With unemployment still high, personal bankruptcies continuing to rise, and the housing market remaining in a downward spiral, more individuals are changing the way they pay their bills. According to TransUnion, people are likely to pay their car payments before paying their credit card or mortgage payments, meaning that credit card and mortgage delinquencies are more common these days than car payment delinquencies.
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Morris Publishing Group, publisher of The Florida Times-Union and over a dozen other dailies, formally filed for bankruptcy last Tuesday morning.
Morris Publishing filed a petition for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of Georgia in Augusta. Under the prepackaged plan, Morris Publishing will reduce its overall indebtedness from approximately $415 million to $126.5 million. The prepackaged restructuring plan, agreed to by approximately 93% of its bondholders, will exchange $278.5 million of its existing debt that would be due in 2013 for $100 million in new debt that matures in 2014.
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Recently, the Orlando Division of the U.S. Bankruptcy Court's Middle District of
Florida for the first time began displaying pamphlets for free or reduced cost mental-health counseling and other services. It’s important that people dealing with the stresses of bankruptcy are aware of the emotional and mental-health resources available for them in their communities.
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As much as it would be nice to believe that everything about bankruptcy is predictable, in fact, there are many gray areas where your treatment depends as much on the parties involved as the situation itself.
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