South Florida Bankruptcy Lawyer

There is a proposed change in federal bankruptcy law that could end up preventing about 600,000 foreclosures across the United States. If passed, this bill would allow bankruptcy judges to lower mortgage debt.

There are people arguing against this bill, saying that this could increase the risk for lenders, thereby increasing the cost of credit. These people believe that the short term ramifications of the bill would include market instability. The long term effects would deny investors the confidence that they need to provide credit to consumers.

What is obvious is that bankruptcy and foreclosure have become a large problem across the country. If you or anyone you know is considering filing for bankruptcy, please contact the West Palm Beach bankruptcy lawyers of Eric N. Klein & Associates at 561.353.2500.

With the Lehman Brothers Holdings’ Chapter 11 bankruptcy filing, this year’s total corporate Chapter 11 and Chapter 7 bankruptcy filings has exceeded that of 2008 with three months left in the year. 2007 saw 78 corporations file for bankruptcy, while 2008 is already at 81.

As for assets, 2008 is passed the amount from 2007 even without the $691 billion of assets from the Lehman Brothers Holdings case. With these assets, 2008 has shattered the total combined assets record from any year in history. This is probably an effect of the high level of debt along with the credit and mortgage crisis.

Although these records have been broken this year, bankruptcy research reveals that the overall filing count is historically low. The 263 filings of 2001 are still extremely far off, even with an expectancy for the current number of filings to rise through the rest of the year.

If your business is facing financial issues, and you are considering bankruptcy, please call the West Palm Beach bankruptcy lawyers of Eric N. Klein & Associates at 561.353.2500.

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.