Category Archives: Maryland Bankruptcy

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Maryland’s First Mariner Bancorp Files For Chapter 11 Bankruptcy

According to the Wall Street Journal, First Mariner Bancorp, a holding company for Maryland community bank 1st Mariner, filed for Chapter 11 bankruptcy last week and plans on selling itself. The bankruptcy was filed on February 10 in Baltimore. Court paperwork indicated that First Mariner Bancorp has less than $5.5 million in assets and more than $60.5 million in debts. The company said in a statement that it plans on recapitalizing 1st Mariner Bank with $100 million in cash. The bank itself will not file for bankruptcy and will operate separately from the holding company. No interruptions in services are expected for customers. 1st Mariner Bank operates 16 bank branches in central Maryland, according to the Associated Press. Where Can I Find a Maryland Bankruptcy Lawyer? As we mentioned last week, although it is used primarily for corporations and businesses, Chapter 11 bankruptcy protection is available to individuals with certain…
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Unemployment Insurance Fight Hurts Marylanders

According to an editorial in the Baltimore Sun, the failure of politicians to renew unemployment benefits for Americans recently cost 22,900 Maryland workers an estimated $7,472,270 per week. The op-ed, by Fred Mason, president of the Maryland-DC AFL-CIO, also said that if unemployment benefits are not extended by the end of the 2014, more than 82,600 workers would lose benefits. “In today’s economy, nearly three jobless workers apply for each job opening, and more than 37 percent of the unemployed have been out of work for at least six months,” Mason wrote. “Numerous studies have shown employers frequently discriminate against the long-term unemployed, leaving far too many workers in Maryland out in the cold. For the families of these job seekers, unemployment benefits represent the difference between total hopelessness and a place to live and food on the table.” Mason wrote that since 2008, more than 24 million Americans have…
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Maryland Ranks Fourth In Foreclosure Rate

According to the Baltimore Business Journal, Maryland ranked fourth in the nation in the rate of home foreclosures in August, with a 24 percent rise in new filings from August 2012. For more than a year now, foreclosure rate numbers in Maryland have been in the top 10 in the nation. The BBJ reported that the foreclosures are not a sign of a downward economy in the state; rather, many of the homes entered the foreclosure process several years ago but were delayed due to Maryland entering a court settlement with mortgage lenders. In July, the Baltimore Sun reported that more than $15 million in payouts were sent to Maryland residents who submitted a valid claim through the National Mortgage Settlement after 49 state attorneys general entered into a settlement with lenders Wells Fargo, Bank of America, Citigroup, JPMorgan Chase and Ally Financial last year. The settlement stemmed from allegations…
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