Birmingham Bankruptcy Lawyer

Nationwide bankruptcy filings reach highest in years

Posted on August 24th, 2010 No Comments

According to government data released last Wednesday, bankruptcy filings between April and June of 2010 reached the highest levels seen in the last five years. The number of filings represents an increase of 11 percent from the same time period in 2009.

422,061 filings were submitted between April and June of this year in comparison to 381,073 in 2009. Filings between January and March for 2010 exceeded the 2009 number, coming in at 388,148.

Not since the final quarter of 2005 set a record of 667,431 filings have quarterly filings exceeded 400,000.

Consumer bankruptcies have also increased greatly, jumping to 1.51 million, about 21 percent more than the number last year.

If you or someone you know is struggling with the possibility of bankruptcy in these difficult economic times, contact the personal bankruptcy attorneys of Greenway Law, LLC by calling 205-324-4000 today.

Alabama’s bankruptcy rate fifth highest in the nation

Posted on August 20th, 2010 No Comments

According to the American Bankruptcy Institute, Alabama’s bankruptcy rate is the fifth highest in the nation.

A researcher said that Alabama has 7.42 bankruptcy filing per 1,000 residents. The national average is at 5.05 and Nevada had the highest rate of all the 50 states and Alaska had the lowest rate.

Business bankruptcy filings in the nation have decreased by 4 percent while personal bankruptcy filings have increased by 15 percent.

If you or a loved one is considering filing for bankruptcy, you need experienced legal representation on your side. Contact the Birmingham bankruptcy lawyers of Greenway Law, LLC by calling 205-324-4000 today.

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Foreclosures falling slightly in Birmingham

Posted on July 30th, 2010 No Comments

In a report by the mortgage researcher RealtyTrac, metro Birmingham seems to be seeing the beginnings of a decline in foreclosure rates.

In the first six months of 2010, there were 4,857 foreclosure filings- equivalent to one in every 104 housing units. This is a 27 percent increase from the first six months of 2009, but a nine percent decrease from the second half of 2009. Currently, Birmingham ranks 95th out of 206 metros in the U.S. for its foreclosure rate.

A report by CoreLogic shows that metro Birmingham’s rate of foreclosures among outstanding mortgage loans was 1.37 percent in June 2010. This is down from 1.40 percent in May and 1.38 percent in June 2009.

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 your rights.

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Nexity’s Holding Company Files for Bankruptcy

Posted on July 22nd, 2010 No Comments

Bloomberg reports that Nexity Financial Corp. has filed for bankruptcy. According to Bloomberg, “The Birmingham, Alabama-based company listed both assets and debt of as much as $50 million today in Chapter 11 documents in U.S. Bankruptcy Court in Wilmington, Delaware.”

On July 15, the company reached an agreement to restructure their debt with 88 percent of the debt holders. The debt is currently valued at $36 million. The Chapter 11 case would be the final chapter in the restructuring of the company’s debt.

According to Bloomberg, September will mark the absence of the company’s quarterly reports to the SEC at two years. Regulators have already issued a cease and desist order for the bank.

Our economy has fallen on hard times, and sometimes it can seem like there is no way out. If your business is facing bankruptcy, contact an experienced Birmingham Bankruptcy Lawyer at Greenway Law, LLC, by dialing 205-324-4000.

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Properties Abandoned by Owners, Now Lenders

Posted on July 15th, 2010 No Comments

The Wall Street Journal reports that, across the country, home values are falling well below the price of the mortgage. Many of these owners are abandoning the properties. According to The Wall Street Journal, “Now, in the case of one defunct mortgage lender, the property values have fallen so low that the bank doesn’t even want them.”

Taylor Bean & Mortgage Company is, “seeking bankruptcy court permission to walk away from 37 properties that borrowers have long since ditched,” according to The Wall Street Journal. The company, which is based on Ocala, Florida, stopped operations last year. They say the taxes on the properties are much higher than their actual values.

The company has properties in Birmingham, Detroit, Chicago, Jackson, Miss., Milwaukee, and St. Louis, writes the The Wall Street Journal.

If you or your business is facing bankruptcy, contact an experienced Birmingham Bankruptcy Attorney at Greenway Law, LLC, for help today.

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Bankruptcy Filing Rates for Consumers Reach High Point

Posted on July 9th, 2010 No Comments

According to Emmeline Zhao of The Wall Street Journal, “Consumer bankruptcy filings reached their highest point since 2005 in the first half of this year.” In the first sixth months of 2010, there was a 14 percent increase in filings compared to the same time period in the previous year (2009).

Zhao writes that, “This marks the largest number of filings since the Bankruptcy Abuse Prevention and Consumer Protection Act was enacted to curb the increase in filings five years ago.” The American Bankruptcy Institute is also predicting that there will be yet another 1.6 million filings before the year is over.

The state of Nevada has the highest unemployment rate in the country. Not surprisingly, their bankruptcy filing rates were double the national average, 6,800, at 15,000.

Filing rate changes vary between the states. The Wall Street Journal does report that, “While most states are seeing increased filings, some southern states like Tennessee and Alabama have lower filing rates.”

If you or someone you know faces bankruptcy, contact a Birmingham bankruptcy lawyer at Greenway Law, LLC, by dialing 205-324-4000.

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Bankrupt Funeral Home Sold

Posted on July 1st, 2010 No Comments

Al.com reports that “bankrupt Bessemer Funeral Home will be sold to a new company that has promised to honor all burial contracts, according to testimony at a court hearing Wednesday.”

The company’s old owner, Elizabeth Anne Modder Wallace, formed a new company to buy the old one. Wallace plans to pay $50,ooo, and possibly another $50,000 later for the bankrupt company. This money will go to the bankruptcy estate, which is riddled with expenses.

The promise to honor the pre-paid funeral contracts is one major reason the judge, Tamara Mitchell, allowed the sale. Previously, another company attempted to buy the funeral home but would not guarantee to honor the contracts. The judge refused to allow the sale.

Bankruptcy is a serious and stressful issue to face. If you or someone you know is facing bankruptcy, call an experienced Birmingham bankruptcy lawyer at Greenway Law, L.L.C, by dialing 205-324-4000.

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Bankruptcy judge requires Texas Rangers to change bankruptcy plan

Posted on June 23rd, 2010 No Comments

The Texas Rangers’ reorganization plan was challenged in bankruptcy court earlier this week. According to court reports, a bankruptcy judge said that while the lenders cannot veto a sale they do have a say in the sale process.

As a result of the ruling, the current owner and secured creditors will need to renegotiate the bankruptcy plan. The result of the ruling could also reopen the bidding process for the team.

If your company has questions about filing for bankruptcy, contact the Birmingham bankruptcy attorneys of Paula Greenway at 205-324-4000.

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Corus Bankshares Inc. files for Chapter 11 bankruptcy

Posted on June 16th, 2010 No Comments

Corus Bankshares Inc. filed for Chapter 11 bankruptcy earlier this week. According to court reports, the case was filed in the Northern District of Illinois Bankruptcy Court.

Corus Bankshares Inc. was a holding company that had its bank transferred to MB Financial Inc. in September. The transfer was part of a takeover by regulators. The bank had 80 branches and more then $7 billion in deposits.

If you or anyone you know has considered filing for bankruptcy, contact the Birmingham bankruptcy attorneys of Greenway Law, LLC, at 205-324-4000.

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Pacific Ethanol subsidiaries releases reorganization plan

Posted on June 10th, 2010 No Comments

Pacific Ethanol subsidiaries will emerge from bankruptcy. According to court reports, the subsidiaries of Pacific Ethanol, Inc. will reorganize as Pacific Ethanol Holding Co., LLC.

The reorganization plan was approved by the firms’ secured lenders. The plan will eliminate about $290 million of liabilities from the subsidiaries balance sheets. The plan also gives Pacific Ethanol the option to purchase a 25% interest in the the newly formed company.

If your company has considered filing for bankruptcy, contact the Birmingham bankruptcy attorney Paula Greenway at 205-324-4000.

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