The Dow fell 504 points the day that Lehman Brothers announced their bankruptcy. To be fair the 500 plus point drop can be attributed to the ever worsening credit crisis that is effecting the financial industry. Merrill Lynch was bought out by Bank of America on the same day as the Lehman announcement. It is becoming apparent that AIG and Washington Mutual are on the brink of collapse as well.
Lehman Brothers was a global financial services firm that primarily engaged in investment banking, trading, and investment management. They faced significant trouble during the 2008 financial crisis due to their heavy exposure to subprime mortgages and risky financial products, leading to massive losses. Ultimately, their inability to secure funding and investor confidence resulted in the firm filing for bankruptcy, marking one of the largest bankruptcies in U.S. history and triggering a widespread financial crisis.
Bankruptcy laws are being tightened up. Although overall bankruptcy reform is still tied up in Congress. The honest consumer who has fallen on hardtimes for whatever reason will not have a problem getting a bankruptcy discharge. The majority of filings are simple and done in a timely manner. Those that are dismissed are due to the result of use of fraudulent information, faults in documentation, etc. Sometimes the trustee will decide the debtor has the ability to repay at least a portion of the debt and will deny a Chapt. 7 filing in lieu of a 13. Any dismissal by a trustee can be appealed.
Yes. If you are filing to sponsor someone you will need to fill out an Affidavit of Support stating you can support this person in the US without being on public assistance. You have to meet 125% of the poverty line, as stated on the forms you can download at www.uscis.gov. If you filed bankruptcy you are not an eligible sponsor and you will need a co-sponsor (mother, father, someone who makes 12% of the poverty line).
Chapter 7: about six months from filing to closing. The first meeting of creditors ("341 meeting") is about a month after filing, then 45 days to take the financial management class and file the certificate. Discharge shortly after. Chapter 13: anywhere from a month to five years (60 months). Both timelines assume no problems that extend the time needed to complete.
Most federal cases begin in the district courts.
Lehman Brothers HoldingsDate of bankruptcy filing: 09/15/08Assets: $691 billion
If your partner files for bankruptcy and you don't then the bankruptcy will not appear on your credit report. But you will be partly responsible for before bankruptcy filing. Generally filing bankruptcy will affect the credit rating of the individual who filed it.
Filing bankruptcy has no affiliation with religion. If filing bankruptcy is he best financial options available, then you should do it.
If you are filing for personal bankruptcy it is not necessary to have a lawyer. If you are filing for business bankruptcy, you must retain a lawyer on your behalf.
Bankruptcy will not stop a garnishment. You cannot set aside civil judgments by filing bankruptcy.
No - having had a car that was re-possessed will not affect the filing of a Bankruptcy.
In a Chapter 7 bankruptcy, a person filing for relief is called a
Nope. Monrovia has not filed for bankruptcy
No. Bankruptcy is a civil act.
NO
If you wreck your car after filing for Chapter 13 bankruptcy you can file it on your insurance. You can then replace your car based on the bankruptcy order.
Bankruptcy is when a person or a firm thinks that they are in financial crisis, they go out for filing bankruptcy in related court.