Birmingham Debt Negotiation Attorneys

Nationwide bankruptcy filings reach highest in years

Posted on August 24th, 2010 No Comments

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.

Nationwide foreclosures down

Posted on May 13th, 2010 No Comments

According to a recent report by RealtyTrac Inc., foreclosure filings have finally begun to level off nationwide.

Filings are down 2 percent overall nationwide, with certain states like New York seeing drops as large as 20 percent.

April is the first month of the year where foreclosure filings have fallen rather than risen.

“There were two important milestones in the April numbers that show foreclosure activity has begun to plateau — but at a very high level that will not drop off in the near future,” said James J. Saccacio, chief executive officer of RealtyTrac. “April was the first month in the history of our report with an annual decrease in U.S. foreclosure activity. Secondly, bank repossessions, or REOs, hit a record monthly high for the report even while default notices dropped substantially on a monthly and annual basis.”

“We expect a similar pattern to continue for most of this year,” Saccacio said, “with the overall numbers staying at a high level and ripples of activity hitting the various stages of the foreclosure process as lenders systematically work through the backlog of distressed properties.”

California, Florida, Michigan, Illinois, and Nevada foreclosures account for more than half of the nation’s total filings, with Nevada leading at one in every 69 homes receiving foreclosure filings

If you are facing a foreclosure filing or bankruptcy, contact Birmingham foreclosure defense attorney Paula Greenway at 205-324-4000.

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Six Flags recovers from bankruptcy

Posted on May 4th, 2010 No Comments

New York City-based Six Flags Inc. this week emerged from Chapter 11 bankruptcy with the backing of a new shareholders group.

The company, which owns the amusement parks of the same name, will now be known as Six Flags Entertainment Corp. following the $725 million in equity that a new shareholders group, led by Stark Investments of St. Francis, has put up to back them.

When Six Flags Inc. filed for Chapter 11 bankruptcy in Delaware in June 2009, it listed a debt of $2.4 billion.

“This reorganization constitutes the final step in the repositioning of Six Flags globally,” Six Flags St. Louis Park president David Roemer said in a statement. “While the day-to-day operations of our park were never impacted, it’s very exciting to envision a future that will allow us to rapidly grow and expand the array of services and entertainment for every single guest.”

“Investing in the infrastructure of our park will also remain a top priority,” he said. “For Six Flags St. Louis, that means continuing to improve and upgrade all elements of the park and planning for new rides, attractions and special events over the next several years, including of course our highly anticipated 50th anniversary season in 2011.”

These large businesses are only able to emerge from bankruptcy due to the skilled handling of their financial and legal needs. If you are facing financial difficulty or looking for information on filing for bankruptcy, contact Birmingham bankruptcy attorney Paula Greenway at 205-324-4000.

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The risks of co-signing a loan?

Posted on December 17th, 2009 No Comments

Many people who have poor credit ratings often seek others with better credit ratings to cosign their loans. By getting a cosigner, the borrower increases his or her chance of securing a loan.

From a creditor’s perspective, a cosigned loan is less risky because the creditor can collect from more than one person if the loan is not repaid. However, from the cosigner’s perspective, cosigning a loan may expose them to unnecessary risk.

If you have questions about negotiating your debt, contact the Birmingham debt negotiation lawyer Paula Greenway at 205-324-4000.

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Borrowers’ rights and their credit history

Posted on October 30th, 2009 No Comments

While not everyone’s credit application will be accepted, everyone has the right to know why. As required by the Equal Credit Opportunity Act, creditors must tell people why their credit request was denied.

The reasons for denying credit to someone can vary. For instance, the person may not have a credit file with a credit reporting agency. Also, the person’s credit file may report delinquent obligations.

If you or anyone you know has debt problems, contact the Birmingham debt negotiation lawyers of Paula Greenway at 205-324-4000.

Birmingham personal bankruptcy lawyer, Birmingham debt negotiation attorneys, Birmingham debt negotiation lawyers

Nationwide bankruptcy filings reach highest in years

Nationwide foreclosures down

Six Flags recovers from bankruptcy

The risks of co-signing a loan?

Borrowers’ rights and their credit history

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