Posts Tagged ‘orange county bankruptcy attorney’

Bankrutpcy Bill Not Certain to Help Orange County Homeowners

Wednesday, February 25th, 2009

Relief for Orange County homeowners under President Obama’s cramdown bill is far from certain.  Today there is an indication that leading Republican representatives, mortgage industry trade groups and mortgage lenders have joined forces to oppose relief for homeowners provided by the cramdown bill expected to be introduced Thursday of this week.  If Republic representatives and mortgage lenders successfully oppose the Democrat-led relief effort, Orange County bankruptcy attorney practitioners will not have the additional relief offered and will only have limited ability to help homeowners reduce their mortgage debt in bankruptcy.

From the Hill online:

“The financial services industry and House Republicans are fighting back against a bill pushed by House Democrats that would empower bankruptcy judges to write down mortgage interest rates and principal.

The bill could be up for a vote on Thursday and is part of a broader effort to invigorate the housing market and re-brand a federal program begun last year to reduce foreclosures that has had scant results…

The industry says the bill is “overly broad” in allowing too many homeowners to head to bankruptcy courts; it also does not limit the size of a mortgage that can be reduced.

“The housing market is already unstable and enacting cramdown legislation would make things worse by adding even more risk to the mortgage market, effectively undermining efforts by Congress and the administration to stabilize the housing market,” said a dozen trade associations in a letter to House Speaker Nancy Pelosi (D-Calif.) and Minority Leader John Boehner (R-Ohio).

The American Bankers Association, Mortgage Bankers Association and Financial Services Roundtable sent individual letters on Monday to Congress and the administration.”

For More Information, click here

Tags: , , , ,
Posted in Uncategorized | No Comments »

Going down? Elevator Music Company Files for Bankruptcy

Thursday, February 12th, 2009

This is one bankruptcy that Orange County residents may be ambivalent about, depending on their taste in music.  Musak, whose music fills elevators and “on hold” messages for phone systems, is filing for Chapter 11 bankruptcy.  Apparently, the global economic crisis that has led many Orange County residents to seek a bankruptcy attorney is not the culprit this time.  Musak’s CEO said that debt from a decade ago is the true source of their need to file for bankruptcy protection.

From CNN online:

“Muzak, the company that put pop, string-filled arrangements of rock songs in your elevator, filed bankruptcy papers Tuesday after it missed a $105 million payment to creditors.

The pipeline of easy listening will continue to flow as Muzak restructures its debt during the Chapter 11 process, the company said.

“Muzak is a solid business with an outstanding customer base, but we are burdened with substantial debt obligations established over a decade ago,” Muzak CEO Stephen Villa said.

Muzak’s cash flows doubled in the last three years, Villa said, “demonstrating that our business continues to perform well even in today’s challenging environment.”

Along with its ubiquitous elevator offerings, Muzak and its 14 affiliates — all privately owned — produce on-hold messages and install sound systems, digital signs and drive-thru systems for retail businesses.

Bankruptcy documents showed Muzak owes its largest creditor — U.S. Bank, as indentured trustee — about $370 million, nearly all of it due this year.

Muzak spokeswoman Meaghan Repko said the filing was voluntary and in cooperation with the creditors.

The weakened global economy was not a factor, she said, noting the company’s profits have been rising in recent years.

The Chapter 11 protections will allow Muzak time to restructure the debt, which was incurred a decade ago, she said.”

Orange County, with cities such as Irvine, Santa Ana, and Newport Beach that abound with commercial buildings and offices, has many elevators and phones that have been using Musak for years.

For More Information: click here

Tags: , , , , , , ,
Posted in Uncategorized | No Comments »

Chapter 7 Bankruptcy Filings in Orange County for January 2009

Wednesday, February 4th, 2009

The search for an Orange County bankruptcy attorney to file a Chapter 7 bankruptcy was made by hundreds of Orange County residents each and every month in 2008. This year looks like more of the same, and possibly much more of the same. In January 2009, 561 Orange County residents filed for Chapter 7 bankruptcy.

The Orange County cities with the most Chapter 7 bankruptcy filings for January, 2009 are as follows: Anaheim, Buena Park, Costa Mesa, Fullerton, Garden Grove, Huntington Beach, Irvine, Lake Forest, Mission Viejo, and Santa Ana.

Other Orange County cities that also had a high number, especially considering their relative population, include Aliso Viejo, Rancho Santa Margarita, San Clemente.

Tags: , , , , , , , , , , , , , , , ,
Posted in Uncategorized | No Comments »

House Passes Stimulus Bill, But Without Bankruptcy Provisions

Thursday, January 29th, 2009

The House of Representatives passed the $819 billion stimulus bill on Wednesday, a monster bill that allots money towards major infrastructure, education, health care, & unemployment concerns. One concern it does not address, however, is stemming the tide of foreclosures. From the Colorado Independent:

“Congressional Democrats hoping to use the economic stimulus package to force lenders to refinance troubled mortgages have met an unlikely opponent: President Barack Obama.

Many Democrats, including Obama, have long-supported the strategy of empowering bankruptcy judges to alter the terms of primary mortgages to prevent foreclosures. But White House officials have said they don’t want the bankruptcy provision in the stimulus bill for fear of alienating Republicans, most of whom oppose the change…Housing advocates have long-pushed to empower bankruptcy judges to reduce, or “cram down,” the balance of primary mortgages, as well as other terms of the loans, to keep homeowners from suffering foreclosure. That legal avenue is currently available for loans on commercial property, yachts, vacation homes — almost anything but primary mortgages, which were singled out for exception under bankruptcy law.”

Although both President Obama and Speaker of the House Nancy Pelosi have made it known that bankruptcy reform is a priority, and that they will make sure to attach bankruptcy reform provisions to a bill that is a “sure-fire” pass, it is unclear how many homes will foreclose in the meantime — and how many more residents of Orange County will seek a bankruptcy attorney because of it.

For More Information, click here

Tags: , , , , , , , ,
Posted in Uncategorized | No Comments »