Posted on August 24th, 2010
According to government data released last Wednesday, bankruptcy filings between April and June of 2010 reached the highest levels seen in the last five years. The number of filings represents an increase of 11 percent from the same time period in 2009.
422,061 filings were submitted between April and June of this year in comparison to 381,073 in 2009. Filings between January and March for 2010 exceeded the 2009 number, coming in at 388,148.
Not since the final quarter of 2005 set a record of 667,431 filings have quarterly filings exceeded 400,000.
Consumer bankruptcies have also increased greatly, jumping to 1.51 million, about 21 percent more than the number last year.
If you or someone you know is struggling with the possibility of bankruptcy in these difficult economic times, contact the personal bankruptcy attorneys of Greenway Law, LLC by calling 205-324-4000 today.
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 January 6th, 2010
Bankruptcy filings increased 32 percent in 2009 compared to 2008. According to statistics released by the National Bankruptcy Research Center, 1.3 million individuals and businesses filed for bankruptcy.
This uptick in filings includes a 42 percent increase in Chapter 7 filings and a 12 percent increase in Chapter 13 filings. The relatively larger increase for Chapter 7 filings was significant because Congress had passed legislation in previous years encouraging individual bankruptcy filers to file for Chapter 13 over Chapter 7.
If you or anyone you know is considering filing for Chapter 7 or Chapter 13, contact the Birmingham bankruptcy lawyers of Paula Greenway at 205-324-4000.
