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July 2011 Archives

Florida couples files for Chapter 11 bankruptcy

A couple who owns a Florida hotel recently filed for a personal Chapter 11 bankruptcy. And while the reasons for the bankruptcy filing were not immediately available, it is known that the hotel property is not included in the bankruptcy filing and that the couple has been involved in a number of real estate transactions and deals in the state.

NFL star sentenced for omitting an asset in his Chapter 7 filing

Filing for bankruptcy is a debt relief tool that many Americans have used and will continue to use in order to discharge or reorganize unmanageable and costly debt. And while there is absolutely no shame in filing for any type of bankruptcy, it is important that the filer discloses all financial information, as those who fail to accurately fill out all of the paperwork could end up facing fraud charges in federal court.

Borders reaches its final chapter, announces plans to liquidate

Back in February we reported on the fact that the national bookstore chain Borders had filed for a Chapter 11 bankruptcy in the hopes of being able to reorganize debts. However, after the deadline for a sale bid came and went, the bookseller has decided to call it quits and earlier this week announced plans to liquidate.

Borrowing up higher than experts predicted

Every month since September consumer spending in the U.S. has been increasing. And while this may be taken as a good sign that people are once again starting to feel more financially confident since the recession, this uptick in spending may also be linked to people having to rely on credit to pay for every day expenses.

Personal bankruptcy filings down for first six months of 2011

When looking at last month as compared to June of 2010 there was a 5 percent decrease in the overall number of personal bankruptcies filed. As of now many analysts are reporting this trend to actually be in the opposite direction of earlier predictions, and has some viewing this decrease as representing an upturn in the economy that had been down for a number of years.

Litigation to continue over failure to obtain loan modifications

On Thursday a district judge ruled that litigation against the Bank of American can continue forward. The claim is that the lender broke a "binding contract" when it failed to provide homeowners with a permanent mortgage modification, even after those homeowners had successfully fulfilled all of the requirements of a temporary modification.

Florida technology manufacturer files for Chapter 11 bankruptcy

Saying it had no cash left to keep its business operating, technology manufacturer Teltronics of Palmetto, Florida, recently filed for Chapter 11 bankruptcy. The firm told a U.S. Bankruptcy Court for the Middle District of Florida that it could not raise the money it needed to continue.

Well-known socialite files for Chapter 7 bankruptcy

Patricia Kluge, a former socialite and entertainer to the rich and famous, has entered into Chapter 7 bankruptcy with her husband William Moses. And while the couple declined to comment on the exact details of the filing, it is known that the two had some business ventures that did not work out.