San Diego Bankruptcy Law Blog

According to the results of a recent study, it appears the answer to that question may be yes. In fact, the study suggests that in general blacks are almost twice as likely to face more difficult and expensive bankruptcy proceedings than white people are.

The study found that some bankruptcy lawyers may be more likely to suggest filing for Chapter 13 bankruptcy as opposed to filing for Chapter 7 bankruptcy. These statistics were interestingly consistent across the nation, including in California.

In what has been a much anticipated restructuring, the 132-year-old American photo company, Kodak, has finally filed for bankruptcy protection under Chapter 11. Kodak has suffered after the coming of the highly competitive digital age and has faced heavy competition both by foreign companies as well as the digital industry, and most recently with the widespread use of smartphone cameras.

In the past decade, the company has been struggling to see profits and has reduced its workforce by nearly 50,000 employees. Many of its manufacturing plants and processing labs have been closed, and it looks like more will have to go. Inside bankruptcy, Kodak is hoping to streamline its business structure even further so that it can remain operational.

Football star O.J. Simpson is well-known not only because of his NFL career, but also because of problems that he has had in his life. These problems include the famous criminal trial in which he was acquitted in the murder of his ex-wife, Nicole Brown Simpson and her boyfriend Ron Goldman, in 1994.

Simpson's name was not completely cleared however, as he was held financially responsible in the wrongful death lawsuit brought by Goldman's family. That judgment was in the amount of $33 million. This judgment against Simpson is one of many factors that led to his bankruptcy and most recently a foreclosure filing.

Offers by companies to modify mortgages and create financial relief are often part of fraudulent schemes. Financially troubled borrowers should be leery of falling prey to foreclosure relief scams. A recent announcement by the California Association of Realtors is attempting to increase consumer awareness of these scams at a time when such fraudulent setups are becoming more prevalent.

San Diego foreclosure prevention lawyers note that scammers find consumers to victimize through the public foreclosure notices publishing in newspapers, on the internet and elsewhere. Scammers purport to be able to stop foreclosure proceedings immediately, and many offer money-back guarantees to create the illusion of a no-risk situation.