Some states that were reported to have high bankruptcy filings this year . . . → Read More: Bankruptcy Filings Soar in US States]]> Many reports have showed that bankruptcy filings have surged in great heights during the first half of the year. This was generated by the continued unemployment rate, foreclosures, credit card debts, mortgages, student loans and health related expenses that consumers and businesses had to face.

Some states that were reported to have high bankruptcy filings this year compared to the previous year include, but not limited to, New York, Nevada, Colorado and Alabama according to data from American Bankruptcy Institute and Automated Access to Court Electronic Records (AACER). Chapter 7 and Chapter 13 were filed in these cases wherein petitioners seek to be completely discharged of all debts or given a provision of a 3-5 year plan of reorganization, respectively.

Personal bankruptcy filings resulted as an effect of the more serious state of major businesses around the US. Many large companies have sought the protection of bankruptcy law in the midst of this global financial crisis. A chain reaction was ignited when small businesses soon followed from filing bankruptcy as well. Jobs started to decrease while commodities and daily cost of living continue to increase which affected many consumers in the process.

A press release by the Frontier Airlines Holdings . . . → Read More: Frontier Airline Announces Winner of Auction]]> The Republic Airways Holdings Inc. has just be announced as the winner in the auction to acquire Frontier Airlines, as part of the procedures under Frontier’s Chapter 11 bankruptcy cases. The selection process was said to be made in consultation the Creditor’s Committee assigned in the carrier’s bankruptcy case.

A press release by the Frontier Airlines Holdings last August 13, 2009 mentioned Republic Airways Holdings Inc. had provided the highest and best bid including a significant improvement from its original investment proposal. Amidst the bankruptcy situation of Frontier Airlines, the company gained a fresh hope with the recently concluded auction. This new chapter for both Frontier Airlines and Republic Airways is expected to retain jobs for the hardworking employees of Frontier at the same time, a more financially stable Frontier is projected to emerge from the auction. The Frontier is set to continue to serve its costumers while undergoing the reorganization process.

Frontier Airlines Holdings Inc. has filed voluntary petitions for reorganization under Chapter 11 of the US Bankruptcy Code last April 10, 2008. Southwest Airlines also participated and submitted a bid for the auction.