Birmingham Bankruptcy Lawyer

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.

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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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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Credit card delinquency decreases nationwide

Posted on May 26th, 2010 No Comments

A recent TransUnion report shows that the number of people who were late in making their credit card payments in the first quarter this year has decreased as compared to the previous quarter.

Credit card delinquency is highest in Nevada, at 1.79 percent, with Florida in second place at 1.59 percent. The lowest delinquencies were found in Alaska, North Dakota, and South Dakota.

The nationwide average credit card debt also fell for the fourth quarter in a row, decreasing around $300 from $5,434 to $5,165.

In a news release, Ezra Baker, the director of consulting and strategy in TransUnion’s financial services business unit, said “The last four quarters of consecutive decreases in credit card balances shows that consumers continue to focus on paying down their credit cards in response to economic uncertainty and the continued somewhat anemic employment outlook, wanting to keep a credit cushion available for hard times.”

If you are in need of legal advice in bankruptcy law, contact Birmingham bankruptcy attorney Paula Greenway at 205-324-4000 to discuss your legal options.

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Movie Gallery Inc. to shut down operations

Posted on May 18th, 2010 No Comments

The Wilsonville, Ore.-based Movie Gallery Inc. announced plans last Friday to close the remaining 1,900 Hollywood Video stores and liquidate its operations in the U.S.

The company filed the notice in the U.S. Bankruptcy Court for the Eastern District of Virginia in Richmond.

This decision follows the company’s February filing for Chapter 11 bankruptcy, the second time in three years that it has been forced to do so.

Revenue for the company fell from $2 billion to $1.4 billion for last year. DVD kiosks, over-the-Internet services, and movies-by-mail success have been blamed for the company’s declining profits.

Are you facing bankruptcy? Contact Birmingham bankruptcy attorney Paula Greenway at 205-324-4000 to discuss your legal options.

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General contractor’s bankruptcy story continues

Posted on April 12th, 2010 No Comments

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.

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Surge in Consumer Bankruptcy Filings

Posted on April 6th, 2010 No Comments

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.

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Can student loans be discharged in a bankruptcy?

Posted on April 1st, 2010 No Comments

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.

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