Posted on September 3rd, 2014
Hundreds of people in Tuscaloosa flocked to Calvary Baptist Church on the night of August 11 to advocate for a limit on the interest rates of payday loans, The Tuscaloosa News reported.
According to reports, more than 200 people showed up to urge the state’s lawmakers to cap the interest rates that pay day loan lenders can charge. Center for Ethics and Social Responsibility’s director and founder Stephen Black urged those who were in the rally to message their corresponding state legislators to limit the annual interest rate of payday loans to 36 percent. The group, organized by members of Tuscaloosa Citizens Against Predatory Practices (T-CAPP), is hoping that their move will be considered by legislative bodies in their convention next year. Policy analyst Stephen Stetson said as it stands, Alabama borrowers can end up facing interest rates up to 456 percent from taking out new loans to pay off the old ones.
Being trapped in the vicious cycle of payday loans may leave you feeling overwhelmed. If you are in a situation like this, a lawyer may possibly offer you legal solutions to help you manage your debt. Learn more about your options from the Birmingham lawyers at Greenway Law, LLC., today by calling (205) 324-4000.
Posted on August 22nd, 2014
According to a recent study, older people are likely to exhibit signs of depression if they are plagued with a certain amount of unsecured debt, a Newsday article stated on August 1.
In the study conducted at Rutgers University, the researchers stated that an estimated 30 percent of people aged 51 and above have unsecured debts, such as from a credit card or unpaid bills. The study also revealed that the higher the debt was in proportion to income, the greater the chances that person showed signs of depression. A different study listed the average amount of credit card debt for adults 50 and over was $8,300.
In times of financial hardship, debts can quickly become unmanageable and overwhelming. However, there may be method of recourse for those in debt to start again. The attorneys at Greenway Law, LLC., may be able to offer you legal solutions to mitigate or manage your debt. To learn more, call our Birmingham offices at (205) 324-4000 today.
Posted on July 31st, 2014
A recent report released by RealtyTrac said that nationwide foreclosure activity was the lowest since the U.S. was plagued by the foreclosure crisis, an article by the World Property Channel stated on July 17.
Last June, there were 613,874 homes recorded in the U.S. in different stages of foreclosure procedures. The recent data was reportedly lower by 23 percent compared to the first half of last year. Also in June, a 4 percent decrease in foreclosures was observed, and bank repossessions decreased by 5 percent compared to the month before. Though overall foreclosure continues to improve, RealtyTrac stated that at least 15 states last month experienced an increase in foreclosure activity.
Though the U.S. foreclosure rate continues to improve, many homeowners are still having troubles honoring their mortgage obligations due to financial difficulties. If you are struggling to avoid foreclosure in Birmingham, the lawyers at Greenway Law, LLC., may offer you legal solutions to help defend your home. Learn more about how our legal team can help by calling (205) 324-4000 today.
Posted on July 17th, 2014
Former owner of the Amerks and Knighthawks, Steve Donner filed for bankruptcy in Florida, the Democrat & Chronicle stated on July 3.
The 57-year-old sports mogul and his wife reportedly filed for Chapter 7 bankruptcy last May. Donner, who had an outstanding debt of $9.5 million, listed his two vehicles as his remaining assets of an estimated amount of $17,000. The bulk of Donner’s debt was a loan worth $8.5 million acquired from NBT Bank to finance the construction of Sahlen’s soccer stadium. Currently Steve and his spouse Lynne have listed a monthly income of $4,000. Aside from being a project manager for the Daytona Ice Arena, Donner stated recently that he works with a meat packaging firm.
Facing overwhelming debts can be frightening and make you feel helpless. However, a lawyer may offer you legal options to help you recover from your debts. Find out how the Birmingham-based lawyers at Greenway Law, LLC., may work for you today by calling (205) 324-4000.
Posted on July 1st, 2014
In legislation recently proposed by a senator, students who took out private loans may have them discharged in bankruptcy cases, an article by the Huffington Post stated on June 25.
In the Higher Education Affordability Act introduced by Senator Tom Harkin (D-Iowa), the option was proposed for struggling borrowers of private student loans to have their debts discharged through bankruptcy, as federal student loans can be. Individuals who borrow funds from private lenders struggle to settle their debts due to higher interest rates than loans from the government. A report by the Wall Street Journal said an estimated 15 percent of the total education debt was from individuals who borrowed from the private sector.
The attorneys of Greenway Law, LLC., know that many Birmingham individuals are struggling to repay their student loans. If you are in such a situation, we may possibly offer you legal solutions to solve your debt problems. Discuss your situation with us today by calling (205) 324-4000, and find out how we may help you.
Posted on June 18th, 2014
A recent report by real estate firm RealtyTrac stated that there has been a steady decline in foreclosure activity in the last eight years, CNBC reported on June 10.
Reports said that in May, banks acquired fewer homes and property owners filed for fewer foreclosures than in the past eight years. At least 109,824 homes nationwide were recorded in foreclosure procedures in May, a decline of 6 percent from April. Nationwide, records showed that banks only acquired 28,373 homes in May, and at least 47,085 homes were auctioned–both numbers the lowest since 2007. RealtyTrac Vice President Daren Blomquist is optimistic that the foreclosure rate will continue to decline.
Unfortunately, the lawyers at Greenway Law, LLC., understand that in Birmingham alone, many homeowners are still plagued by foreclosure crisis. If you are in a situation like this, other legal options may be available to you to protect your home. Speak with us today at (205) 324-4000 to learn more about your options.
Posted on June 11th, 2014
College students in the U.S. who represent their schools through sports are also burdened by student debt after school is over, a Forbes article stated on June 3.
Though some college jocks are privileged enough to be rewarded with complete or partial scholarship funding, many still take out loans to cover additional living expenditures. There are many student athletes from economically-challenged backgrounds who must borrow funds to cover school and living costs. College athletes who are not covered by scholarship benefits are no different from any other college student who suffer massive debt repayment after they graduate.
The burden of student debt after graduating is significant, especially because well-paying jobs are not always available to inexperienced graduates. If you are struggling with debt in Birmingham, the lawyers of Greenway Law, LLC., may offer you other solutions to solve your debt problems. Call (205) 324-4000 to find out how we may help you.
Posted on May 30th, 2014
Fortunately, the U.S. housing industry observed a 1% decrease in foreclosure rates for the month of April, Reuters reported on May 15.
Foreclosure activity including bank repossessions, foreclosure notices, and auctions is overall 20% lower than last year, making it the 43rd month in a row that foreclosure activity has been down. Compared to March, last month’s scheduled auctions declined by 3 percent, significantly lower in comparison to March 2013′s numbers.
According to RealtyTrac vice president Daren Blomquist, “we are getting closer to pre-recession levels of foreclosure activity.”
At Greenway Law, LLC, we understand that many people in Birmingham still deal with foreclosure. By getting in contact with our highly knowledgeable lawyers, we may be able to defend you against your home foreclosure and even reduce or eliminate your debt at the same time. Contact us at (205) 324-4000 so that we can discuss your situation together.
Posted on May 5th, 2014
After accruing a debt of more than $300,000, actor and reality-TV star Lorenzo Lamas filed for Chapter 7 bankruptcy, Mail Online reported on April 29.
Reports said Lamas, who currently does not have any source of income as a freelance actor, has a debt of $322,000. The bulk of his debts were unsettled taxes worth $285,000 and domestic support debt worth $19,000. Lamas is currently married to his fifth wife. He has six children from previous marriages, and three are minors. The 56-year-old actor reportedly listed assets worth $9,100 including a checking account below $500. This is not Lamas’s first bankruptcy experience; he filed in 2004 due to a debt of $200,000.
People who have overwhelming debt often feel frustrated and hopeless without the funds to cover it. If you find yourself in this situation in Birmingham, the attorneys of Greenway Law, LLC may offer you other legal solutions to solve your financial problems. Call our lawyers today at (205) 324-4000 to learn more about your options.
Posted on April 25th, 2014
Teri Polo, who was well known for her role as Pam Focker in the movie franchise “Meet the Parents”, recently filed for bankruptcy in Los Angeles, the Huffington Post reported on April 23.
According to reports, Polo had accumulated debts to million dollars. The 44-year-old actress reportedly owed the IRS more than $700,000 and she also owed the California Franchise Tax Board worth $27,000 as stated in her Chapter 11 bankruptcy. Polo, also have thousands worth of unsettled credit card debt listed below $50,000 worth of assets.
The lawyers at Greenway Law, LLC know how hard it can be to struggle with overwhelming debt. If you are dealing with this difficult situation, contact us today by calling (205) 324-4000 to learn about what we can do to help you work through it.