On behalf of Harris - Petroni, Ltd. posted in Foreclosure on Wednesday, February 15, 2012
Military service members and their families, who may have lost their homes in unfair foreclosure practices, could receive a minimum of $116,785, plus lost equity and interest. This is a great win for these families.
The lenders have agreed to make up the losses and identify the service members who may have lost their homes or were denied interest rate reductions. The lenders were in violation of a law that protects active duty and deploying troops from credit card or mortgage abuses. The lenders include JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial, formerly GMAC.
On behalf of Harris - Petroni, Ltd. posted in Bankruptcy on Friday, February 10, 2012
Deciding whether to file for bankruptcy is an agonizing decision especially if you believe that you might lose your home in the process. You shouldn't lose your home if you file for bankruptcy protection, but there are things you should know before going through with your decision.
If you have not been paying your mortgage a lender will call and send you letters to try and work out a modification on your loan. If you choose to ignore the lender, the property will go into foreclosure and you could lose your home.
On behalf of Harris - Petroni, Ltd. posted in Chapter 11 on Friday, February 3, 2012
Less than two weeks after filing for commercial bankruptcy, Eastman Kodak Co. has been hit with at least one lawsuit from a Kodak employee. If the speculation by bankruptcy attorneys is accurate, it will likely not be the last suit to be filed against the company by current or former employees or other company shareholders.
Kodak filed for Chapter 11 bankruptcy after several years of falling profits and declining stock prices. Currently, Kodak stock is selling for 35 cents per share, down from more than $30 per share a decade ago. The plaintiff in the lawsuit, a current Kodak employee, alleges that the company and its executives failed to safeguard workers' 401(k) retirement plans as stock prices fell.
On behalf of Harris - Petroni, Ltd. posted in Foreclosure on Saturday, January 28, 2012
Foreclosure is a stressful experience that far too many Nevada residents are familiar with. Often those who experience foreclosure are also facing the potential of a personal bankruptcy. There are many alternatives to foreclosure and bankruptcy, and an experienced Nevada bankruptcy attorney can help Nevada residents review their options and decide what the best next steps should be for their particular situation.
Foreclosure mediation is one option for Las Vegas homeowners. The U.S. Justice Department recently lauded Nevada's Foreclosure Mediation Program as a model for similar initiatives across the country. The program became an example of best practices for state mediation programs after the deputy director in charge of the program took part in a panel hosted by the Department of Justice's Access Justice Initiative. The deputy director's participation spurred interest in Nevada's program and federal housing advocates were pleased by what they found.
On behalf of Harris - Petroni, Ltd. posted in Chapter 11 on Thursday, January 26, 2012
One of the best-known photography companies in the world has filed for bankruptcy. According to industry analysts, Eastman Kodak Co. made the decision to file for Chapter 11 bankruptcy after several years of falling profits, layoffs, and decreases in market value.
According to the Chapter 11 bankruptcy filing, Kodak currently has approximately $6.75 billion in debt and $5.1 billion in assets, making it necessary for the company to seek bankruptcy protection. The company's market value has shrunk to less than $100 million, a significant drop from just 15 years ago when it was valued at $31 billion. At that time, its shares were selling for up to $94. Currently, the share price is around 30 cents.
On behalf of Harris - Petroni, Ltd. posted in Chapter 7 on Thursday, January 19, 2012
According to a new national report, fewer people filed for personal bankruptcy in Reno and across the U.S. in 2011 in comparison to the number of filings made in 2010. However, that low may only be temporary, as economists expect Chapter 7 and Chapter 13 bankruptcies to increase in the year to come.
Last year, approximately 1.3 million people entered Chapter 7 or Chapter 13 bankruptcy, according to the report from the National Bankruptcy Research Center. This number amounts to about one filing per every 175 Americans, which is a decline from 2010. During that year, about 1 out of every 150 Americans filed for personal bankruptcy, amounting to a total of 1.5 million people.
On behalf of Harris - Petroni, Ltd. posted in Chapter 11 on Thursday, January 12, 2012
The manufacturer of Wonder Bread, Twinkies, Ho-Hos, Ding-Dongs, and other infamous treats has filed for Chapter 11 bankruptcy, according to media reports. The bankruptcy is reportedly the result of failed efforts to reach an agreement with company employees on health benefits and pensions, combined with declining profits and mounting debt.
This most recent filing is the second time Hostess Brands Inc. has filed for Chapter 11 bankruptcy in the past three years. Hostess spokespeople say that they do not expect any disruptions in its manufacturing or delivery processes, so consumers should not notice any changes as the company goes through the bankruptcy reorganization process.
On behalf of Harris - Petroni, Ltd. posted in Chapter 11 on Friday, January 6, 2012
Bankruptcy often allows companies and individuals the opportunity to get a fresh start on life. That certainly seems true in the case of a Nevada-based construction equipment supplier. Ahern Rentals Inc. , recently filed a Chapter 11 bankruptcy petition that will allow it to remain in operation while developing a financial plan to pay off its debt obligations.
In these tough economic times, many companies and individuals alike have found themselves struggling to meet their financial obligations. That may well be the case with Ahern Rentals, which rents and sells construction equipment such as scissor lifts, front-end loaders and excavators. Unfortunately, due to the housing crisis, it may not be enjoying as much success as it may have just a few years ago.
On behalf of Harris - Petroni, Ltd. posted in Business & Commercial Bankruptcy on Wednesday, December 28, 2011
During a prolonged economic downturn, no one is immune from possible foreclosure. A case in point is a Nevada church that has managed to avoid foreclosure when it filed for bankruptcy in July. Since its filing, the church has been able to work out its differences with the lender. It was reported that the church leaders filed for bankruptcy because the church was so far behind in payments that it made no sense to try to pay them off.
After the church filed, a dispute began as to whether donations made by the congregation could be considered part of the bankruptcy estate. If considered as such, those funds could be used to help satisfy the bank's claim. Most of the terms between the bank and the church are confidential but it was revealed that the church will pay out most of the disputed funds as part of the settlement. The funds will be placed into an escrow account.
On behalf of Harris - Petroni, Ltd. posted in Foreclosure on Thursday, December 22, 2011
Nevada has been one of the hardest hit states by the recession during the last 5-years. For a state that depends heavily on tourism to keep the economy flowing, Nevada has been feeling the crunch. While many professionals suggest that the recovery is in full progress, Nevada residents facing foreclosure may feel otherwise.
A Nevada resident that lives on an affluent Las Vegas street states she was once able to name the homeowners in her neighborhood. Now that neighborhood is economically recessed, and there is a high number of vacant homes and "parade of anonymous renters." Despite national reports that the economy is in recovery, she claims the recession is continuing. There are now more houses in foreclosure in her neighborhood than there was even 1-year ago.
