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.

House Ends Foreclosure Defense Programs

Foreclosure defense programs that were put into action by the Obama administration in 2007 are now being abandoned by many in the House and Senate who say that the programs cause homeowners more harm than good.

Votes in the House proved to be partisan, as Republicans voted to end the programs, and democrats voted to continue them. Republicans against the bills argue that they do not adequately protect homeowners from foreclosure, and, if the programs are ended, taxpayers could save $40 billion. Democrats in favor of the programs have said that they are important safety nets for homeowners who have been struggling in the harsh economy.

One of the first programs to be cut was one which helped people who lost their jobs by providing short-term loans so that they could pay their mortgages. Alabama will be affected the most by the loss of this program because it has the highest rate of unemployed homeowners who could have benefitted from the program.

If you are at risk of foreclosure and would like information about actions you could take to prevent the loss of your home, please contact the Birmingham foreclosure defense lawyers of Greenway Bankruptcy Law, LLC, at (205) 324-4000.

Protected Assets in Chapter 7 Bankruptcy

Filing for Chapter 7 bankruptcy may seem scary because it involves liquidating your assets. However, this sounds harder than it actually is because, under Arizona’s bankruptcy laws, there are certain items that are protected from liquidation.

In most cases, liquidating assets does not mean you will lose your home and car. This is because Arizona’s protected assets include real estate that is valued up to $150,000 and a car that is worth up to $5,000. In addition to these items, $4,000 worth of household items, such as furniture, and personal clothing and jewelry may be retained during liquidation.

Because of these protected assets, you can still maintain a normal lifestyle while liquidating your assets and reorganizing your finances. If you are considering filing for Chapter 7 bankruptcy and would like more information, please contact the Birmingham Chapter 7 bankruptcy lawyers of Greenway Bankruptcy Law, LLC, at (205) 324-4000.

Alabama Company Bids Gun Manufacturer Out of Debt

Manroy, an Alabama company that makes weapons and supplies, recently paid $4.95 million to a Tennessee gun-making company in exchange for all of the bankrupt company’s assets.

The exchange took place at an auction which the Tennessee company, Sabre Defence, had organized in an effort to gain money that would be used to pay back the company’s investors. The company faced bankruptcy after its legal troubles, involving the trafficking of firearms, caused it to accumulate a $4 million debt. Because of this auction, the company will now be able to pay back its investors in full.

The Alabama company, Manroy, will merge the two companies and rehire many of Sabre Defence’s employees.

If your business is in debt, and you would like more information on filing bankruptcy, please contact the Birmingham bankruptcy lawyers of Greenway Bankruptcy Law, LLC at (205) 324-4000.

Jefferson County May File for Bankruptcy

Alabama’s Jefferson County is in serious financial trouble after several alleged bribes with investors and building a new sewage system that may sink the county altogether.

The county loaned money by several Wall Street banks, such as J.P. Morgan, who served as investors when the county needed to rebuild its sewage system. According to reports, the investors created a complex deal involving swaps, and, now, the county owes investors about $3.2 billion for its new sewage system.

The county has been advised to file Chapter 9 bankruptcy, which may do away with occupational taxes. If Jefferson County does file for bankruptcy, it will be the largest county bankruptcy in the U.S.

Financial problems can feel like the end of the world, but you have options. If you are facing a troublesome financial situation and would like to discuss filing for bankruptcy, please contact the Birmingham personal bankruptcy lawyers of Greenway Bankruptcy Law, LLC at (205) 324-4000.

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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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