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.
Posted on January 28th, 2010
The owners of an Alabama landfill filed for bankruptcy Tuesday. According to the bankruptcy filing, Perry Uniontown Ventures LLC and Perry County Associates filed for Chapter 11 bankruptcy protection.
The filing comes on the heels of the owners accepting a multimillion dollar deal for a coal ash spill at a Tennessee Valley Authority plant. However, because the payments were late, the two owners said they were forced to file for bankruptcy.
If your company has filed for bankruptcy, contact the Birmingham bankruptcy lawyer Paula Greenway at 205-324-4000.
Posted on January 13th, 2010
Some education funds are exempt from seizure within limits. According to Alabama bankruptcy law, allowable funds include those that are place in an educational retirement account or qualified tuition program.
They are limited to payments made to the fund within the last 365 days and up to a limit of $5,000 for funds contributed between one and two years. These limits and restrictions are often complex and understanding them often requires the assistance of an experienced lawyer.
If you or anyone you know has questions about what funds are exempt in a bankruptcy filing, contact the Birmingham bankruptcy lawyer Paula Greenway at 205-324-4000.
Posted on December 23rd, 2009
A garnishment is a way of collecting payment from a defendant. It orders a third party, which owes money to the defendant, to pay money directly to a plaintiff.
Garnishments may cause significant financial hardship for those who have a number of debts. For this reason, a bankruptcy court relieve individuals who file for bankruptcy of their garnishments.
If you or anyone you know has considered filing for bankruptcy, contact the Alabama bankruptcy lawyer Paula Greenway at 205-324-4000.
