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A&P Stores Filing for Chapter 11 Bankruptcy

By |August 3rd, 2015|

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According to the Wall Street Journal, A&P stores which have operations in New Jersey will be filing for a second time for Chapter 11 Bankruptcy protection. A&P owns brands including SuperFresh, Pathmark, and Food Basics. The company prides itself on being the first supermarket chain in the country, and, according to U.S.A. Today, A&P claims to have opened the first large supermarket store in the U.S. Recently corporate bankruptcies have not been taking place as often due to an improved economy, but A&P has faced sharp competition.

Chapter 11 Bankruptcy is ideal for businesses and partnerships who wish to continue to remain in operation as the bankruptcy proceeds. During Chapter 11 Bankruptcy proceedings, a company can alter contractual obligations, seek out more favorable loans, or sell stores in order to become profitable and keep the business afloat. Chapter 11 Bankruptcy offers the benefit of allowing companies to keep people employed even as the bankruptcy is handled in court. Businesses, individuals, and partnerships who choose to file Chapter 11 Bankruptcy often seek the assistance of a Chapter 11 Bankruptcy attorney like Stuart M. Nachbar Esq.

A&P has bidders for 120 of its 296 stores, and intends to seek buyers for its other stores. A&P has struggled to stay afloat in a highly competitive market that includes Wall-Mart and Dollar General which have begun to sell grocery goods. Whole Foods, on the other hand, has also eaten into A&P’s profit margins. The hope is that by selling the stores, A&P will able to protect as many jobs as possible.

Fortress Investment Group, L.L.C. plans to furnish A&P with $100 million in bankruptcy financing.

A&P’s previous Chapter 11 Bankruptcy […]

Social Capital and Chapter 7 Bankruptcy Decisions

By |August 3rd, 2015|

Mortgage Modification

What drives a person’s decision to file for Chapter 7 Bankruptcy? While many largely uncontrollable factors such as difficult economic circumstances, unemployment, and long-term recession often lead individuals and families to make the decision to file for Chapter 7 Bankruptcy, researchers have been looking into other non-economic factors that motivate this decision.

Chapter 7 Bankruptcy offers individuals in New Jersey the benefit of eliminating or cancelling most debts. While bankruptcy is not for everyone, it is a protection afforded under the law to ensure that individuals have the opportunity to move forward financially if they find themselves facing insurmountable debts. The District of New Jersey Bankruptcy Court urges individuals to consult with a Chapter 7 Bankruptcy attorney  like Stuart M. Nachbar, Esq with www.snanj.com before moving forward with bankruptcy, as the consequences of filing can be long-term, and a lawyer can ensure that all documents are properly filed and handled.

Most individuals choose to file for Chapter 7 Bankruptcy when it becomes evident that they cannot meet the demands of debtors. Yet, according to the European Journal of Political Economy, individuals with higher social capital were found to not be as likely to file for Chapter 7 Bankruptcy, despite its evident benefits. On the other hand, among communities where there was a great deal of mistrust in institutions and belief in corruption, higher bankruptcy rates were noted.

Social capital refers to the assumption that social networks have inherent value. The Harvard Kennedy School notes that social capital has value because a person’s connections increase the amount of information he or she has, increase reciprocity and favors, and lead to greater collective action. Individuals who […]

Foreclosure Victims Get No Justice with Mortgage Settlement

By |July 17th, 2013|

New York, NY- News on the housing front is beginning to look bright, almost like recovery is just over the horizon. Foreclosure rates are dropping and people who lost their homes thought they might actually catch a break.  If the people responsible for the dismal failure of the economy weren’t going to jail, at least very least should have to pay. Justice was supposed to be wrought with dollar bills. Now that the National Mortgage Settlement has begun to wind down, the victims of the foreclosure crisis are discovering that they won’t be given the justice they were promised.

When the feds began putting the pressure on large banks and mortgage services to clean up their practices, lenders promised to fairly compensate the victims of the crisis they caused. That isn’t the reality, what wronged homeowners received is a pittance compared to losing the homes they worked so hard to buy.

The main source of wealth for the majority of Americans is a home so millions of homeowners went bust because shameful lenders forged mortgage documents, denied people mortgage modifications. They seized homes from soldiers fighting in Iraq and Afghanistan. They broke laws, but the DOJ has admitted that banks are too big to jail. And now that it the final checks from the $3.6 billion mortgage settlement are being mailed, Americans realize now the whole foreclosure review and settlement was a striking failure.

In 2011, lenders first agreed to go over every foreclosure and ferret out the mishandled ones. The idea was to give homeowners financial compensation according to the degree they were wronged. Lawmakers and federal agencies promised homeowners compensation in the thousands all the way up to $125,000, but the reality is most people only […]

Bank of America Denies Foreclosure Whistleblower Claims

By |July 17th, 2013|

Charlotte, NC- Charlotte-based Bank of America denies the claims of former employees who gave testimony in federal suit that alleges the bank violated the Racketeer Influenced and Corrupt Organizations Act. Not surprisingly, Bank of America denies the whistleblowers’ allegations, calling them liars in court.

The lawsuit, filed this month, is among the several Bank of America has faced over the years for their participation in the national foreclosure crisis. Bank of America along with their co-defendants Urban Lending Solutions of Bloomfield, Colorado, allegedly rewarded employees who denied homeowners mortgage modifications despite their eligibility under the Home Affordable Modification Program.

Federal prosecutors allege the bank and the mortgage servicer conspired to deny modifications and steer homeowners into more profitable and costlier in-house mortgage modifications. Prosecutors believe that by doing this Bank of America and Urban Lending Solutions committed wire fraud and racketeering.

Last week, several whistleblowers testified that Bank of America encouraged them to steer troubled homeowners away from HAMP. Employees were given pay bonuses up to $500 and gift cards to retails stores like Target and Bed, Bath and Beyond for denying mortgage modifications to homeowners, the Huffington Post reported.

Bank employees were encouraged to alter documents, postpone HAMP applications and processing. Employees were implored to lie to customers in order to make these practices possible. The whistleblower affidavits also said if they didn’t do as the bank asked they faced retaliation through dismissal.

The attorneys representing Bank of America said the whistleblowers “wildly misrepresented their duties at the bank” and further stated their claims were “impossible.”

In their court papers, Bank of America denied the whistleblower’s claims stating, “In sum, the declarants could not have witnessed what they claim to have witnessed because they were not in a position […]

Foreclosures Reach Lowest Level since Housing Crisis Hit

By |July 17th, 2013|

Miami, FL- The foreclosure crisis has been a drag on our economy and the psyche of the American people, but there are signs that the worst part is over. Recent data from RealtlyTrac shows foreclosures decreased 14 percent in June over the previous month.

In news release, RealtyTrac stated that 57,286 homes nationwide entered the first stage of the foreclosure process during the month of June. That represents the lowest monthly level of foreclosure starts since 2006, and a 35 percent decrease over the same period last year. That is remarkable news, and signals the housing sector is slowly climbing out of its previously dismal state.

The report, which was released Thursday, said, “Year to date through June, 409,491 foreclosure starts have been filed nationwide, on pace to reach more than 800,000 for the year, which would be down from 1.1 million foreclosure starts in 2012.”

RealtyTrac’s mid-year foreclosure report also indicated that bank repossessions (REO) also declined, dropping 9 percent nationwide. REOs are on pace to reach 500,000 by years end, but that is a significant decrease from last year when banks seized 621,000 homes.

Foreclosure actions may be decreasing, which may be due to the longer foreclosure process. A larger percentage of foreclosures are entering the judicial process than in previous years, indicating that reforms enacted in numerous states are working in the troubled homeowner’s favor.

RealtyTrac estimates that judicial foreclosure auctions have increased in Florida, New Jersey, Maryland and Illinois by large margins, ranging from 65 percent to 100 percent.

“Halfway through 2013 it is becoming increasingly evident that while foreclosures are no longer a problem nationally they continue to be a thorn in the side of several state and local markets, particularly where a backlog of […]

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