Tag Archives: washington dc bankruptcy attorney

Banks Preparing $10 Billion Settlement Over Bad Mortgages

The Wall Street Journal is reporting that several banks are negotiating a $10 billion settlement with federal regulators to stop the review foreclosure cases for errors. The WSJ reports that the potential agreement comes after the “large banks voiced concerns with a process set up by the Office of the Comptroller of the Currency and the Federal Reserve over foreclosure-related abuses that surfaced more than two years ago.” The banks were required by regulators in April 2011 to conduct an exhaustive review of foreclosures and to compensate consumers in cases where consumers could demonstrate an error, according to the WSJ. Reviews of some individual borrower files were taking as long as 25 to 30 hours rather than the eight to 10 hours initially expected, people familiar with the process told the paper. The paper did not report the names of the banks involved in the potential settlement, but said that…
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Washington DC Bankruptcy Lawyer Discusses AMF Bowling Bankruptcy

AMF Bowling Worldwide Inc., the world’s largest private operator of bowling alleys, filed for Chapter 11 bankruptcy last week. According to the Wall Street Journal, the filing marks AMF’s second bankruptcy since 2001. AMF employs 7,000 people and operates 262 bowling centers in the U.S. According to the Journal, the company reported assets and debts that were each in the range of $100 million to $500 million. The Journal reports that the bowling industry has struggled in recent decades, as people are seeking other entertainment options like video games. The company said it expects to emerge from bankruptcy protection within the next five months. “We will recapitalize our balance sheet and reduce our burdensome debt load and related costs,” Steve Satterwhite, AMF’s chief financial officer and chief operating officer, told the Journal. Chapter 11 bankruptcies are common among businesses, as it allows them to remain in control of their operations…
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Save Your Car Through Chapter 13 Bankruptcy

Did you know that you could restructure your car payment through a Chapter 13 bankruptcy? Often, people struggling financially feel like they have no options when it comes to a default on an auto loan—the first thing that comes to mind in repossession. However, people who want to keep their transportation to get to work may want to think about bankruptcy. A Chapter 13 bankruptcy has an automatic stay that stops collections attempts, including repossession. In addition, if your vehicle has already been repossessed, you may be able to get it back if the lender has not sold it. Once you have filed for a Chapter 13 bankruptcy, the automatic stay will give you an opportunity to work with your lender on lowering the interest rate on your loan, extending payments. Some auto loans are eligible for a “cramdown” in bankruptcy. A “cramdown” occurs when the secured potion of a…
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