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June 2012 Archives

Foreclosure rates see first increase in 28 months

New Jersey homeowners and those familiar with this blog may have heard about the slight nationwide decrease in foreclosures seen in the first few months of the year, as compared to a year earlier. The decrease was a small one, with many states still holding onto high foreclosure rates. However, whether due to still mounting debt or a still unstable economy, national foreclosure rates have gone up again -- the first national increase in 28 months.

Despite growth, Konarka files for Chapter 7 bankruptcy

Residents of New Jersey may be familiar with the growth that the solar power industry, as well as other "green" industries, has been seeing across the country. However, a disparity apparently exists in the industry between the installation companies, where business is said to be robust, and the manufacturing end, which is seen as challenged by falling prices. One such business, solar panel developer Konarka Technologies Inc., announced June 1 that it had filed for Chapter 7 bankruptcy.

Foreclosures down slightly from last year

Readers of this blog may be familiar with the continuously high foreclosure rates New Jersey has been seeing. However, the national foreclosure inventory appears to be slightly decreasing in the first months of this year as compared to data from 2011. It is not said whether New Jersey will be able to stop foreclosure rates from rising in the state anytime soon, though it may be that a nationwide change could lead to a change in the state as well.

38 Studios may be facing a Chapter 7 bankruptcy filing

Recently, 38 Studios, a video game design company, laid off a staff of nearly 400 employees. The company, as some New Jersey residents may be aware, is headed up by former ace pitcher Curt Schilling and has been facing financial difficulty for some time. Though it is not confirmed, it appears a Chapter 7 bankruptcy filing may very well be in the company's near future.

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At the law offices of Minion & Sherman, our New Jersey bankruptcy attorneys have been providing families with real solutions for more than 20 years.

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