Los Angeles Bankruptcy Blog

In California, for foreclosure, you get an additional 90 days in some cases, write Michael Doan, San Diego Bankruptcy Attorney.

Essentially, Civil Code Section 2923.52(a) now requires an additional ninety (90) day period to be added to the previous 90 day period that must pass after a Notice of Default has been recorded, before a Notice of Sale can be recorded, in order to allow all parties time to pursue a loan modification. If a Notice of Sale has already been recorded prior to June 15, 2009, this provision will not apply. Thus the typical 90 day timeframe required between a Notice of Default and Notice of Sale has now been extended to 180 days in many cases.

There are limitations, but if it encourages lenders to work with people, that can’t be a bad thing.

A news report in New York gets it right.

Is it a Superman company? Or in a Freefall? Six Flags, owner of Valencia’s own Magic Mountain, has announced it’s declaring bankruptcy. Those of us who’ve been around Santa Clarita a while remember when Newhall Land & Farm sold the amusement park to Six Flags. Now, with the Valencia bankruptcy, it seems NL&F did the right thing in getting out. Or maybe NLF can buy it back at a discount.

Statistics can be confusing.

Some people, like Bankruptcy Professor M. Jonathan Hayes, point out that filings seem to be down, but is surprised at this.

Credit Slips also looks at May bankruptcy petition filings and concludes that May 2009 filings are up.

By celebrating a video game.

A fun cartoon.

From the comments:

• the creditor needs to eat something — he’s looking a bit lien.
• He doesn’t even look phased. Must be a secure(d) creditor.

A recent study reporting on the bankruptcy filings in 2007 show that most people who filed bankruptcy a couple of years ago didn’t declare bankruptcy because of their many SUVs or big swimming pools of wasted money. Instead, they were victims of unplanned medical emergencies and costs that sent them spiralling into debt.

Health insurance didn’t help.

Having an education didn’t help.

These were people just like you and me.

Read the whole thing.

UPDATE: Credit Slips breaks it down.

A Chapter 7 trustee has an interesting frozen asset:

A bankrupt Massachusetts medical device maker left behind some gruesome assets when it shut down earlier this year. Innovative Spinal Technologies lists nine human bodies, including “eight previously used” cadavers, among its property in a federal bankruptcy filing.

Query - how would the cadavers NOT be previously used?