The Indianapolis Business Journal reports that, "A Colorado-based solar panel manufacturer will get federal help to take over the empty Getrag plant." The federal government has loaned Abound Solar $400 million. The government hopes to encourage alternate energy sources. 

According the Business Journal, "The plant, where transmissions were to be built, has stood empty since 2008. Getrag Manufacturing LLC filed for bankruptcyand halted work on the plant after the company's partnership with Chrysler LLC collapsed. The facility has never beenused."

Abound Solar has plans to invest $500 million in the plant themselves. The IBJ quotes Abound executive Steve Abely, "'We are excited about the opportunity to make America aglobal driver of renewable, affordable and abundantsolar energy.'"

If you or your company faces bankruptcy, contact the Arizona bankruptcy lawyers at the Harmon Law Office, LLC, by dialing 877-829-0494. 

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.

When individuals own a personal business, they may fall into financial troubles and need to file for bankruptcy. When this occurs, these individuals have a number of options. 

By filing for bankruptcy, they may be able to discharge some or all of their debts. The bankruptcy process will also give them the opportunity to reorganize their debts and restructure their business. 

If you or anyone you know has considered a Chapter 11 bankruptcy filing, contact the Arizona bankruptcy lawyers of the Harmon Law Office at 480-829-0494.