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 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 February 4th, 2010
When individuals file for bankruptcy, they often have many concerns about their finances, families, and jobs. Some individuals believe that if their employers find out about their financial situation, they may fire them.
However, according to U.S.C. Sec 525, employers cannot fire employees for this reason because they cannot discriminate against employees who file for bankruptcy. This protection affords bankruptcy filers with the security that their jobs will not be in jeopardy.
If you are considering filing for personal bankruptcy, contact the Birmingham personal bankruptcy lawyer 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 21st, 2010
Bankruptcy fraud occurs when individuals file for bankruptcy with criminal intent. Such intent includes filing for bankruptcy for purpose of not paying for goods and services even though the filers have sufficient funds.
If individuals are convicted of bankruptcy fraud, they could face severe penalties such as jail time or financial penalties. Some individuals, however, wrongly believe that having any income and filing for bankruptcy constitutes bankruptcy fraud.
To determine whether you are in a legitimate position to file for bankruptcy, contact the Birmingham bankruptcy attorneys of Paula Greenway, LLC, 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 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.
Posted on December 31st, 2009
Alabama’s Colonial BancGroup, the holding company that controlled Colonial Bank, is working its way out of bankruptcy. Colonial was one of three Alabama banks which failed during the recent economic meltdown; when it went under, it had approximately $25 billion in assets.
As of last month, though, the company had negative $321 million in assets and only three employees. Despite it all, though, Colonial BancGroup remains a viable business and is diligently working its way out of its debt.
Colonial Bank was seized by bank regulators on August 14, and the group filed for bankruptcy on August 25.
If you or someone you love is facing economic hardship, contact the Birmingham bankruptcy attorneys of Greenway Law today by calling 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.
