Melchionne Connecticut Bankruptcy Round-up 01.24.09

I thought it might be of interest to readers to take a look at relevant bankruptcy news in Connecticut for the past week or so.

1.  Personal bankruptcies easing after dramatic increase in ’09 (theDay.com)

Connecticut saw 8,618 bankruptcies last year–90% of which were Chapter 7 bankruptcy filings.  That’s the highest number of bankruptcies in Connecticut other than 2005 when the new bankruptcy law was passed and there was a rush to file before it went into effect.  Despite the high numbers, however, 4th quarter trends apparently indicate that the number of bankruptcy filings in Connecticut slowed town a bit, perhaps a promising sign of a return to economic growth in the near future.

2.  Foreclosures Slow in New London County (theDay.com)

“The county recorded 1,326 foreclosure filings last year, compared with 1,511 the year before, according to numbers released Thursday by California-based RealtyTrac.”  That’s 1 foreclosure for every 88 housing units, a better rate than Connecticut as a whole.

3.  Bernie’s Bankruptcy Shocks Customers (MyRecordJournal.com)

In a surprise to its customers, electronics and appliances retailer Bernie’s filed for Chapter 11 and closed all 15 of its stores.  Store locations included the Queen Street retail center, as well as locations on Universal Drive in North Haven and Lakewood Road in Waterbury.  Bernie’s also had stores in Rhode Island and Massachusetts.  The chain dates back to 1947 in Hartford when Bernie Rosenberg began selling TVs out of a gas station.

4.  Connecticut is losing residents (MyRecordJournal.com)

A study by Atlas Van Lines indicates that Connecticut currently has the highest move-out-of-state rate.  In the bigger picture, many residents are leaving Connecticut and the Rust Belt States and heading southwest.  Interestingly, the distressed real estate markets in Nevada and Texas are attractive to snow-birds from Connecticut and elsewhere.

5.  Stamford accountant admits role in mortgage fraud (StamfordAdvocate.com)

Stamford accountant Jose I. Flores waived his right to indictment and admitted to participating in a mortgage fraud scheme in which he conspired with others to defraud mortgage lenders by providing fraudulent “accountant letters” as proof of income for people buying homes. In the scam, Flores and others would provide letters that falsely indicated how long mortgage applicants had been self-employed or working as landscapers and cleaners.

If you’re thinking about bankruptcy in Connecticut, please contact me for a free initial consultation to get answers to all of your Connecticut bankruptcy questions.

Contact Attorney Melchionne

Eugene S. Melchionne, Esq.
27 First Ave.
Waterbury, CT 06710
(203) 757-3437

About Eugene Melchionne Attorney at Law

Eugene S. Melchionne, Esq. - Mr. Melchionne is a graduate of The University of Connecticut (B.A. 1977) and Drake University School of Law (J.D. 1980) where he received the American Jurisprudence Award for academic excellence.Since 1980, Mr. Melchionne has focused his practice in the areas of consumer bankruptcy, workouts and foreclosure defense in distressed real estate markets, real estate transactions, condominium law, commercial litigation, business organizations and probate. Prior to opening his office in 1990, Mr. Melchionne was associated with Grady & Riley in Waterbury, Connecticut and DiPietro, Kantrovitz & Brownstein, P.C. in New Haven, Connecticut. From 1990-1998, Mr. Melchionne was of counsel to Bender & Anderson handling that firm's complex litigation and trials. In addition to his practice, Mr. Melchionne was an adjunct professor at the American Institute of Banking and Teikyo Post University teaching bankruptcy, real estate, commercial and consumer law. Mr. Melchionne also advised the Corporation Counsel's office for the City of Waterbury on bankruptcy and foreclosure matters and mentored junior attorneys in that office. In 2005, Mr. Melchionne was appointed State Chair for the National Association of Consumer Bankruptcy Attorneys (NACBA). He acts as a liasion between the national organization and Connecticut attorneys who are members of the Association. He has fostered education of attorneys in the bankruptcy field and increased access of the public to bankruptcy relief in light of the law passed in 2005. In 2007, Mr. Melchionne was elected as Vice President of the Bankruptcy Law Network, an internet resource for consumer information on bankruptcy and now serves as its President. Bankruptcy Law Network has three sister sites, Credit Law Network, Debt Law Netowrk and Mortgage Law Network. Areas Of Practice: Consumer Bankruptcy Workouts & Foreclosure and Repossession Defense Real Estate Closings Honors: Super Lawyer Connecticut - 2007, 2008 Member of the Month - April 2006, National Association of Consumer Bankruptcy Attorneys American Institute of Banking Community Service - Ken Kovel Award, 2001 Teacher of the Year, American Institute of Banking, 1998 Pro Bono Representation of Indigent Clients, U.S. Bankruptcy Court, District of Connecticut, 1996 - 2002 American Jurisprudence Award 1978   Classes/Seminars Taught: Speaker - NACBA 2009 Convention, Chicago, IL Speaker - NACTT 2009 Convention, Boston MA Speaker - NACBA 2008 Workshop, Hilton Head, SC Speaker - NACBA 2008 Convention, Los Angeles, CA Speaker - NACBA 2007 Workshop, Las Vegas, NV Speaker - NACBA 2007 Convention, Philadelphia, PA Adjunct Professor - Bankruptcy, Real Estate, Consumer, and Commercial Law, American Institute of Banking and Teikyo Post University Past/Present Affiliations: National Association of Consumer Bankruptcy Attorneys American Bankruptcy Institute American Institute of Banking, Northwest Region Council City of Waterbury Corporation Counsel - Advisor, 1996 - 2000 Waterbury Bar Association - Chair, Committee on Bankruptcy -1998 Waterbury Credit Bureau, Inc. - Vice President, 1983 - 1985 American, Connecticut, and Waterbury Bar Associations Admitted: Connecticut, 1982 U.S. Federal Court, 1982 Education: Drake University Law School, Des Moines, IA, J.D. - 1980 University of Connecticut, Storrs, CT, B.A. - 1977 Past Positions: Bender & Anderson, Of Counsel, Hamden, Conn. DiPietro, Kantrovitz & Brownstein, P.C., New Haven, Conn. Grady & Riley, Waterbury, Conn.
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