The U.S. Trustee Program (USTP), which administers bankruptcy cases, has announced the last month it "indefinitely suspended" its audit program for consumer bankruptcies. This has been done because of budgetary constraints. This is not surprising, as the USTP is part of the Justice Department, and Justice, like every other department in the federal government, has been subjected to very tight budgetary controls for many years. The sequestration, which requires all departments of the federal government to make 5 percent cuts across the board, is only the most recent and high-profile budget cut to come along.
There is a reason why the mortgage crisis 2008 is referred to as a "bubble." If you look at a graph of the real estate valuations of virtually any property over the last ten years, there is a large rise in the middle, generally centering on 2005-2007. For anyone who purchased property during this time, you experienced a rapid increase in prices, any you may have been outbid when you made an offer on home.
Some of our Kentucky readers may remember playing video games such as Centipede, Missile Command, Asteroids, Battlezone and Pong years ago. Lovers of those games may not be seeing those titles again, as the company responsible for them, Atari SA, has filed for bankruptcy protection in both New York and Paris.
A Pendleton, Indiana, motor company is open again, five years after filing for bankruptcy and closing its doors. Remy International makes starters and alternators for vehicles, a business that has picked up tremendously since the uprising of hybrid-powered vehicles.