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Bankruptcy case dismissed for Nadya Suleman

Posted on May 17th, 2012 No Comments

Nadya Suleman, as previously reported, sought the help of Chapter 7 bankruptcy last month. She filed for the bankruptcy protection, but was also ordered by the court to produce about a dozen extra documents pertaining to her finances.

She was given until Monday, May 14 to file this additional paperwork with the court. Monday came and went, and there was no word from Suleman, and no sign of the paperwork. As a result of missing this deadline, her Chapter 7 bankruptcy case was thrown out.

Along with the case being dismissed, the hold on the foreclosure sale of her house was lifted. Suleman is the mother of 14 children, and has been unemployed, supporting her family with disability checks and food stamps. She has yet to comment on this recent development.

Please contact the Chapter 7 bankruptcy lawyers of Greenway Law, LLC by calling 205-324-4000 if you or someone you know has questions regarding Chapter 7 bankruptcy protection.

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Hostess restructures company in midst of bankruptcy

Posted on May 11th, 2012 No Comments

In the beginning of 2012, Hostess Brands Inc. filed for Chapter 11 bankruptcy protection. The company needed assistance with their finances, and sought the bankruptcy protection for assistance.

Now, months after filing, the company is considering laying off thousands of workers in order to become a successful company once again. Throughout the country, there are approximately 18,500 individuals who are employed through Hostess.

This week, those employees will be receiving official notices of a possible lay off in the company. These alert notices are intended to inform the employees, and also to give them enough time to prepare in the case that they do lose their job. The future of the company that is famous for the dessert food, Twinkies, is still uncertain as it goes through the reorganization process that is associated with Chapter 11 bankruptcy.

 

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Nadya Suleman seeks Chapter 7 bankruptcy protection

Posted on May 2nd, 2012 No Comments

Nadya Suleman, who has been deemed ‘Octomom’ by the media, has sought Chapter 7 bankruptcy protection. The single mother of 14 has been trying to support her large family on food stamps and Social Security disability checks.

Her debt has rapidly increased, and she owes close to $1 million to several different creditors. Suleman listed her assets at $50,000, and claims that she has no way of paying this large amount of debt on her own.

Suleman believes that this filing is the best thing for her and her children at this time. She is hopeful that she will be able to provide for her family after emerging from bankruptcy.

If you are considering filing for Chapter 7 bankruptcy protection, you need experienced representation on your side. Please contact the Birmingham Chapter 7 bankruptcy lawyers of Greenway Law, LLC by calling 205-324-4000 today.

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Foreclosures across Alabama decline in 1Q

Posted on April 25th, 2012 No Comments

A research firm specializing in foreclosures has reported that foreclosures in the state of Alabama declined during the first quarter of 2012.

The foreclosures declined by 18.6 percent in Alabama, as compared to the first quarter in 2011, and totaled 4,534 applications for the first quarter of 2012. The results of the research regarding national filings for foreclosure revealed that the overall foreclosure rate fell by 16 percent, when compared to the same quarter from the previous year.

According to several experts, this number may be increasing in the very near future. Alabama banks are expecting foreclosure filings to increase dramatically due to the $25 billion mortgage settlement that was announced in February.

If you have questions regarding foreclosures, please contact the Birmingham foreclosure defense lawyers of Greenway Law, LLC by calling 205-324-4000 today.

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Reddy Ice files paperwork to apply for bankruptcy protection

Posted on April 17th, 2012 No Comments

Reddy Ice is the second ice-packaging company that has recently filed for bankruptcy. Arctic Glacier filed at the beginning of this year, and now Reddy Ice is following suit.

There is talk that Reddy Ice has plans to purchase Arctic Glacier, thus strengthening both companies and allowing Reddy Ice to emerge as a successful business after bankruptcy. The company decided to file for bankruptcy after their debt continued to rise.

The assets of the company hit $434 million at the end of 2011, but the liabilities were at $530.8 million. Reddy Ice has plans to come out of bankruptcy just 45 days after filing.

Please contact the Birmingham bankruptcy lawyers of Greenway Law, LLC by calling 205-324-4000 if you or someone you know has questions regarding the bankruptcy filing process.

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Another former professional sports player seeks bankruptcy protection

Posted on April 9th, 2012 No Comments

Yet another former professional sports player has sought bankruptcy protection. Warren Sapp, a former defensive tackle for the National Football League, is the most recent ex-player to file for bankruptcy. He joins the likes of Allen Iverson, Dennis Rodman, and Terrell Owens.

Warren Sapp was employed by the NFL for 13 years and played for the Tampa Bay Buccaneers and the Oakland Raiders during that time. He has recently fallen behind on several payments, and filed for Chapter 7 bankruptcy in a Florida court on March 30. His debts total $6.7 million, which includes a large amount of unpaid child support to the mothers of his four children.

He has announced that his assets are currently at $6.45 million, and his monthly income averages $115,881. He is currently employed by the NFL Network as an analyst, and with his contract ending in August he is not sure if it will be renewed.

Please contact the Birmingham Chapter 7 bankruptcy lawyers of Greenway Law, LLC by calling 205-324-4000 if you or someone you know has questions regarding the Chapter 7 bankruptcy process.

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AFA Foods, Inc. files for Chapter 11 bankruptcy

Posted on April 5th, 2012 No Comments

The meat production company, AFA Foods, Inc. has sought the protection of Chapter 11 bankruptcy. The filing took place on Monday at the U.S. Bankruptcy Court in Delaware.

The decline of their revenue was directly linked to the “pink slime” uprising. This term was popularized by the media, and referred to a type of textured beef that was included in most ground beef products. The product resembles a pink putty, and people were outraged that this strange substance was used in the meat they were consuming.

Consumers purchasing ground beef started to fall, and AFA Foods, Inc. was negatively affected. Meat production companies were told they had to remove this filler beef in order to continue selling in certain markets. AFA Foods, Inc. was unable to find a replacement for this substance in their products, and therefore chose to file for bankruptcy.

If you or someone you know has questions regarding filing for bankruptcy, please contact the Birmingham bankruptcy lawyers of Greenway Law, LLC by calling 205-324-4000 today.

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Foreclosure activity continues to fall in 2012

Posted on February 29th, 2012 No Comments

Foreclosure activity has continued to decrease on a year-over-year basis in Alabama in 2012. According to a RealtyTrac report, January’s foreclosure activity was lower than it was a year before.

Last month, 1,489 foreclosure filings were filed throughout the state. This was 9.3 percent lower compared to foreclosure filings filed in January 2011. However, foreclosure filings filed in January 2012 were 33 percent higher than the number filed in December 2011.

A foreclosure was filed for approximately one in every 1,459 homes in Alabama last month. The average foreclosure rate in the U.S. is currently around one in every 624 residences. Alabama ranked as the 38th state with the highest foreclosure rate as of last month.

If you or someone you know is facing foreclosure, contact the Birmingham foreclosure defense lawyers of Greenway Law, LLC at 205-324-4000 to learn more about how we can help you.

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Jefferson County agrees to increase in debt payments

Posted on February 22nd, 2012 No Comments

Last week, in negotiations with lawyers for bond insurer Syncora Guarantee, Jefferson County agreed to increase their debt payments. The insurer says their survival is being threatened by the county’s small payments.

Last year, Jefferson County attorneys agreed to pay $5.5 million a month towards their sewer debts. Also, debt payments to the insurer were reduced by $9 million. However, at a bankruptcy court hearing, the two parties agreed to a deal that would increase payments. According to the deal, money left over after covering the sewer system’s maintenance and operations will be returned to the sewer company, which will then distribute debt payments to its bondholders.

To learn more about settling debts through debt negotiations, contact the Birmingham debt negotiation attorney, Paula Greenway, by calling 205-324-4000 today.

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T-Boz’s bankruptcy dismissed, creditors may claim singer’s assets

Posted on February 14th, 2012 No Comments

This month, Judge James R. Sacca of the U.S. Bankruptcy Court in Atlanta, Georgia dismissed TLC singer T-Boz’s third bankruptcy filing. The singer filed for Chapter 13 bankruptcy in October, listing more than $700,000 in debt.

Girl group TLC filed for Chapter 11 bankruptcy in 1995, and T-Boz filed for bankruptcy for a second time last February. Her second filing–a Chapter 13 filing–was also dismissed, leading her to refile in October.

The judge threw out T-Boz’s latest Chapter 13 bankruptcy because creditors reported that she had made no payments, had not showed up for meetings with creditors, and had not filed certain required paperwork. The singer can once again refile for bankruptcy 180 days after her case was dismissed.

Since T-Boz is no longer protected by bankruptcy, her creditors may attempt to claim some of her assets. If you or someone you know is facing repossession or debt collector harassment, contact the Birmingham Chapter 13 lawyers of Greenway Law, LLC to learn more about preventing repossession.

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