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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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Actor Gary Busey files for Chapter 7 bankruptcy

Posted on February 8th, 2012 No Comments

Yesterday, actor Gary Busey filed for Chapter 7 bankruptcy in California.  The 67-year old starred in movies for 45 years before appearing on reality television shows like “Celebrity Rehab,” “Celebrity Apprentice,” and “Celebrity Wife Swap.”

According to Busey’s Chapter 7 filing, he owns less than $50,000 in assets and has between $500,000 and $1 million in debt.  Creditors named in the actor’s bankruptcy include UCLA Medical Center, the IRS, Wells Fargo, L.A. County Waterworks District, and several attorneys.

A statement from Busey’s publicist reads, “As with many great institutions, i.e., General Motors, American Airlines, and others who have utilized the strategic business plan of bankruptcy, Gary’s filing is … the start of a new and clear path toward peace, happiness, and success with his career.”

If you or someone you know is considering filing for personal bankruptcy, contact the Birmingham Chapter 7 bankruptcy lawyers of Greenway Law, LLC at 205-324-4000 to learn more about how filing for Chapter 7 bankruptcy can benefit your future.

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