Word: likenesses
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...Cases like Flores' are being brought before judges all across the country, and the number of such legal actions promises to increase. In March, more individuals and businesses filed for bankruptcy than in any month since October 2005, when federal bankruptcy laws were made more restrictive. There were 158,141 U.S. bankruptcy petitions filed last month - a 35% increase over February's figure, according to data compiled by Automated Access to Court Records (AACER). This was a 19% increase over the number in October 2009, the last record-high month...
...first quarter of 2010, the rate of personal bankruptcy filings in a dozen states increased by double-digit percentages over 2009's monthly averages. "What is surprising is that there are still hefty increases in states like Arizona, California and Florida," says AACER president Mike Bickford, referring to the fact that it might seem that the worst would be over in states hard-hit by the housing bubble. "Intuitively, you would think there might be some leveling off in these states, but that is not the case. In addition, there were large increases in bankruptcy filings in the Midwest, especially...
Flores, who has run his carpet-cleaning business for 30 years, is relieved. "I just have to work like hell," he says...
...substantial number of cases before Bowie involve a financial institution asking the court for relief from stay, so they can pursue foreclosure against borrowers like Flores. Lenders represented in the courtroom include JPMorgan Chase Bank, Bank of America, Deutsche Bank Trust, Wells Fargo Bank, US Bank and GMAC Mortgage. When a Chapter 13 bankruptcy is ordered and confirmed, lenders must cease any foreclosure proceedings and the delinquent homeowner must begin making regular mortgage payments. But if the debtor cannot keep up the payments, "sooner or later the court drops the bomb," says attorney James Beshears...
...reputation is on the mend. For the first time in four years, the percentage of people saying that the reputation of Big Business is "good" rose from 12% to 18% in Harris Interactive's annual survey of what people think of companies. Respondents thought most highly of tech outfits like Google and Amazon, but they thought poorly of big financial firms and most carmakers, with Warren Buffett-run Berkshire Hathaway claiming the top spot on the list. Among the companies with the worst reputations were General Motors, Goldman Sachs and AIG. (See 10 perfect jobs for the recession - and after...