In the first two quarters of 2010, Massachusetts bankruptcy filings have jumped by 25 percent from the first half of 2009.  So far this year, Massachusetts has had 11,847 Chapter 7, Chapter 13, and Chapter 11 bankruptcy filings compared to the 9,461 in the first two quarters of 2009.  Furthermore, filings have gone up by 13.7 percent from the previous two quarters in which there were 10,419 bankruptcy cases filed.

Warren Group chief executive Timothy M. Warren Jr. stated, “Bankruptcy filings are considered a lagging indicator, and these bankruptcy filings really reflect earlier economic conditions.  Many people struggle to hold on for as long as they can before seeking bankruptcy protection, but even though the economy is recovering, consumers are still hurting and struggling to pay off the debt they’ve accrued over the years”.

If you or someone you know is considering filing for bankruptcy, contact the Boston bankruptcy attorneys of Joshua Spirn & Associates at 800-975-5346 to learn more about your rights.

TLC Americas LLC, the Boston-based marketing company previously running promotions for T-Mobile USA and Levi’s Dockers, recently filed for Chapter 11 bankruptcy protection.  Chapter 11 bankruptcy allows a business to continue operating under the supervision of a court while they plan how to reorganize the company and pay off debts.

TLC has faced a number of complaints related to the Dockers promotions, which they believe are without merit.  TLC set up an automated call center to contact consumers who qualified for promotions.  With Dockers alone, TLC says they paid $5.5 million to consumers, and spent $1.5 million on the call center.

If you or someone you know is considering filing for Chapter 11 bankruptcy protection, contact the Boston Chapter 11 bankruptcy lawyers of Joshua Spirn & Associates at 800-975-5346 to learn more about your rights.

Bankruptcy claims trading has been on the decline for two months now as many businesses are emerging from Chapter 11 bankruptcy protection.  Claims trading reached a record high this past April at $3.65 billion, but have been falling ever since.  This past June, claims trading totaled $2.1 billion.  Furthermore, 917 claims were traded in May, while only 816 were traded in June.

Director of the bankruptcy claims market for SecondMarket, Chris Moon, cites the decrease in claims trading to fewer large cases and the usual “summer slowdown”.

The companies with the highest number of claims trading included Flying J Inc., Chemtura Corp., Tribune Co., Smurfit-Stone, and Lehman Brothers Holdings Inc..  Lehman Brothers, who filed the largest bankruptcy in U.S. history, had claims trading of almost $2 billion in 224 trades.

If you or someone you know is considering filing for  Chapter 11 bankruptcy protection, contact the Boston Chapter 11 bankruptcy attorneys of Joshua Spirn & Associates at 800-975-5346 to learn more about your rights.

The Boston-based Chicago-style pizza restaurant company, Uno Restaurant Holdings Corp., expects to emerge from bankruptcy with new owners later this month.  Uno filed for Chapter 11 bankruptcy protection in January.  Chapter 11 bankruptcy allows for a business to continue operations while they plan how to reorganize the company and pay off creditors.

Yesterday, a New York bankruptcy court judge approved Uno’s reorganization plans.  Now the company just needs to settle exit financing plans.  The reorganization plans involve making two of Uno’s bond holders, Twin Haven Capital Partners of Los Angeles and New York’s Coliseum Capital Management, its new owners.

Uno made plans to give control to the two bondholders in exchange for $142 million of debt, reducing their debt from $176 million to around $40 million.

If you or someone you know is considering filing for Chapter 11 bankruptcy, contact the Boston Chapter 11 bankruptcy lawyers of Joshua Spirn & Associates at 800-975-5346 to learn more about your rights.