcy lawyer Eric N. Klein, P.A. at 561.353.2500 for a free initial consultation. We will discuss your case and further legal options.
Though Bank of American walked away from Lehman, it did sweep up Merrill Lynch in a $50 billion all-stock transaction. The deal was encouraged by federal officials who feared that Merrill would be next on the financial chopping block after Lehman.
Mattress Discounters Corp has filed for Chapter 11 bankruptcy protection from creditors. This is the second time that the U.S. bedding retailer has filed for bankruptcy since 2002.
According to the company’s CEO, Mattress discounters has been hurt by an industry downturn and the weakened economy. The year-over-year sales fell every month in 2008.
With 140 stores spanning six states in the Northeast, the company listed assets ranging $10 million to $50 million in its bankruptcy petition on Wednesday.
If you or your business is facing financial crises, consider bankruptcy as a way to manage your debt and keep creditors from tying up your phone lines. Contact South Florida bankruptcy lawyer Eric N. Klein at 561.353.2500 for a free initial consultation. We will discuss your case and determine what plan of action is best for you.
Many people worry that if they file for bankruptcy, their employ may see that there is something terribly wrong going on at home.They feel that the employer may no longer value them as an employee, that they might even lose their job.
There are a few things to remember if this is a fear of yours.Before your employer can look at your credit report, he must have your written consent.Even then, employers are bound by law not to discriminate on the basis of financial status or new information of credit insolvency.
Futhermore, if you have money in a retirement fund, like a 401k plan or an IRA saving plan, the money is protected from bankruptcy claims.Hopefully this brings a little peace to the unrest that might be going on in your mind regarding your job security and bankruptcy.
If you would like to explore more of your bankruptcy options, call the bankruptcy attorneys of the Eric N. Klein law firm by dialing (561) 353-2500.
Across Iowa, bankruptcy filings have increased 12% in the first eight months of 2008 (compared to the same timeframe in 2007).In fact, even though a new law was passed in 2006 making it more difficult for individuals to file for bankruptcy, more Iowa residents have already filed for bankruptcy this year than in all of 2006—currently, a total of 5,143 individuals.
Experts say that several economic conditions have led to this increase.Perhaps, most notably, are difficulties in the housing market.As the number of home sales across the state has fallen, individuals are finding it hard to get out of mortgages they can’t afford.
Additionally, unemployment in Iowa has hit its highest point in three years, reporting 4.3% unemployment.The lack of income for many Iowans combined with mortgage troubles has led to financial crisis for a number of individuals.
Katie Porter, a professor of law at the University of Iowa, has indicated that most people filing for bankruptcy in Iowa are not doing so in order to save their homes, but to get out of the debt they accrued while trying to save their homes themselves.
If you are experiencing financial crisis and are considering filing for bankruptcy, contact the South Florida bankruptcy lawyers of Eric N. Klein & Associates, P.A. at 561-353-2500.
Recent Studies have shown that the leading cause of Bankruptcy is medical debt from chronic illness.A university research team interviewed a number of individuals who were part of the 1.45 million people who filed for bankruptcy earlier in the decade.
In these in-depth interviews, half of the families cited medical issues as the reason for going into bankruptcy.Out-of-pocket expenses for illness averaged a cool $12000. Seventy-five percent of these individuals had insurance at the onset of the illness.What was even more disturbing was that these individuals were more likely than others to experience lapses in coverage.
The truth of the matter is that more and more Americans are filing for bankruptcy.If this is the case with you, it may be beneficial to hire an experience bankruptcy law attorney.Contact the professionals at the law offices of Eric N. Klein at 561-3563-2500.
