Posted on April 19th, 2010
A RealtyTrac Inc. report has revealed a rising trend in home foreclosure filings. One in 465 homes in the Houston, TX, area was foreclosed on in March, a number that is 53 percent higher than last year’s March filings. The number of homes that recieved foreclosure filings in March was also up 29 percent from the number in February.
This uncomfortable trend is mirrored at the national level, where one in 352 homes recieved a foreclosure filing. The 367,056 properties foreclosed on this March denotes a 20 percent increase from Feburary’s numbers and an 8 percent increase from last year’s numbers. RealtyTrac’s U.S. Foreclosure Market Report states that this is the highest number of home foreclosures that the United States has seen since January 2005.
“Foreclosure activity in the first quarter of 2010 followed a very similar pattern to what we saw in the first quarter of 2009: A shallow trough in January and February followed by a substantial spike in March,” said James Saccacio, chief executive officer of RealtyTrac.
This year’s trend is different from past years’ in that the trend in previous years was representative of the final stages of foreclosures, whereas this year the increase is from a 9 percent quarterly increase in bank repossessions as opposed to last year’s 13 percent quarterly decrease in bank repossessions.
If you are facing foreclosure and need legal advice regarding how to file for bankruptcy or what your repossession options are, contact Birmingham bankruptcy lawyer Paula Greenway at 205-324-4000.
Posted on April 12th, 2010
General contractor Brian M. Marshall, founder of companies including Fireline Restoration Inc., Initech Restoration, Marshall Investments LLC, Marshall Aviation LLC, and numerous others, has requested that courts dismiss the latest of his bankruptcies or convert them to liquidation under Chapter 7, following a $691,000 loss in equity by Initech.
Branch Banking & Trust Co. has filed lawsuits to seize Marshall’s real estate and properties to collect on $21 million in loans. According to court records, the company is looking to repossess a Porsche, Bentley, Land Rover, and Ferrari in addition to the 45-foot SeaRay they have already taken. Marshall’s Gulfstream jet was seized last year by another of his many lenders.
These bankruptcies follow the Securities and Exchange Commission’s report that Marshall and his executives had created a “fantasy land of fraud” to increase share prices.
If you are in a difficult financial situation and need help regarding your Chapter 7 and Chapter 13 bankruptcy and repossession options, contact Birmingham bankruptcy attorney Paula Greenway at 205-324-4000.
Posted on April 6th, 2010
Despite the recent economic upturn, consumer bankruptcy filings have not slowed. In February, bankruptcy filings were up 14% compared to the previous year. The number of bankruptcy filings in February increased by a total of 9% from January’s, indicating a uncomfortable trend.
Increased debt-stress from years of overspending is catching up with individual consumers, causing this increase in Chapter 7 bankruptcy filings, according to Samuel Gerdano, American Bankruptcy Institute executive director.
While the stricter bankruptcy laws implemented in 2005 were meant to cause more families to rely on Chapter 13 bankruptcy, which would require those with a regular income to repay debt in full or in part over several years, the number of the Chapter 13 filings has actually decreased 3% compared to this time last year.
If you are suffering financial difficulties and need consultation in regards to filing for Chapter 13 or Chapter 7 bankruptcy, contact Birmingham bankruptcy lawyer Paula Greenway at 205-324-4000.
Posted on April 1st, 2010
During a bankruptcy filing, filers typically cannot discharge their student loans. However, there are two exceptions to this general rule.
First, a student loan may be discharged if it is not guaranteed by the government or is not associated with any program that is part of the government or a nonprofit.
Second, the loan may be discharged if repaying the loan will “impose an undue hardship on the debtor and the debtor’s dependents,” according to Alabama bankruptcy law.
If you have questions about which debts may be discharged during a bankruptcy, contact the Birmingham bankruptcy attorneys of Paula Greenway at 205-324-4000.
Posted on March 25th, 2010
When individuals file for bankruptcy, they usually believe that they cannot discharge their tax obligations. However, some of these tax obligations may be discharged in a bankruptcy filing.
In some cases, none of the tax obligations can be discharged. Certain obligations, though, may discharged depending on the type of tax owed, the age of the tax obligation, and whether the individual filed a tax return.
If you have questions about which taxes can be discharged, contact the Birmingham bankruptcy lawyers of Paula Greenway at 205-324-4000.
Posted on March 11th, 2010
When individuals consider filing for bankruptcy, their first step is often to visit a lawyer. Before this meeting, individuals should collect and prepare a number of documents.
These documents include a list of creditors, outstanding loans, any secured debt, and any lawsuits related to these debts. Individuals should also bring bank statements from the last 90 days and a list of monthly expenses, including clothing, housing, and transportation.
If you or anyone you know is considering filing for bankruptcy, contact the Birmingham personal bankruptcy attorney Paula Greenway at 205-324-4000.
Posted on March 4th, 2010
Bankruptcy filings across the country increased by 31.9% last year. According to a report released by the Administrative Office of the U.S. Courts, bankruptcy filings totaled 1.4 million in 2009.
The bankruptcy filings included 60,837 business-related filings, which represented a 40% increase from 2008. Alabama was one of the five states with the greatest amount of bankruptcy filings per capita.
If you or anyone you know has considered filing for bankruptcy, contact the Birmingham bankruptcy lawyer Paula Greenway at 205-324-4000.
Posted on February 23rd, 2010
Some individuals who file for bankruptcy are behind on their alimony and child support payments, along with their debts. While bankruptcy can get rid of some or all of their debts, it cannot erase alimony and child support payments.
This means that filers cannot get out of paying for past or future alimony and support payments. However, because filers can get out of debt payments, they will have more available funds to cover their alimony and child support payments.
If you or anyone you know is considering filing for bankruptcy, contact the Birmingham bankruptcy attorney Paula Greenway at 205-324-4000.
Posted on February 18th, 2010
When individuals file for bankruptcy, they do not necessarily go to multiple court hearings. However, they are often required to attend one hearing, which is commonly known as a 341 meetings.
At this meeting, bankruptcy filers will meet with their bankruptcy trustees and any creditor that chooses to attend. If creditors choose to file a motion as result of this meeting, then filers may be forced to attend a bankruptcy hearing.
If you or anyone you know is considering filing for personal bankruptcy, contact the Birmingham personal bankruptcy attorney Paula Greenway at 205-324-4000.
Posted on February 11th, 2010
Members of corporate boards are often conflicted during company bankruptcies. While they often focus on increasing shareholder value during normal times, they are required to pay off creditors and adhere to bankruptcy law during a bankruptcy process.
This change in focus is often criticized because shareholders complain that their best interests are not considered. However, filing for bankruptcy can often help return value to an insolvent company, which in the long run increases shareholder value.
If you have questions about your company’s bankruptcy filing, contact the Birmingham bankruptcy attorney Paula Greenway at 205-324-4000.
