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It can actually be the start of something good.
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Your attorney should be as well.

Birmingham bank may file for Chapter 7 bankruptcy

Superior Bancorp, a Birmingham-based bank corporation, is contemplating bankruptcy after one of its main holdings was auctioned off by federal regulators. The subsidiary, Superior Bank, consisted of 73 banks, which were all sold to pay off creditors.

According to reports, the corporation currently has a debt of $122 million with only $6 million in assets. The company’s stock has stock is also 90 percent lower than it was at this time last year.

Under Chapter 7 bankruptcy, the corporation will be able to liquidate its assets and use the money to pay off creditors.

If you or someone you love is considering filing for Chapter 7 bankruptcy, please contact the Birmingham Chapter 7 bankruptcy lawyers of Greenway Bankruptcy Law, LLC, at (205) 324-4000.

Many people’s tax refunds will be used to pay off debts

With today being the last day to file taxes, many people are anxiously awaiting their tax refunds. However, for many, these tax refunds will go straight to paying off debt.

One man in Gainesville reported that he will receive $8,000 in tax refunds, however, every penny of it will be going to student loans that he took out while in college.

The Gainseville Community Service Center, which helped people file their taxes for free, reported that a majority of the people stated that they would be using their tax refunds to pay off debt and that they live paycheck to paycheck. When asked how much money they had in savings, the highest amount was $120.

Debt can accumulate due to student loans, credit card bills, and medical bills, among other reasons, and can be excruciatingly stressful to pay off. If you are in debt and would like to discuss your options, please contact the Birmingham debt negotiation lawyers of Greenway Bankruptcy Law, LLC, at (205) 324-4000.

Dr. Phil’s Designer Retracts Bankruptcy Filing

The former interior designer for Dr. Phil recently retracted a Chapter 13 bankruptcy filing that she had filed in November 2010. The designer claims that she was forced to do so because of a financially-draining legal battle that she is currently involved in against Dr. Phil.

Under Chapter 13 bankruptcy, people are able to create a payment plan to pay off their debt without having to auction off their assets. The designer’s lawyers said that the legal team of Dr. Phil placed so many financial strains on the designer that she was unable to create a plan to pay off her debt.

By retracting her Chapter 13 bankruptcy filing, the designer will remain in debt during her legal battle with Dr. Phil.

If you or someone you love is facing financial trouble and would like more information on what the benefits are of filing for Chapter 13 bankruptcy, please contact the Birmingham Chapter 13 bankruptcy lawyers of Greenway Bankruptcy Law, LLC, at (205) 324-4000.

Alabama Residents Have Low Credit Scores

A recent survey showed that, while the credit card debt of Alabama families has gotten lower in 2011, credit scores are at an all-time low. Alabama had an average credit score of 642 in January, which was the fourth lowest credit score in the U.S.

These statistics could be due to the fact that people are not using credit cards as much as they used to because they are afraid of accumulating debt, so, while debt is decreasing, credit scores are also decreasing. Low credit scores can have a negative effect on buying a house and car, so maintaining a good credit score is vital.

To decrease debt while still using a credit card freely, make sure to always check for hidden fees and charges by your credit card company. If you know your company’s rules inside and out, you should have no problem using a credit card without sinking into debt.

If you or someone you love is in debt because of credit cards, please contact the Birmingham debt negotiation lawyers of Greenway Bankruptcy Law, LLC, at (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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