Boston Bankruptcy Attorney

There has been some fear that if GM goes bankrupt, they will have to lay off millions of employees, and the recession will become worse. For this reason, the Fed is looking to revive GM’s sales.

To do this, the Treasury is lending $13.4 billion to GM. In addition, the GMAC has lowered the minimum acceptable credit score for financing to 621. This is all in the hopes that the economy will not sink deeper into recession.

Bankruptcy has become a very real solution to many people’s debt problems this last year. If you are considering bankruptcy, contact the Boston bankruptcy attorneys of Joshua Spirn & Associates at 800-957-5346.

At the end of the year, the number of bankruptcies filed in 2008 finally reached a definitive amount. It comes as no surprise that that amount was incredibly high.

Chapter 7 filings came to a total of 7,333 at the end of the year, up 31% from 2007. As for business filings under Chapter 11, there were 130, over double the number from 2007. Even with these high numbers, experts are expecting even more filings for both Chapter 7 and Chapter 11 in the first two quarters of 2009.

Bankruptcies are becoming a reality for more and more people. When this happens, it is good to know that you are in good hands. If you are considering bankruptcy, contact the Boston bankruptcy attorneys of Joshua Spirn & Associates at 800-975-5346.

The Massachusetts Turnpike Authority has gotten out of a “swaption” deal with Lehman Brothers what both parties entered into in 2002. Because swaptions are so risky, the Authority obtained $35 million in cash but also exposed itself to extreme long-term risk.

Lehman Brothers’ chapter 11 bankruptcy earlier this year, however, allowed the Transportation to end the risky deal with a payment of $3.4 million. As a result the turnpike basically made $31 million.

Bankruptcy can change personal as well as business situations dramatically. If you face bankruptcy, contact the Boston bankruptcy attorneys of Joshua Spirn & Associates. Call us at 1-800-975-5346 or send us a message from our website.

KB Toys, a Massachusetts-based toy-retailer, has filed for chapter 11 bankruptcy.  The company has debts totaling $190 million.  This is the second time KB Toys is filing for bankruptcy once again, like it did in 2005.  This time, however, KB Toys faces liquidation.  As a result, in its total of 461 stores it will be having going-out-of-business sales.

Like many other business, KB Toys was hit very hard by the economic downturn.  In the first half of 2008 it was staying afloat despite tough market conditions.  As those conditions worsened, however, KB Toys’ sales took a nosedive of 20%.  That was more than the company could sustain.

If your business faces bankruptcy, contact the Boston bankruptcy attorneys and lawyers of Joshua Spirn & Associates at 800-975-5346 or here.

Two lenders who have not completed paperwork proving they own mortgages have had their right to foreclose on these mortgages challenged in court.

The lawsuit has been filed in Suffolk Superior Court on behalf of two women whose homes have been foreclosed on. The defendants, GMAC Mortgage LLC of Fort Washington, Pennsylvania and Deutsche Bank National Trust Co. of Santa Ana, California bought the mortgages on the secondary market.

Unfotunately, the two companies haven’t completed the paperwork that proves the mortgages are theirs, as required by Massachusetts law. Lawyers for GMAC Mortgages are reviewing the lawsuit while Deutsche bank did not answer any questions.

The recently filed case shows the increasing disorganization of financial firms that buy, package, and sell mortgages to third parties. The process is frequently invisible to homeowners and the public.

The lawyers handling the case seek class action status to buy people time to take part in a federal rescue plan.

If you are considering filing for bankruptcy to prevent foreclosure on your home, contact the Boston Chapter 13 bankruptcy lawyers of Joshua Spirn & Associates at  1-800-975-5346  to discuss your case.