Global Economy

CNN Reports European concerns easing: On Tuesday, rating agency Standard and Poor's downgraded the sovereign debt ratings of Greece to junk status and lowered Portugal's investment grade status.
The S&P also downgraded its investment grade rating of Spain's long-term debt on Wednesday.

2010 Q1 Foreclosure Numbers Are In

CNN reports that in the 1st quarter of 2010, 930,000 foreclosures were filed nationwide. This is a 16% increase in filings from Q1 2009. Although prices are stablizing, the market continues to be plagued by foreclosures.

On April 20, 2005, President Bush signed into law the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 ("BAPCPA"). BAPCPA made substantial changes to the Bankruptcy Code. And the Bankruptcy Judges Division has made significant revisions to this online version of Bankruptcy Basics to account for BAPCPA's changes to the Code. Since the passage of these laws, it is highly recommended by the Federal Courts that individuals hire counsel to guide them through the federal judicial process.

The most recent quarterly statistics on bankruptcy filings complied and published by the Administration of the U.S. Courts indicate that 7,483 bankruptcies were filed in Colorado in the most recent published quarter. Of those filed, 6,392 were Chapter 7 cases and 1,045 were Chapter 13 cases.

Medical Bankruptcy

The American Journal of Medicine recently reported that medical problems contributed to approximately 46% of all bankruptcy filings in 2001.

By 2007, the Journal reported that 62% of all bankruptcies were medically related.

President Obama has stated that the recently passed health care reform (see article below) could prevent "families and businesses from plunging into bankruptcy". Call us today to see what other options you and your family may have.