According to a new TransUnion report, the average nationwide credit card debt has fallen for the fourth quarter in a row, decreasing from $5,434 to $5,165.

Fewer people were late making their credit card payments in the first quarter this year compared to last quarter, according to the publication. Credit card deliquency is highest in Nevada, at 1.79 percent, followed by Florida at 1.59 percent. The lowest deliquencies are in North and South Dakota and Alaska.

In a news release, Ezra Baker, the director of consulting and strategy in TransUnion's financial services business unit, said "The last four quarters of consecutive decreases in credit card balances shows that consumers continue to focus on paying down their credit cards in response to economic uncertainty and the continued somewhat anemic employment outlook, wanting to keep a credit cushion available for hard times."

If you are in need of legal advice in bankruptcy law, contact the Arizona consumer bankruptcy lawyers of the Harmon Law Office, LLC, at 480-829-0494 to discuss your financial future.

Six Flags Enterntainment Corp. has posted a quarterly net loss of $183.5 million, following a recent Chapter 11 bankruptcy reorganization plan.

The loss comprises interested owed on $400 million in senior notes, costs associated with the reorganization plan, income tax expenses, and generally higher operating costs.

The net loss over this period amounts to $183.5 million, or $1.87 per share, on revenue of $57.3 million. In 2009, the company posted a comparatively better quarterly net loss of $140.8 million, losing $1.50 per share, on revenue of $51.1 million.

Al Weber Jr. has been appointed interim chief executive officer for the company while a privately hired executive search firm looks for a permanent CEO.

If your company is facing bankruptcy, contact the Arizona business bankruptcy lawyers of the Harmon Law Office, LLC, at 480-829-0494 to discuss your financial future.

Movie Gallery Inc., the Wilsonville, Ore.-based company that owns the Hollywood Video rental chain, announced last Friday plans to close its remaining 1,900 stores in the U.S.

The company filed notice in the U.S. Bankruptcy Court for the Eastern District of Virginia in Richmond.

In Febraury, the company was forced to file for Chapter 11 bankruptcy for the second time in three years. The recent decision to shut down its remaining U.S. stores follows failure to pay a loan.

The company's revenue fell from $2 billion too $1.4 billion last year. Analysts suggest that DVD kiosks, movies-by-mail, and over-the-Internet services are responsible for this decline. 

Is your business facing bankruptcy? Contact the Arizona business bankruptcy lawyers of the Harmon Law Office, LLC, at 480-829-0494.

Foreclosure filings have finally begun to level off, according to RealtyTrac Inc.

New York witnessed a 21.5 percent drop in foreclosure filings on properties, significantly over the nationwide 2 percent drop.

This marks the first month of the year that the number of foreclosure filings has decreased rather than increased.

“There were two important milestones in the April numbers that show foreclosure activity has begun to plateau — but at a very high level that will not drop off in the near future,” said James J. Saccacio, chief executive officer of RealtyTrac. “April was the first month in the history of our report with an annual decrease in U.S. foreclosure activity. Secondly, bank repossessions, or REOs, hit a record monthly high for the report even while default notices dropped substantially on a monthly and annual basis.”“

We expect a similar pattern to continue for most of this year,” Saccacio said, “with the overall numbers staying at a high level and ripples of activity hitting the various stages of the foreclosure process as lenders systematically work through the backlog of distressed properties.”

Nevada led the other states in foreclosure rates, with one of every 69 housing units being foreclosed on. California, Florida, Michigan, Illinois, and Nevada foreclosures account for more than 50 percent of the nation's total filings.

If you are facing bankruptcy or a foreclosure filing, contact the Arizona bankruptcy lawyers of the Harmon Law Office, LLC, at 480-829-0494.