Birmingham Personal Bankruptcy Lawyer

Bankruptcy Filing Rates for Consumers Reach High Point

Posted on July 9th, 2010 No Comments

According to Emmeline Zhao of The Wall Street Journal, “Consumer bankruptcy filings reached their highest point since 2005 in the first half of this year.” In the first sixth months of 2010, there was a 14 percent increase in filings compared to the same time period in the previous year (2009).

Zhao writes that, “This marks the largest number of filings since the Bankruptcy Abuse Prevention and Consumer Protection Act was enacted to curb the increase in filings five years ago.” The American Bankruptcy Institute is also predicting that there will be yet another 1.6 million filings before the year is over.

The state of Nevada has the highest unemployment rate in the country. Not surprisingly, their bankruptcy filing rates were double the national average, 6,800, at 15,000.

Filing rate changes vary between the states. The Wall Street Journal does report that, “While most states are seeing increased filings, some southern states like Tennessee and Alabama have lower filing rates.”

If you or someone you know faces bankruptcy, contact a Birmingham bankruptcy lawyer at Greenway Law, LLC, by dialing 205-324-4000.

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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Foreclosure numbers increase nationwide

Posted on April 19th, 2010 No Comments

A RealtyTrac Inc. report has revealed a rising trend in home foreclosure filings. One in 465 homes in the Houston, TX, area was foreclosed on in March, a number that is 53 percent higher than last year’s March filings. The number of homes that recieved foreclosure filings in March was also up 29 percent from the number in February.

This uncomfortable trend is mirrored at the national level, where one in 352 homes recieved a foreclosure filing. The 367,056 properties foreclosed on this March denotes a 20 percent increase from Feburary’s numbers and an 8 percent increase from last year’s numbers. RealtyTrac’s U.S. Foreclosure Market Report states that this is the highest number of home foreclosures that the United States has seen since January 2005.

“Foreclosure activity in the first quarter of 2010 followed a very similar pattern to what we saw in the first quarter of 2009: A shallow trough in January and February followed by a substantial spike in March,” said James Saccacio, chief executive officer of RealtyTrac.

This year’s trend is different from past years’ in that the trend in previous years was representative of the final stages of foreclosures, whereas this year the increase is from a 9 percent quarterly increase in bank repossessions as opposed to last year’s 13 percent quarterly decrease in bank repossessions.

If you are facing foreclosure and need legal advice regarding how to file for bankruptcy or what your repossession options are, contact Birmingham bankruptcy lawyer Paula Greenway at 205-324-4000.

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Can tax obligations be discharged during a bankruptcy?

Posted on March 25th, 2010 No Comments

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.

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What documents do individuals need for a bankruptcy filing?

Posted on March 11th, 2010 No Comments

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.

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U.S. bankruptcy filings increased in 2009

Posted on March 4th, 2010 No Comments

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.

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Are you required to go to court in a bankruptcy proceedings?

Posted on February 18th, 2010 No Comments

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.

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How should you manage your corporation during bankruptcy?

Posted on February 11th, 2010 No Comments

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.

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Can you employer fire you because you filed for bankruptcy?

Posted on February 4th, 2010 No Comments

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.

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