Data released yesterday by the Administrative Office of the U.S. Courts shows that bankruptcy filings between April and June were up by 9 percent from the first quarter, and 11 percent from a year before.  By June 30th this year there were 1.57 million bankruptcies, compared to 1.31 million last year.  This is a twenty percent increase over the past year.

Quarterly filings reached over 400,000 for the first time since they reached a shocking 667,431 bankruptcies in the fourth quarter of 2005.  Congress then altered federal bankruptcy laws, making it more difficult for individuals and businesses to file.  In the second quarter of 2010 there were 422,061 bankruptcies filed.

A professor of sociology at Ohio University stated, “We know the causes of bankruptcy are primarily job losses and health care, with the overlay of the foreclosure crisis”.

If you or someone you know is considering filing for bankruptcy protection, contact the Galveston bankruptcy lawyers of Gipson, Norman & Root at 281-332-4800 to learn more about your rights.

Last Thursday, the Texas Rangers officially exited Chapter 11 bankruptcy after a winning bid from former Ranger Nolan Ryan.  The winning bid was $590 million.

The auction of the team lasted for eight hours between the Hall of Fame pitcher Ryan and Dallas Mavericks owner Mark Cuban. The sale was approved by U.S. Bankruptcy Judge Stacey Jernigan later Thursday.  Major League Baseball officials later approved Ryan and sports attorney Chuck Greenberg as owners.

Former Rangers owner Tom Hicks stated in reference to the new owners, “You have to admire their endurance, dedication and commitment over the last 15 months to get this transaction complete”.

If you or someone you know is considering filing for Chapter 11 bankruptcy protection, contact the Galveston Chapter 11 bankruptcy lawyers of Gipson, Norman & Root at 281-332-4800 to learn more about your rights.

Mexicana Airlines announced on Tuesday that they have filed for bankruptcy protection in both the United States and Mexico.

Mexicana Airlines travels to 65 destinations all over the world, has almost 70 planes, and last year carried 1.1 million passengers.  They are also the largest foreign carrier airline at Los Angeles International Airport.

The company has cited several reasons for their financial troubles, including the global economic crisis and the H1N1 epidemic.  However, the main issue they are addressing is their high employee salaries.  Mexicana claims that their employees, particularly flight attendants and pilots, are paid 185 percent more than that of their Mexican competitors.  Financial officials at Mexicana are discussing cutting employees salaries by approximately 40 percent in order to “bring its cost structure…into line with market conditions” and restructure its liabilities.

If you or someone you know is considering filing for bankruptcy protection, contact the Galveston bankruptcy lawyers of Gipson, Norman & Root at 281-332-4800 to learn more about your rights.