Washington DC and Maryland Bankruptcy eNewsletters

Chapter 11 Bankruptcy Amongst Homebuilders

As Troubles in The Housing Market, Builders Seek Shelter The housing market has taken a number of hits in recent months, and insolvent homebuilders are just the latest to seek the protections of the U.S. bankruptcy courts. Independent housing analysts expect the number of insolvent builders to continue to rise in to the first half of next year, and a builder’s financial problems can quickly become the customer’s depending on the terms of the contract and how long it takes for the builder to resume its projects. In addition to the scores of local and regional builders forced to file for Chapter 11 bankruptcy protection in the past year, major builders have also been forced to consider this route. After reporting a loss of $617 million in the third quarter of this year, TOUSA, Inc., the parent company of Austin, Texas homebuilder Newmark Homes, has announced it is considering filing for Chapter 11 bankruptcy protection. Reports have circulated that the New...

Maryland and Washington DC Bankruptcy Law Basics

Bankruptcy law is governed by Title 11 of the United States Code. It is meant to help those who have made financial mistakes in their lives get a fresh start in the country that is known as the “land of opportunity.” Bankruptcy laws in the United States are governed by federal, not state, rules. This is the case, despite the fact that there are bankruptcy courts in every major region of the country. State governments are not allowed to change any bankruptcy rules or make any decisions regarding bankruptcy. When an individual or business files for bankruptcy, he must go before a United States Trustee in bankruptcy court. A United States Trustee is an individual who is assigned to supervise the dispersement of funds and the reorganization of financial data for individuals and businesses in bankruptcy matters. During a bankruptcy hearing, the individual or business filing for bankruptcy protection will be asked a series of questions regarding the dispersement of...

Managing Consumer Credit Cards and Loans

In the wake of the financial crisis over the past couple years, American consumers appear, at least for now, to have learned some lessons. Revolving debt, like credit cards, declined by over $10 billion last month. Non-revolving debt, like car loans, declined by a little over $2 billion. There is both a good and bad explanation for the decreases. On the good side, the debt levels are falling because people are paying back more money than they borrowed. On the bad side, debt levels have also been falling because lenders wrote off the debt as uncollectable, but these so-called “charge-offs” themselves have been declining of late. Overall, Americans are saving more and borrowing less. A Washington DC bankruptcy lawyer can provide the guidance you need to optimally manage your consumer debt and secure your financial future. Some Tips for Managing Consumer Debt Consumer debt includes credit cards and payday loans and typically involves higher interest...

How a Chapter 13 Can Help You Recover a Repossessed Vehicle

Chapter 13 bankruptcy is a powerful tool when dealing with secured debts like a car loan. You can use a Chapter 13 case to pay your car in full and stop repossession; but what do you do if the lender has already taken your car? A Maryland bankruptcy lawyer or a Washington DC bankruptcy lawyer may be able to help you get your car back.When you buy a car and finance the purchase, the bank lends you the money in exchange for a lien on your car. That means that if you default on your payments, the lender can repossess the car, which means it...