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 27th, 2010
General Growth Properties Inc., the nationwide mall operator, filed a motion to emerge from Chapter 11 bankruptcy last week with a federal bankruptcy court in New York.
The Chicago-based mall operator has received a $6.55 billion investment from Fairholme Capital Management, Pershing Square Capital Management, and Brookfield Asset Management. This investment, along with a $1.5 billion debt issuance, will allow the company to recover financially.
A spokesman for the group said that GGP intends to form a new company with these funds, called General Growth Opportunities. They will focus on overseeing a portfolio of real estate assts.
If you are facing financial difficulties, get on the right track to recovery by calling Birmingham bankruptcy lawyer Paula Greenway at 205-324-4000.
Posted on October 22nd, 2009
Some people who are recovering from bankruptcy have trouble improving their credit score. One strategy for improvement is to obtain a secured credit card.
Secured credit cards are based on collateral in a bank account. In other words, if someone obtains a secured credit card, that person’s credit limit will equal the amount in a checking account or other related account.
In most cases, using secured credit cards and then making credit payments on time will improve a person’s credit score. Once a person’s credit score improves, that person will be more capable of borrowing money.
If you or anyone you know is considering filing for bankruptcy, contact the Birmingham personal bankruptcy lawyer Paula Greenway at 205-324-4000.
Posted on October 7th, 2009
When borrowers amass huge amounts of debt and are unable to repay some or all of it, lenders have alternative means for recovering debt payments. One way is through wage garnishments.
Through wage garnishments, creditors recover debt by taking money from a borrower’s paycheck before it is issued to the borrower. Wage garnishments are not only common but typically legal.
However, borrowers have some rights. For instance, they cannot be fired for being in debt and lenders can only take 25% of their earnings in most cases.
In order to avoid wage garnishments, individuals should take one of a number of actions, including not overcharging their credit account, paying off their bills on time, and not ignoring late payment notices.
If you are struggling with debt and may face the prospect of wage garnishments, contact the Birmingham personal bankruptcy lawyer Paula Greenwayat 205-324-4000.
