Bankruptcy doesn't have to be something bad.
It can actually be the start of something good.
Your situation is unique, and it's personal.
Your attorney should be as well.

Things Birmingham homeowners should ask when protecting home from foreclosure

Birmingham homeowners often find it difficult to defend their home in a foreclosure procedure due to the fact that the state follows a “nonjudicial foreclosure” procedure. Struggling homeowners who want to contest the foreclosure case could file a lawsuit to the court so a judge could intervene for them to possibly ask for the following:

  • Momentarily stop any ongoing foreclosure procedures
  • Preliminary injunction
  • Permanent injunction

Struggling homeowners who are considering contesting a foreclosure procedure should sue their lender and trustee in court. The judge will then weigh each argument to figure out if the procedure should continue or not. Oftentimes, homeowners could reason to the court that they are likely to suffer an irreparable injury if the foreclosure is completed. Homeowners, however, should know that bringing their case in court could be arduous and expensive.

If you want to know more on how you could prevent your home from being foreclosed, working with an experienced lawyer is beneficial to ensure your family’s security. Find out how a Birmingham lawyer at Greenway Bankruptcy Law, LLC may work on your behalf today by calling (205) 324-4000.

Rapper DMX trying to save house through bankruptcy filing

A December 29 article of Mail Online revealed that well-known rap artist “DMX” has filed for bankruptcy to possibly protect his house in New York and to settle his millions worth of debt to creditors.

Reports said it is already the third time that the 46-year-old rapper had filed for bankruptcy. DMX, or Earl Simmons, had first filed for bankruptcy in 2009. DMX has reportedly filed for Chapter 13 Bankruptcy after owing $2,030,970 to his creditors including several family support payments. In his filing, DMX had listed his $350,000 home in Mount Kisco as his asset and denied owning any other assets. DMX, who “has fathered 15 children” to several different women, filed for Chapter 13 after failing to settle child support payments in more than a decade. He was also arrested in 2015 and sentenced to six months of imprisonment for not paying child support.

If you are in a situation that has caused you to decide to file for Chapter 13 Bankruptcy in Birmingham, a lawyer of the Greenway Bankruptcy Law, LLC may work for you. Find out how we may assist you in the filing process today by calling (205) 324-4000.

Debts that may remain after a bankruptcy procedure

Though filing for bankruptcy can be the ultimate recourse for some individuals who have been left with overwhelming debts, people should understand that in some instances there are debts that may still remain that debtors need to settle. Below are the following debts that cannot be relieved by a Chapter 7 or Chapter 13 bankruptcy filing:

  • Debts incurred from other parties claiming a drunk driving injury
  • Any debts that were not included after filing for bankruptcy
  • Unsettled criminal fines or any unsettled traffic fines

Individuals who have these kinds of debts should know they are obliged to settle them in full, whether they filed for bankruptcy or not. In the tough situation that you are considering filing for bankruptcy, working with a skilled attorney is important to help you clearly understand your situation and the complex filing process. Find out how a Birmingham attorney at Greenway Bankruptcy Law, LLC can help you today by calling (205) 324-4000.

Millions may benefit from Trump’s student loan plan proposal

A December 14 article of Forbes revealed millions of people struggling to repay their student loan debts are expected to benefit from the proposal of president-elect Donald Trump.

A month before the presidential election, Trump said in Ohio that student loan debts should not be a lifetime burden to people and students should not be subject to debt that is impossible to repay. Trump is proposing a limit on the monthly payments to 12.5 percent of the borrowers’ income. Any remaining debt of the borrower would be forgiven after paying monthly dues for 15 years. The government currently allows students pay their debts for 10 years, and repayment plans are offered to them if they experience hardships in settling their monthly dues.

The Birmingham attorneys at Greenway Bankruptcy Law, LLC are knowledgeable about the student loan law and want to assist individuals who are struggling to pay off their debt. If you are experiencing financial difficulties, we may be able to offer solutions to help you. Learn more about your options from us today by calling (205) 324-4000.

Counties in Alabama with low credit card debt

A recent study revealed that, compared to many states, Alabama’s households tend to have much lower credit card debt, a Thursday, December 8 article of al.com reported.

The average credit card debt of households in all states is $15,675, but reports revealed that Alabama households have an average of $1,866 in credit card debt. Data from Smartasset.com determined these rankings by analyzing the percentages of household income and credit card debt. According to their rankings, the figures determined the top 10 counties in Alabama with the lowest levels of credit card debt were Hale County, Pickens County, Washington County, Bibb County, Lawrence County, Jackson County, Walker County, Lauderdale County, Cherokee County, and Madison County.

While these parts of Alabama have low levels of credit card debt, many people across the state are still struggling to settle their debts. If you are struggling to pay your finances, a Greenway Bankruptcy Law, LLC attorney may work on your behalf. Discuss your situation with a skilled bankruptcy attorney today by calling (205) 324-4000 to learn more about your options.

Things Alabama homeowners should know about foreclosure process

Homeowners should know how the foreclosure process works in Alabama for them to better avoid getting in trouble with lenders once they have started to be considered delinquent.

In Alabama, foreclosure is primarily done outside the court (non-judicial) but does often occur within one as well (judicial). In non-judicial foreclosure method, delinquent homeowners should strictly abide by the terms of their mortgage. Under this method, a lawyer is given a “power of sale”, where they can foreclose on the property to obtain the defaulted loan amount owed by the property owner. On the other hand, a judicial method is the type of foreclosure that is decided by the court. Delinquent homeowners should know that it is possible for them to contest the foreclosure complaint filed against them. Homeowners could also prolong or prevent foreclosures by filing for bankruptcy or demand a delay in selling their house.

In the situation that your home is being threatened with foreclosure, enlisting a skilled attorney is a viable option to explore other ways to prevent it. Discuss your situation with an attorney of the Greenway Bankruptcy Law, LLC in Birmingham today by calling (205) 324-4000 to learn more about your legal options.

Nationwide foreclosure inventory decreases as completed foreclosures increase

A California-based real estate information provider observed that there was an increase in completed foreclosure procedures nationwide, but the foreclosure inventory has decreased, a November 8 article of Housing Wire reported.

According to CoreLogic’s September data, there was a 31.1 percent decrease in yearly nationwide foreclosure inventory, which amounts to a 3.1 percent decrease on a monthly basis. CoreLogic noted the recent trend can still be perceived positively because the housing market has been eliminating its inventories faster than homeowners who are starting to file for foreclosures. The completed foreclosure rate nationwide increased in September by 5.2 percent in monthly terms. However, the rate is still down by 7 percent annually.

Though foreclosure levels across the nation continue to improve, the attorneys at Greenway Bankruptcy Law, LLC understand that many Birmingham homeowners are still threatened with foreclosure every year. If this happens to you, we can offer you legal assistance with foreclosure defense. Learn more about your options from us today by calling (205) 324-4000.

Lindsay Lohan might head for bankruptcy

Actress Lindsay Lohan might find herself heading for bankruptcy due to claims that she failed to settle the rent payments on her flat in London, an October 22 report of the Economic Times stated.

The bankruptcy issue reportedly comes as the 30-year-old actress opened up a nightclub in Greece with Dennis Papageorgiou. The landlord of the $4.2 million property rented by Lohan in Knightsbridge claims the actress failed to pay her rent the last six months. Reports revealed Lohan now owes over $95,000 in back payments and if Lohan fails to settle the missed payments, she will be petitioned to seek bankruptcy. A deadline of November 8 was set for Lohan to settle her debts.

Facing financial trouble is a frustrating experience, especially if you do not know how to resolve it. If you need financial assistance in Birmingham, a lawyer at Greenway Bankruptcy Law, LLC can offer solutions to help you recover from your debts. Call us today at (205) 324-4000 to learn more about your options.

Tips people could do to mitigate excessive credit card debts

Financial experts have observed that though many people are earning more money, nationwide credit card debt is also on the rise, noting the $912 billion debt from January to June of this year.

Experts noted that mitigating credit card debts could be considered “one of the wisest investments” people can have. This is often conflicting, as many people view a higher credit limit as an asset instead of a liability. For those who have been struggling with credit card debts, they may want to try negotiating to consolidate all their balance and repay it over a longer term. This tactic is often applicable for those who have an appealing credit score. Another advantage of people with a good credit score is they could acquire loans with fixed interest rates that are significantly lower than for people with poor credit scores. Usual financial sacrifices like reducing personal expenses or considering tapping emergency funds often work for many people. Earning additional income is also a fool-proof way for anyone to dramatically wipe off their credit card debts.

The bankruptcy lawyers of the Greenway Bankruptcy Law, LLC represent Birmingham people who have been struggling with their credit card debts. If you think this happens to you, we may work on your behalf to possibly help you have a fresh start. Learn more about your legal options today by calling (205) 324-4000.

Financial relief available for unemployed individuals

It is truly a frustrating situation for any person to have overwhelming debts, and it can be even more worrisome if a person just lost his or her job. Unemployed individuals and those who are underemployed with overwhelming debts should know there is a bankruptcy option available for them.

While unemployed individuals may not be allowed to file for Chapter 13 bankruptcy due to its repayment plan, they could be eligible to file for Chapter 7 Bankruptcy. Chapter 7 is a viable option for financially distressed people because they can continue seeking bankruptcy protection without worrying about having a repayment plan. This type of bankruptcy is designed for debtors who are not getting any income or those who are earning a very small amount of income.

If you have made the difficult decision to file for bankruptcy due to overwhelming debt, working with a knowledgeable attorney is important, especially if you are unaware of the complicated filing process. Get in touch with a Birmingham attorney at Greenway Bankruptcy Law, LLC today by calling (205) 324-4000 to see how we can make the process easier for you.

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Greenway Bankruptcy Law, LLC
505 20th St N #1220
Birmingham, AL, 35203
Phone: (205) 324-4000
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Greenway Bankruptcy Law, LLC All rights reserved. We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. The following language is required pursuant to Rule 7.2, Alabama Rules of Professional Conduct. No representation is made that the quality of legal services to be performed is greater than the quality of legal services performed by other lawyers. This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.

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