A record number of people are filing for personal bankruptcy in the United States Bankruptcy Court for the Eastern District of Virginia, which is housed in Richmond.
Roy Terry
Getting stiffed
Hurry up and wait. That’s the only option for local businesses owed money by bankrupt Circuit City and LandAmerica. More than 1,000 entities are owed money by Circuit City, according to a list of creditors filed with the bankruptcy court in Richmond, and the money from a liquidation sale might not yield enough money to… Read more »
State starts program to guarantee souring biz loans
Governor Tim Kaine has authorized the state to guarantee a total of $3 million in existing small business loans for Virginia businesses. The Virginia Small Business Financing Authority quickly approved a new program to work with banks and guarantee existing loans of up to $500,000 on the condition that banks loosen some of the terms… Read more »
Will the number of bankrupt Richmonders (and businesses) keep rising?
One Richmond bankruptcy lawyer says personal and business bankruptcy filings are likely going to rise higher in coming months as credit remains tight and the economy sluggish.