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Credit card delinquency decreases nationwide

A recent TransUnion report shows that the number of people who were late in making their credit card payments in the first quarter this year has decreased as compared to the previous quarter.

Credit card delinquency is highest in Nevada, at 1.79 percent, with Florida in second place at 1.59 percent. The lowest delinquencies were found in Alaska, North Dakota, and South Dakota.

The nationwide average credit card debt also fell for the fourth quarter in a row, decreasing around $300 from $5,434 to $5,165.

In a news release, Ezra Baker, the director of consulting and strategy in TransUnion’s financial services business unit, said “The last four quarters of consecutive decreases in credit card balances shows that consumers continue to focus on paying down their credit cards in response to economic uncertainty and the continued somewhat anemic employment outlook, wanting to keep a credit cushion available for hard times.”

If you are in need of legal advice in bankruptcy law, contact Birmingham bankruptcy attorney Paula Greenway at (205) 324-4000 to discuss your legal options.

Movie Gallery Inc. to shut down operations

The Wilsonville, Ore.-based Movie Gallery Inc. announced plans last Friday to close the remaining 1,900 Hollywood Video stores and liquidate its operations in the U.S.

The company filed the notice in the U.S. Bankruptcy Court for the Eastern District of Virginia in Richmond.

This decision follows the company’s February filing for Chapter 11 bankruptcy, the second time in three years that it has been forced to do so.

Revenue for the company fell from $2 billion to $1.4 billion for last year. DVD kiosks, over-the-Internet services, and movies-by-mail success have been blamed for the company’s declining profits.

Are you facing bankruptcy? Contact Birmingham bankruptcy attorney Paula Greenway at (205) 324-4000 to discuss your legal options.

Nationwide foreclosures down

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.

Six Flags recovers from bankruptcy

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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