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May 2011 Archives

Many foreclosures blamed on recession, not irresponsibility

When it comes to people who have gone through a foreclosure, a recent study has found that for many it wasn't because those homeowners were irresponsible with their budgeting, but rather that they defaulted due to the recession and should more be viewed as those who just had a one-time crisis similar to a divorce or medical crisis.

Florida-based HearUSA files for Chapter 11 bankruptcy

The Florida-based hearing aid retailer HearUSA filed for a reorganizational bankruptcy last week. Under this Chapter 11 bankruptcy the company will sell its assets for $80 million to the international hearing-care company William Demant Holdings, and 163 employees will be laid off. If all goes as planned, the sale with Demant will happen in just a few months.

Another Florida furniture retailer files for bankruptcy

When people move into a new home they tend to also buy new furniture. However, with the recession and housing market crash, not as many are out buying new couches and tables for their home. Because of this, furniture sales in Florida have decreased, leaving many furniture retailers with no other choice but to file for bankruptcy in the hopes of restructuring.

Debt consolidation loans helpful to some consumers with debt

As mentioned in the last post, many Americans are relying on credit cards for every day purchases, and in some situations choosing to make monthly payments on those cards and falling behind on mortgage payments, which can lead to foreclosure. However, for those financially struggling, a debt consolidation loan may be one way to finally start to pay down the large amounts of debt on all of those individual cards, and maybe even free up some extra money.

Shift to consumers paying credit cards over mortgages

With bills coming in from all directions, and not enough money to pay them all, many are now deciding to pay off their monthly credit card bill instead of their mortgage. According to TransUnion, before the recession 37 percent of people would make credit card payments before a mortgage payment. Now that number has shifted with approximately 50 percent of those consumers who are in default on a mortgage loan still making credit card payments on time.

Three Florida loan modifications businesses facing lawsuit

The Florida attorney general's office is suing three companies for charging customers upfront fees for services that were allegedly never performed. The state attorney general's office announced the lawsuit against the companies that each claimed to specialize in obtaining mortgage modifications for homeowners.

Bankrupt Florida golf course for sale as part of reorganization

In an attempt to restructure under a business bankruptcy the Doral Golf Resort & Spa in Florida is being put up for sale. According to the filing, the owners hope to hold on to one of the five Doral courses, and expect it to take several months for the other four courses to sell.

Common bankruptcy myths revealed

Personal bankruptcy is a debt relief tool to let people to discharge debt in order to restart and rebuild financially for the future. However, over the years a number of myths have surfaced regarding the consequences of filing for bankruptcy, and some of these myths may even be stopping a person from filing when it really is needed.

Recession leads independent business into Chapter 7 bankruptcy

Freeman's Men Shop, a privately owned men's retail shop with two locations, recently filed for Chapter 7 bankruptcy. Both of the shops are now closed, which some industry experts say is a growing trend after the recession as more consumers shop at large department stores instead of locally owned independent stores.

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James H. Monroe, P.A.
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