FormTech Industries LLC has filed for bankruptcy protection under Chapter 11. The company, which employs about 400 people in Ohio and Michigan, is attempting to sell its assets in a court supervised auction.

The company is also trying to secure debtor in possession financing to help continue operations. The filing listed assets in a range between $100 million and $500 million and liabilities in a range between $50 million and $100 million.

If you are considering bankruptcy, contact the Arizona bankruptcy lawyers of the Harmon Law Office, LLC at 480-829-0494.

The American Bankruptcy Institute has reported that business bankruptcies for the first half of 2009 surged 64% from the same period of last year with over 30,000 businesses filing.

The Institute also reported that 7,396 businesses filed for Chapter 11 reorganization during the period, up 113% from last year. Chapter 7 liquidations were also up 57% from 13,002 to 20,375.

If you are considering bankruptcy, contact the Arizona bankruptcy lawyers of the Harmon Law Office, LLC at 480-829-0494.

Derek Anderson and Victor Kubicek, owners of the rights to Terminator and producers of the most recent film, have filed for Chapter 11 bankruptcy. Strangely, the filing comes in the wake of the movie's success.

The movie has sold $370 million in tickets world wide and has yet to be released on DVD. However, a lien of questionable legality put on one of the pair's companies has forced the filing.

If you are considering bankruptcy, contact the Arizona bankruptcy lawyers of the Harmon Law Office, LLC at 480-829-0494.

The Reader's Digest Association, publishers of the periodical of the same name, is filing for Chapter 11 bankruptcy. The company has cited going from publicly traded to private as a large reason for the filing.

In 2007, Reader's Digest Association borrowed money to buy public shares to allow itself to go private. However, it has not performed as well as expected recently and is having trouble with its debt. However, it has come to an agreement with lenders for its bankruptcy.

If you are considering bankruptcy, contact the Arizona bankruptcy lawyers of the Harmon Law Office, LLC at 480-829-0494.

In July, Arizona was ranked third behind Nevada and California for most foreclosures. In Arizona, 1 in 135 houses received foreclosure filings and scheduled auctions rose by 25%.

A large contributor to the spike in foreclosures is the national unemployment rate, now up to 9.4%.  Many people finding themselves in the face of foreclosure are also turning to bankruptcy to help them throught their financial difficulties.

If you are considering bankruptcy, contact the Arizona bankruptcy lawyers of the Harmon  Law Office, LLC at 480-829-0494.

Arizona consumer bankruptcies are still on the upswing. July had a 86% increase in Chapter 7 filings from the same month of 2008, jumping from 1,415 to 2,632. However, this is a lesser increase than previous months have seen.

Across the state, June and May showed a 96.6% and 107.5% increase in Chapter 7 filings from their respective periods of the previous year.  Experts expect the upward trend in filings to increase through the holiday season.

If you are considering bankruptcy, contact the Arizona Chapter 7 bankruptcy lawyers of the Harmon Law Office, LLC at  480-829-0494.