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New yacht company creates more than 300 jobs

Posted on June 10th, 2010 No Comments

When Carver Yachts, makers of world class yachts, filed for bankruptcy last year, yacht production stopped for months.  However, early this year, they started production again under new management and a new name.  Marquis Yachts, located in Pulaski, Wisconsin, was awarded a $1.5 million loan from the Community Development Block Grant program to get their feet back on the ground.

Marquis Yachts say they plan to hire back 315 new workers.

If you or someone you know is considering filing for bankruptcy, contact the Milwaukee bankruptcy lawyers of the DeLadurantey Law Office, L.L.C. by calling (414) 377-0518.

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Xerium technologies emerges from Ch. 11

Posted on May 27th, 2010 No Comments

Xerium Technologies announced their emergence from Chapter 11 bankruptcy protection this Tuesday, with a smaller debt load and a cache of new financing options.

The Raleigh-based company announced that debtholders exchanged approximately $620 million of debt for $410 million in new loans, $10 million in cash, and approximately 82.6 percent of common stock in the reorganized company.

The company also reported the acquisition of revolving loans of up to $20 million and a term loan of $60 million.

Shareholders from before the bankruptcy have been promised 17.4 percent of the newly issued shares, around a 20-to-1 reverse split. They will also receive warrants to purchase up to 10 percent of outstanding shares.

There are now seven board of directors members, five of whom were nominated by lenders. The company expects to retain its stock listing on the New York Stock Exchange.

Contact the Milwaukee personal bankruptcy attorneys of the DeLadurantey Law Office, LLC, at 414-377-0518 to discuss your financial future.

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Credit card delinquencies down nationwide

Posted on May 26th, 2010 No Comments

According to a recent TransUnion report, fewer people were late making their credit card payments in the first quarter this year compared to last year.

Credit card delinquency is highest in Nevada, at 1.79%, followed by Florida at 1.59%. The lowest delinquencies are in North and South Dakota and Alaska.

Nationwide average credit card debt also fell for the fourth consecutive quarter, decreasing a total of 4.95% or around $300, from $5,434 to $5,165.

In a news release, Ezra Baker, the director of consulting and strategy in TransUnion’s financial services business unit, said “The last four quarters of consecutive decreases in credit card balances shows that consumers continue to focus on paying down their credit cards in response to economic uncertainty and the continued somewhat anemic employment outlook, wanting to keep a credit cushion available for hard times.”

If you are in need of legal advice in bankruptcy law, contact the Milwaukee personal bankruptcy attorneys of the DeLadurantey Law Office, LLC, at 414-377-0518.

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Hollywood video to close remaining stores

Posted on May 18th, 2010 No Comments

Movie Gallery Inc., the Wilsonville, Ore.-based operator of the Hollywood Video rental chain, has announced plans to close its remaining 1,900 stores and liquidate its operations.

The company filed the notice Friday last week in the U.S. Bankruptcy Court for the Eastern Dictrict of Virginia in Richmond. This decision follows the company’s defaulting on one of its loans.

Movie Gallery Inc. filed for Chapter 11 bankruptcy in February, for the second time in three years.

Revenue for the company fell last year to $1.4 billion from $2 billion. Analysts suggest that the proliferation of DVD kiosks, over-the-Internet services, and companies offering movies-by-mail is responsible for the company’s decline.

Are you facing bankruptcy? Contact the Milwaukee Chapter 7 bankruptcy attorneys of the DeLadurantey Law Office, LLC, at 414-377-0518.

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Seattle number one in nation for consumer credit debt

Posted on May 14th, 2010 No Comments

Seattle and Dallas have overtaken competitors as the two cities with the greatest average credit card debt per consumer, at around $26,500.

Both Dallas and Seattle exceed the national average consumer credit debt, which is $24,775. This is true for 65 percent of metropolitan areas in the nation.

The report cautions that this should not be taken at face value, and that it is important to remember that debt levels are not always the most important factor in maintaining positive credit scores.

“It’s important to look at the whole picture when evaluating how consumers are actually managing their credit,” said Maxine Sweet, vice president of public education for Experian.

Despite the fact that Seattle consumers have the highest average debt, they also rank very low comparatively in terms of late payments. This means that, in general, they are able to maintain higher credit scores.

If you are facing overwhelming credit card debt and are in need of legal advice in bankruptcy law, contact the Milwaukee bankruptcy attorneys of the DeLadurantey Law Office, LLC, at 414-377-0518.

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Marine Bank Operator Posts Profits Following Bankruptcy Reorganization

Posted on April 6th, 2010 No Comments

CIB Marine Bancshares Inc., the holding company that operates Marine Bank, reported the first positive financial results for the company since the beginnings of a downward spiral beginning in 2002 that eventually led to their declaration of bankrupcty in late 2009. The rapid turn around is a result of a pre-packaged plan of bankruptcy reorganization.

According to John Hickey Jr., CEO and chairman of CIB Marine Bancshares, the company will continue to post positive financial results and will only be stronger in the future.

Careful spending and adherence to a financial plan can allow for the recuperation of bankrupt assets and recovery from bankruptcy. If you are experiencing bankruptcy issues, contact the Milwaukee bankruptcy attorneys of the DeLadurantey Law Office, LLC, at 414-377-0518 to discuss your options.

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What are the challenges of acquiring a car loan after bankruptcy?

Posted on March 11th, 2010 No Comments

When individuals emerge from bankruptcy, they often have trouble acquiring various loans. For many people, however, they still need to acquire a car loan if they want to lease a new car.

To acquire such a loan, post-bankruptcy individuals should take a number of steps. These steps include ensuring that a bankruptcy status is listed as discharged and not having any repossessions within the last year.

If you or anyone you know has questions about their bankruptcy filing, contact the Milwaukee personal bankruptcy attorneys of the DeLadurantey Law Office, LLC, at 414-377-0518.

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Why do bankruptcy courts need identification and social security numbers?

Posted on February 19th, 2010 No Comments

Individuals who file for bankruptcy are required to present a number of documents. These documents include identification and social security numbers.

These documents are required to ensure that filers do not use false identities. This form of security helps protect individuals who are not planning to file for bankruptcy and whose identity are stolen.

If you or anyone you know has questions about a bankruptcy filing, contact the Milwaukee bankruptcy lawyers of the DeLadurantey Law Office, LLC, at 414-377-0518.

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Neenah Enterprises files for bankruptcy

Posted on February 12th, 2010 No Comments

Neenah Enterprises Inc. filed for bankruptcy last week. According to the Chapter 11 filing records, the Wisconsin-based company was forced into bankruptcy because of a significant decline in sales.

At the time of the filing,  the supplier of castings for manhole covers had assets of $286.6 million and debt of $449.1 million as of Sept. 30. The insolvency was a result of significant losses caused by the declines in related industries.

If your company is considering filing for bankruptcy, contact the Milwaukee bankruptcy attorneys Deladurantey Law Office, LLC, at 414-377-0518.

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Milwaukee Foreclosures Rise Due to Recent Job Losses

Posted on February 4th, 2010 No Comments

Milwaukee officials say that recent job losses have contributed to a recent rise in foreclosures in the city. The increase in unemployed citizens, coupled with the loss of unemployment benefits for many out-of-work individuals can be linked to the rising foreclosure rates. City officials say that the foreclosure crisis affecting the city can have a serious effect on it’s financial outlook. Milwaukee has received federal money to help with homebuyer assistance and other programs to help boost the economy and slow down the increasing foreclosure rate.

If you are struggling to make regular payments on your important debts, you may wish to consider filing for bankruptcy. For assistance with your claim, contact the Milwaukee bankruptcy attorneys of the DeLadurantey Law Office at 414-377-0518.

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