Latest on the Bankruptcy Blog

Ally Financial Inc. has been struggling to keep its mortgage unit afloat for a while now.  After receiving a large government bailout just a few years ago, time is running out for repayment. As Ally Mortgage unit’s finances continue to dwindle, the company is seeking Chapter 11 bankruptcy in order to restructure and regain a  … Read more

Filing for bankruptcy is not meant to be a tool of disappointment, but in today’s economy many businesses are finding it difficult to maintain operations. In a competitive market, such as music storage and downloads, the margin for error is slim. As technology advances, companies are forced to either keep up or pack up. The  … Read more

Short sales aren’t what they used to be and, in fact, many homeowners are finding the benefits of using them as an alternative to foreclosure. However, not all lenders will approve a short sale, nor are they all the same. In an attempt to better serve homeowners, the federal government crated the Home Affordable Foreclosure  … Read more

Refinancing a mortgage is a topic of hot discussion these days as rates continue to hover around historic lows. With federal programs pushing for more lenders to participate in refinancing offers, many previously unqualified homeowners may not be able to secure a lower payment and reduce the risk of  mortgage debt in the future. Inside  … Read more

There are many bankruptcy myths that circulate, often deterring people from experiencing the benefits the process has to offer. Misinformation is one of the worst offenders to the bankruptcy process and most people find themselves surprisingly pleased once they learn the truth behind some common misconceptions. Financially Irresponsible Most people hold the stigma that anyone  … Read more

Ally Financial Inc. is one of many financial servicers offering consumers ways to manage their money through online banking services, CDs, retirement and money market accounts. Ally also offers mortgage loans and auto financing options, but has recently faced financial trouble in their mortgage unit that lead to an industry shocking decision. Crisis In Mortgage  … Read more

LightSquared is a tech company who provides high speed wireless internet to customers around the U. S. After their service plans were thwarted by federal regulators the company has found themselves in financial trouble. Yesterday, LightSquared filed for Chapter 11 bankruptcy protection. High Speed Relief LightSquared Inc. is just one of several companies offering 4G  … Read more

Good credit may seem like a no-brainer for most people, but to some it can seem like an unreachable goal. Anyone who has experienced trouble with debt or bankruptcy knows that keeping your credit clean is a daily challenge, but one that will win in the end. Fighting For The Future If you have suffered  … Read more

Last week, the Florida Supreme Court heard arguments in a foreclosure lawsuit that could leave a major impact on how banks do business. The landmark case has the potential to unravel thousands of prior foreclosure cases and lead to in depth investigations into bank practices. Legal Eye Several Florida banks could face severe financial penalties  … Read more

If someone was to ask if whether or not you could afford to file bankruptcy, you might think it was a trick question. After all, bankruptcy is a tool for those who are financially insolvent and can’t afford to resolve their debts. While bankruptcy is designed to help those in financial hardship, not everyone can  … Read more