2010 April | Boston Bankruptcy Lawyer, Bankruptcy Attorney in Boston, Filing for Bankruptcy

U.S. Concrete files for bankruptcy

Posted on April 30th, 2010 No Comments

The Houston-based U.S. Concrete has filed for Chapter 11 bankruptcy on Thursday at a U.S. Bankruptcy Court in Wilmington, Delaware. On December 31, the company listed a debt of $399.4 million with assets falling short at $389.2 million.

The company produces concrete and concrete-related products for use in commercial, public, and residential projects, with 143 total plants and seven facilities to produce aggregates. Forty-three of these units also filed for bankruptcy protection. The company has plans to reduce its overall debt by about $272 million.

If you are facing heavy financial debts and are interested in learning if bankruptcy is the right choice for you, the Boston chapter 11 bankruptcy lawyers of Joshua Spirn & Associates may be able to help. Contact us today by calling 800-975-5346.

National foreclosure numbers continue to increase

Posted on April 23rd, 2010 No Comments

A RealtyTrac Inc. report released early this week indicates that one in 465 homes in the Houston, TX, area received a foreclosure filing in March. This is up 29 percent from the previous month of February, and up 53 percent from March of last year.

The increase in foreclosure filings is apparent across the nation, with one in 617 homes in Texas receiving a foreclosure filing and one in 352 receiving one nationwide.

The 376,056 properties that were foreclosed on in March mark a 20 percent increase from February and an overall 8 percent increase since March last year. According to RealtyTrac’s U.S. Foreclosure Market Report, foreclosure filings have not been this high since January 2005.

“Foreclosure activity in the first quarter of 2010 followed a very similar pattern to what we saw in the first quarter of 2009: A shallow trough in January and February followed by a substantial spike in March,” said James Saccacio, chief executive officer of RealtyTrac.

The important difference between this general trend and the increase in foreclosures this year is that under normal circumstances the increase is composed of the final stages of foreclosures. Bank repossessions at this time in previous years showed a 13 percent quarterly decrease. Instead, this year the nation has witnessed a 9 percent quarterly increase in bank repossessions.

Take the right steps when facing financial difficulties to avoid foreclosures and repossessions as best you can. Call the Boston bankruptcy attorneys of Joshua Spirn & Associates at 800-975-5346 to discuss your legal options.

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Marshall’s bankruptcy woes continue to grow

Posted on April 16th, 2010 No Comments

Brian M. Marshall, the general contractor responsible for founding companies such as Fireline Restoration, Initech Restoration, and Marshall Aviaton LLC, has asked the courts to dismiss his latest in a long line of bankruptcies or to convert them to liquidation under Chapter 7 following a loss in equity of $691,000 by Initech.

Branch Banking & Trust Co., the North Carolina based creditor, has recently filed lawsuits to foreclose on properties and real estate owned by Marshall to the tune of $21 million. BB&T specifically mentions a Porsche, Ferrari, and Bentley in the lawsuit as well as a 45-foot long SeaRay. Marshall also recently lost possession of his Gulfstream jet to another creditor.

An investigation carried out by the Securities and Exchange Commission reported that Marshall had created a “fantasy land of fraud” to increase stock prices for his various companies and finance his own personal penchants.

If you are suffering financial difficulties and want to discuss your options when it comes to filing for bankruptcy, contact the Boston bankruptcy attorneys of Joshua Spirn & Associates at 800-975-5346.

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St. Vincent’s Hospital to close its doors

Posted on April 16th, 2010 No Comments

In a move not unexpected by financial experts, St. Vincent’s Hospital of Manhattan filed for Chapter 11 bankruptcy Wednesday in Federal District Court in Manhattan.

The petition reveals the hospital’s debt to be at least $1 billion. This number is likely much larger, but the petition form only allows for a maximum of $1 billion in debt to be demarcated.

A medical malpractice trust monitor is the second largest creditor on the list, with the hospital owing the company over $110 million. The largest creditor is an arm of the federal government, called the Pension Benefit Guaranty Corporation, which is owed $180 million.

Despite this pension-related debt, a spokesman for the hospital says that their employees’ pensions are not in jeopardy. The spokesman also said that the Chapter 11 filing will allow the hospital to continue to care for its patients while slowly closing down.

Filing for bankruptcy can be an ugly process. If you are facing financial difficulties and looking for legal advice when it comes to bankruptcies, the Boston bankruptcy attorneys of Joshua Spirn & Associates may be able to help you. Contact us today by calling 800-975-5346.

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March: Most Bankruptcy Filings Since 2005

Posted on April 6th, 2010 No Comments

Bankruptcy filings increased 35 percent in March according to court records.

Automated Access to Court Electronic Records, which tracks federal court filings, confirms that bankruptcies increased 35 percent in March when compared to February. There were more than 158,000 bankruptcy filings last month. According to the American Bankruptcy Institute, relying data from the National Bankruptcy Research Center, March represented the highest monthly consumer filling total since Congress overhauled the bankruptcy code in 2005.

Executive Director of ABI, Samuel J. Gerdano, said “The sustained economic pressures of unemployment coupled with high pre-existing debt burdens are a formula for consumer filings to surpass 1.5 million filings,… As consumers continue to look to bankruptcy for financial shelter, annual filings will likely equal those averaged in the years leading up to the Bankruptcy Abuse Prevention an Consumer Protection Act of 2005.”

If you are facing heavy debts and are interested in learning if bankruptcy is the right option for you, a Boston bankruptcy lawyer of Joshua Spirn & Associates may be able to help you. Contact us today by calling 800-975-5346.

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High-End Fashion Company Rock & Republic Files Chapter 11

Posted on April 2nd, 2010 No Comments

Fashion brand Rock & Republic, known for it’s expensive jean pants and high-end footwear, announced that it has filed for Chapter 11 bankruptcy protection on Thursday.

The designer fashion apparel company is expected to continue operations while in Chapter 11. The company’s newly appointed chief restructuring officer, Geoffery D. Lurie, said the Chapter 11 filing “is a strategic action that will alleviate balance sheet burdens and enable us to adopt the financial and operational initiatives needed to support the brand’s growth needs…We are confident that this is the right move for Rock & Republic.”

The bankruptcy petition, filed United States Bankruptcy Court in New York, the indicates that the company has obtained a commitment for a line of credit from CIT Group/Commercial Services Inc..

The Culver City-based company said the Chapter 11 filing would ease pressure on its balance sheet.

The Chapter 11 petition says the company plans to was explore possible “financial relationships” that would sharpen its focus to emphasize its core apparel and footwear businesses.

The company is known for it’s designer denim, which costs more than $200 for a pair of jeans.

If you are facing heavy debts and are interested in learning if bankruptcy is the right option for you, the Boston bankruptcy attorneys of Joshua Spirn & Associates may be able to help you. Contact us today by calling 800-975-5346.

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Commercial Bankruptcy Up 52% Year-Over-Year

Posted on April 1st, 2010 No Comments

Commercial bankruptcy filings increased by almost 52 percent from 2008 through 2009, according to a new study by Equifax, Inc.

According to the new study, total commercial bankruptcies rose from 77,638 in 2008, to 117,659 in 2009. These numbers are striking in comparison to the all time low of 32,293 filings in 2006. When viewing the data on a quarterly or month-over-month basis however, the picture seems less grim. While the total numbers continue to be very high, the rate of increase appears to be slowing. For example, fourth quarter filings in 2009 numbered 28,352, while fourth quarter filings in 2008 numbered 25,140. The same trend can be seen in December 2008’s 8,732 filings compared to December of 2009’s 9,001 filings.

The poll shows that California remains the state most negatively affected by the recession. In the study’s list of 15 metropolitan statistical areas with the most commercial bankruptcy filings during the fourth quarter, California had seven areas.

The metropolitan statistical areas with the most bankruptcy filings for 2009 fourth quarter are:
San Diego-Carlsbad-San Marcos CA
Denver-Aurora CO
Portland-Vancouver-Beaverton, OR-WA
Santa Ana-Anaheim-Irvine, CA Metropolitan Division
California – Rest of State
Seattle-Bellevue-Everett, WA Metropolitan Division
Phoenix-Mesa-Scottsdale AZ
Chicago-Naperville-Joliet, IL Metropolitan Division
Oregon – Rest of State
Oakland-Fremont-Hayward, CA Metropolitan Division
New York-White Plains-Wayne, NY-NJ Metropolitan Division
Houston-Sugar Land-Baytown, TX Metropolitan Statistical Area