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

Bankruptcy filed by Metro Fuel Oil

In a surprising move that occurs just over a year after its grand opening, Metro Biofuels is filing for bankruptcy along with its parent company, Metro Fuel Oil Corp., and eight subsidiaries. The company has a large facility at Enterprise Park in Calverton. The corporation plans to continue doing business during the course of the Chapter 11bankruptcy, and the bankruptcy court has made $3 million in financing available in addition to its normal revenue to keep the company running. Metro supplies and delivers biofuel alternatives and natural gas through the stimulus-funded rail spur leading to the Calverton facility. The company reportedly has $100 million in debt — about twice the amount of its assets. However, Metro Fuel Oil still hopes to raise capital and funds to meet its obligations and continue to supply products to residents and businesses in the area. Business bankruptcy filings are not always indicative of a hopeless business situation. In fact, in many instances, companies that have been caught in circumstances due to market shifts can file for Chapter 11 reorganization to allow creditors to secure their positions and to reduce their debt load so that they can keep operating at peak capacity and making money to… Continue reading

New York sees continued decline in bankruptcy

Some people equate filing bankruptcy with giving up everything, but this not the case. In fact, bankruptcy can actually help a debtor protect his or her property and gain the necessary financial foothold for a fresh start. A total of 389 new bankruptcy cases were filed in the U. S. Bankruptcy Court for the Western District of New York in September. Bankruptcy laws were tightened in 2005, making it more difficult for debtors to seek relief under the bankruptcy code. However, the number of filings indicates that many people are still qualifying for bankruptcy protection and choosing to utilize the benefits of these laws. As the economy continues to recover slowly, many people still have to get by on low incomes. For many people, that leads to overwhelming debt, especially when there is no other choice but to make purchases with credit cards. And when there is seemingly no way out, bankruptcy may be an option. Many people have found bankruptcy to be the right choice for them. Bankruptcy can not only wipe out debt, it can also put an immediate stop to harassing phone calls from debt collectors and halt a foreclosure in its tracks. It is very important for debtors… Continue reading

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