Foreclosure practices under closer scrutiny

Most states provide bankruptcy exemptionsfor equity built in a family home, and these exemptions can be very useful when battling a foreclosure. However, recent scrutiny into foreclosure practices has revealed that many homeowners not only have no idea of their rights regarding bankruptcy exemptions or foreclosure, but they often do not even know who is holding their mortgages. Even when a debtor understands who holds the paper on his or her home, it is unlikely that there is much use for that information. Recent examination of several bank’s foreclosure practices reveal that previous holders of promissory notes are often initiating foreclosure when they do not technically have the right to do so. If you are facing foreclosure or bankruptcy, it may be helpful to seek experienced legal advice. There are ways to stop foreclosure proceedings and salvage your home’s equity through the protections offered by the bankruptcy code; however, it may be difficult invoke these protections without sound legal advice and help. Filing bankruptcy is a last resort for many people. However, for many people it ends up being a good way to both save their home and obtain some debt relief. It may also help you hold the creditors off… Continue reading

Kodak hopes that job cuts will end bankruptcy

Under a Chapter 11 bankruptcy plan, Eastman Kodak is required to make some big changes in their corporate structure in order to minimize costs. Kodak announced that one way it plans to cut these expenses is by cutting over 1,000 jobs by the end of 2012. The company has already laid off 2,700 employees worldwide since the beginning of the year, but this was not enough to meet the demands of the deficits imposed by the company’s lack of assets. The company also plans to cut production of some lines of products that are not selling well in competition with imported items, such as digital cameras, digital picture frames and pocket video cameras. The company has requested the help of a well-known advisory group to determine important areas of focus as it concentrates on restructuring. As some New York residents know, for a large company, restructuring under a Chapter 11 bankruptcy case can be very time-consuming and difficult. However, small businesses can also struggle with some of the same basic problems inherent in a large-company bankruptcy: allocation of assets, number of employees to be retained, and other financial questions. No matter what the size of a business, it is important for the… Continue reading

Bankruptcy lawyers strike deal to save hockey season

A deal struck outside a Rochester courtroom on Sept 27 likely saved the season for the Elmira Jackals hockey team. The season, scheduled to begin October 12, was in jeopardy due to an ongoing dispute over First Arena, where the Jackals play, and a Chapter 11bankruptcy proceeding filed by the arena’s former operator. The interim agreement reinstates Elmira Downtown Arena LLC (EDA) as the arena operator and preserves hockey in Elmira. In July, First Arena’s owner terminated its agreement with EDA, which is controlled by the same Michigan businessman who owns the Jackals. This led to a legal proceeding to determine whether the Jackals could play in the arena this season. EDA filed for Chapter 11 bankruptcy in August, automatically halting the other legal proceeding. Elm Arena LLC, which has taken over the arena’s mortgage and is under contract to become the new owner, then sought payments from EDA under the bankruptcy rules for protection against the arena’s depreciation. If no agreement was reached, the new owner was prepared to ask the bankruptcy judge to keep EDA and the Jackals out. Under the agreement, EDA will make $18,000 monthly payments to Elm Arena, maintain adequate insurance on the facility, and properly… Continue reading

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