Recent Blog Posts

Foreclosures Cause Decrease in Utah Home Sales

Stone Law Firm — Thu, 23 Sep 2010 17:45:00 GMT

In the state of Utah, statistics are showing that there has been an increase in the year-over-year drop in existing home sales. In fact, home sales in Salt Lake County during the month of August dropped by 26% with only 763 home and condo sales. Last year during the same time period, there were 1,036 home sales according to a report released by the Salt Lake Board of Realtors.

Many experts in the real estate sector say that high unemployment and foreclosure rates have kept the country and the state of Utah from recovering since the recession. Additionally, bankruptcy and other factors are deterring residents in Utah from purchasing homes.

Last spring, the housing industry experienced a boost due to the government offering home buyers tax credits. However, those credits expired back in April and since that time, the housing market has continued to suffer. Even reduced mortgage rates have not provided enough incentive for people to buy real estate.

If you need assistance with filing for Chapter 7 bankruptcy or have questions pertaining to foreclosure, contact us to set up a consultation with a Salt Lake City bankruptcy lawyer.

Blockbuster Moves Forward with Filing for Bankruptcy and Netflix Shares Rise

Stone Law Firm — Thu, 23 Sep 2010 03:00:00 GMT

This week, Reuters reported that shares in Netflix reached an all-time high. Many speculate that the rise in shares was attributed to the fact that the company's major competitor, Blockbuster, filed for bankruptcy protection last week. However, others say that it is too soon to call it "the end" for the video store giant.

Shares of Netflix hit a record high of $163.72 because people think that the company will take over Blockbuster's share of the market after the organization closes the doors to its stores. Netflix currently has 36% of the rental market compared to Blockbuster's 22%.

Simon Swart, executive vice president and general manager of News Corp's Twentieth Century Fox Home Entertainment said, "We are confident that Blockbuster will emerge from its reorganization financially healthier and able to innovate to serve the entertainment needs of its huge customer base."

More details regarding Blockbuster's bankruptcy filing are expected to emerge over the course of the next several weeks.

Planning to file for bankruptcy in Utah? Contact the Stone Law Firm to get immediate guidance from aSalt Lake City bankruptcy attorney.

Blockbuster CFO Resigns

Stone Law Firm — Thu, 16 Sep 2010 21:46:00 GMT

This week, it was announced that Blockbuster's CFO for the past three years, Thomas Casey, has resigned his position.

According to Businessweek, the resignation was agreed upon by the company and Casey, who left his post on September 11^th after renegotiating the terms of his severance package.

For months, it has been rumored that the video store giant is near a bankruptcy filing as its debts have reached an astounding $1 billion. The company has also closed down hundreds of its video stores across the country and has been facing pressure from subscription services such as NetFlix.

A recent report from the Dallas Business Journal said that Blockbuster may file for Chapter 11 bankruptcy protection at the end of September 2010.

Need help filing for bankruptcy? Contact us to discuss your options and the bankruptcy process with a Salt Lake City bankruptcy lawyer.

Atlanta Republican Cadidate Says He Will not File for Bankruptcy

Stone Law Firm — Wed, 15 Sep 2010 15:05:00 GMT

In Atlanta, Republican candidate Nathan Deal recently addressed his financial issues that left him with $2 million in debt. Despite his large amount of debt, Deal said he refuses to file for bankruptcy, such as Chapter 7 bankruptcy.

During an interview, Deal told a reporter, "I want to talk to you about the part that makes me real. That is the fact that I face the same challenges that most Georgians face, a downturn economy that has taken its toll on me and my family."

Deal said that he had invested $2 million in a sporting goods store that was launched by his daughter and son-in-law several years ago, but the store failed when the economy began to dwindle. His daughter and son-in-law filed for bankruptcy and he said he was saddled with the responsibility of paying back $2 million in bank loans that financed the store for a total loss of $4 million.

Supposedly, Deal plans to repay the debt and will not take the bankruptcy route. He Stated, "I'm going to make sure our obligations are met but I also want to tell you I think it's important for a governor to understand the pain that all Georgians are facing. My daughter and her husband and our family, we're not alone in this downturned economy."

Do you have plans to file for bankruptcy in Utah? Contact the Stone Law Firm and speak with a Salt Lake City bankruptcy attorney.

Judge Rejects Claim by Federal Deposit Insurance Corp

Stone Law Firm — Thu, 09 Sep 2010 20:05:00 GMT

Last year, Federal Deposit Insurance Corp. was seized by banking regulators. Now, a federal judge has rejected the company's claim that it is owed more than $900 million from its former parent, Colonial Bank.

In Montgomery, Alabama, Judge Dwight H. Williams Jr. of the U.S. Bankruptcy Court granted summary judgment to Colonial BancGroup Inc. in a ruling which dismissed the FDIC's attempt to go after the parent company for failure to maintain capital levels at the bank.

Judge Williams said the language of the agreements between the parent and the federal and state bank regulators indicates that the holding company, "did not make a commitment to maintain the capital of Colonial Bank." He also ruled that even though the parent company made a commitment, it would not stand under U.S. bankruptcy law because it could not be "assumed and cured" since Federal Deposit Insurance Corp. was no longer operational.

At this time, the FDIC has refused to tell reporters whether it would appeal Judge Williams' decision.

Filing for bankruptcy in Utah? Get help from a Salt Lake City bankruptcy lawyer by contacting our law office today!

Bankruptcy Filings Increase by 20% in the U.S. in 2010

Stone Law Firm — Thu, 09 Sep 2010 02:00:00 GMT

This past year, the Administrative Office of U.S. Court reported that bankruptcy filings in the country increased by 20%. Between June 2009 and June 2010, 1.5 million people filed for bankruptcy. Last year, that number was 1.3 million, noting a 200,000 increase. For many, the 20% increase is not surprising as the unemployment rate remains high, the real estate market is stagnating and economic times are difficult.

The Administrative Office of U.S. Court also reported that there was a 10% to 15% increase in the number of Chapter 7, Chapter 13 and Chapter 12 filings whereas Chapter 11 bankruptcy filings only increased by 2% in 2010.

Additionally, statistics indicate that the regions that struggled in 2010 were in the Southwest, including California, Nevada and Utah.

If you are thinking about filing for consumer bankruptcy, it is important that you have a Salt Lake City bankruptcy attorney on your side that is committed to protecting your best interests and finances. To speak with a bankruptcy lawyer, contact the Stone Law Firm now.

Bankruptcy Filings Drop by 8% in August

Stone Law Firm — Thu, 02 Sep 2010 20:00:00 GMT

A new report by the American Bankruptcy Institute shows that the number of personal bankruptcies filed in August decreased.

The report shows that consumer bankruptcy filings fell by 8% to 127,028 during the month of August. The American Bankruptcy Institute said their data was based upon statistics from the National Bankruptcy Research Center. It is said that filings fluctuate month-to-month. For example, during the month of July, filings rose 9% compared to June.

Despite the drop in August, this year's bankruptcy filings are still outpacing the number of bankruptcies filed 2009. As of August, there were more than 1 million consumer bankruptcy filings, an increase from just over 921,000 during the same time period in 2009.

If you're planning to file for consumer bankruptcy in the state of Utah, it is important that you work with a skilled Salt Lake City bankruptcy lawyer who can help you with paperwork and guide you through proceedings. To get the help you need, contact the Stone Law Firm now!

Giudices in More Trouble over Bankruptcy Filing

Stone Law Firm — Thu, 02 Sep 2010 01:00:00 GMT

This week, multiple news sources are stating that Teresa Giudice (of the Housewives of New Jersey) and her husband Joe are in a lot of trouble. Earlier this year, the couple filed for bankruptcy and were later accused of hiding major assets from the United States Bankruptcy Court.

Last week Thursday, but couple's U.S. Trustee Roberta A. DeAngelis, filed a Complaint Objecting to Discharge. But trustee is asking that Judge Morris Stern refused to grant the couple Chapter 7 bankruptcy due to the omissions in false information included in their filing.

DeAngelis says the couple filed statements and schedules that they knew were incorrect. He said they made false statements under oath regarding their assets and claims the couple gave the bankruptcy court false income tax returns.

For example, paperwork filed by the couple did not include the $250,000 contract Teresa signed for her recent book one week before filing for bankruptcy. It is also alleged the couple did not disclose Joe's bank account, properties and their vehicles.

Are you filing for bankruptcy in Utah? Get the help you need by contacting the Stone Law Firm and speaking with a Salt Lake City bankruptcy lawyer.

Visteon Corp. Asks for Approval of Bankruptcy Exit Financing Plan

Stone Law Firm — Thu, 26 Aug 2010 22:15:00 GMT

This Wednesday, it is reported that Visteon Corp. asked a federal bankruptcy court for approval of a $700 million bankruptcy exit financing plan. If the plan is approved by the US bankruptcy court in Delaware, Visteon Corp. has plans to exit bankruptcy around the end of September or early October.

In court filings, it has been shown that Visteon Corp. is working with Morgan Stanley as the lead arranger for the deal which involves a $500 million senior secured loan term as well as a $200 million senior secured asset base revolving account.

This week, a confirmation hearing will be held to approve or deny the plan. Visteon Corp. said that shareholders and creditors approve the plan, which would allow the company to exit bankruptcy after a period of 16 months. Visteon Corp. is the former parts unit of Ford and spun away from the automaker in 2000 and filed for Chapter 11 bankruptcy just last year.

If you are planning to file for bankruptcy and will likely go representation you can, contact the Stone Law Firm and set up a consultation with a Salt Lake City bankruptcy lawyer.

Important Post Bankruptcy Steps

Stone Law Firm — Wed, 25 Aug 2010 15:00:00 GMT

When people file for Chapter 7 or Chapter 13 bankruptcy, there are great benefits, but there are also several consequences. For example, when people file for consumer bankruptcy it will appear on their credit reports for a period of 7 to 10 years. During that time, it is very important that people:

Take the time to examine their credit reports to ensure the bankruptcy is reflected as it should be. Any debt that is part of the bankruptcy should be properly noted usually with a "BK" notation so that creditors know that the debt has been taking care of.

Create a feasible budget and then stick to it. This is the time when people want to start rebuilding their credit and one of the key components in building better credit is having a budget in place and avoiding spending more funds than necessary.

Pay bills on time all the time. This is one of the most important things that people can do as they try to rebuild their credit and move past their bankruptcy filing.

If you are filing for bankruptcy in Utah, contact us now to discuss your options with a Salt Lake City bankruptcy attorney.

Giudices Spent Thousands After Filing for Bankruptcy

Stone Law Firm — Fri, 20 Aug 2010 05:16:00 GMT

This Monday, court documents revealed that days after filing for Chapter 7 bankruptcy last year, star of The Real Housewives of New Jersey Teresa Giudice spent $60,000 on high-end furniture.

At this time, Giudice and her husband Joe are in debt of $10.8 million. Recently, they appeared in U.S. Bankruptcy Court to discuss the August 22nd auction of their personal belongings. However, the auction was delayed until October so every item's value could be re-evaluated.

Many people are shocked to learn that shortly after filing for bankruptcy, Giudice went on a huge shopping spree. She bought $45,000 worth of blogging, Mears, tables and chairs from high-end stores.

After court proceedings, Teresa refused to comment.

While appearing on The View this month, Giudice she never lived beyond her means and only spent money that she thought she had. She said that her husband never told her about their massive debt because he didn't want to worry her.

Planning to file for bankruptcy in Utah? Contact us to set up a consultation with the Salt Lake City bankruptcy lawyer.

Bankruptcy Filings Surge in the US

Stone Law Firm — Wed, 18 Aug 2010 22:00:00 GMT

This week news sources reported that bankruptcy filings throughout the nation have reached their highest level in five years between the months of April and June. At this time period, bankruptcy filings increased by 11% compared to the same time frame in 2009. Government data was released this Wednesday showing the elevation in bankruptcy filings.

This year, there were 422,061 bankruptcy filings between January and March. Last year, there were 388,148 bankruptcy filings.

Government data showed that filings exceeded 400,000 for the first time since a record of 667,431 filings reported in the fourth quarter of 2005.

The fiscal year ended June 30^th and it was reported bankruptcy is jumped by 21% from 2009.

If you need assistance with filing for bankruptcy in Utah, contact the Stone Law Firm and discuss your situation with a Salt Lake City bankruptcy attorney.

Take Steps to Repair Your Credit after Bankruptcy

Stone Law Firm — Thu, 12 Aug 2010 13:00:00 GMT

After filing for Chapter 7 or Chapter 13 bankruptcy, people will have to take additional measures to rebuild their credit scores. Once people have filed for bankruptcy, it will appear on their credit reports for 7 to 10 years. Once that time has passed, the bankruptcy is removed from the report and people have a clean slate.

While people must wait 7 to 10 years for their bankruptcies to be removed from their reports, there are a few things they can due in the interim to rebuild their credit, such as:

applying for new lines of credit and then acting responsibly by paying bills on time and keeping balances as low as possible.
applying for installment loans, whether home loans or car loans, and then keeping accounts current.
maintaining employment and making steady income, which can be used to pay debt and keep credit card and loan payments current.

If you are about to file for bankruptcy in Utah, contact the Stone Law Firm and explore your options with a Salt Lake City bankruptcy attorney!

Mexicana Airlines Files for Chapter 11

Stone Law Firm — Wed, 11 Aug 2010 19:40:00 GMT

One week after filing for Chapter 11 bankruptcy, Mexicana Airlines said that it would cut some of its flights, primarily international flights from Mexico City. The airline is trying to cut costs as much as possible, which explains the reduction in services.

Mexicana, Mexico is the biggest airline by passenger count. This week, it cut or suspended 20 flights. Last week, the airline suspended its daily flights from Los Angeles International Airport (LAX) and several flights from Oakland, San Francisco and Sacramento.

Reports indicate that Mexicana has been the busiest foreign-based airline at LAX for numerous years. On August 2^nd, Mexicana's parent company, Nuevo Grupo Aeronautico, filed for bankruptcy. It said the filing stemmed from high labor costs and large amounts of debt.

If you are filing for Chapter 11 bankruptcy in Utah, get the legal help you need by contacting the Stone Law Firm and consulting with a Salt Lake City bankruptcy lawyer.

Not all Debt is Dischargeable through Bankruptcy

Stone Law Firm — Thu, 05 Aug 2010 15:20:00 GMT

Many people who choose to file for Utah bankruptcy believe that when they complete the process, all of their debt will be eliminated. However, only unsecured debt is discharged after people have successfully filed for Chapter 7.

Unsecured debt does NOT include:

§ child support payments

§ alimony payments

§ settlements or judgments

§ student loans

§ tax debt

Most people wonder why student loans are exempt from discharge. In June 2007, U.S. Senator Dick Durbin introduced a new Bill that would make private student loans dischargeable under bankruptcy as these loans were in 2005. Back in 2005, changes to the U.S. Bankruptcy Code made private student loans equivalent to the treatment of government-guaranteed loans, which are not dischargeable. The Bill would reverse the 2005 amendment and allow for the discharge of any student loans that are considered private.

Have questions about Utah bankruptcy? If so, contact us to discuss your concerns with a Salt Lake City bankruptcy lawyer.