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.

Options for managing debt

Alabama residents have several options for managing their debts.  By choosing one of these options, one is able to take control of their current financial situation and move forward towards a debt-free life.

One alternative to bankruptcy is debt negotiation.  Debt negotiation can involve debt consolidation or debt management.  Debt consolidation consolidates an individual’s debts into one lump sum that is paid monthly.  In addition, debt consolidation can actually lower your debt by extending a payback period.  Debt consolidation may also offer a lower interest rate.

In debt management, professionals can also negotiate a lower monthly payment or interest rate.  However, individuals opting for debt management will pay a single payment to a company which will divide it among creditors.

If you or someone you know would like to better manage their debts, contact the Birmingham debt negotiation attorneys of Greenway Bankruptcy Law, LLC at (205) 324-4000 to learn more about debt negotiation.

Reports show drop in number of Alabama foreclosures

A report by RealtyTrac recently found that the rate of home foreclosures in Alabama is dropping steadily.

The reports stated that the rate of foreclosures for the month of April dropped 24 percent from April of last year. Only 1,840 properties in Alabama were in foreclosure for the month of April, and this was also a 21 percent decrease from the number of foreclosures in March of this year.

Foreclosure rates are not only decreasing in Alabama but also in the entire country. The rate of foreclosures for the U.S. dropped 34 percent from last year. This decrease in foreclosures seems to be a sign that the economy is slowly but surely recovering.

If you or someone you love is facing foreclosure, please contact the Birmingham foreclosure defense lawyers of Greenway Bankruptcy Law, LLC, at (205) 324-4000.

Study finds African-Americans more likely to file Chapter 13 bankruptcy

A recent study that was released by the Woodstock Institute in Chicago found that black people are much more likely to file for Chapter 13 bankruptcy than white people, who are more likely to file for Chapter 7 bankruptcy.

The study found that almost half of the black residents in Chicago who had filed for bankruptcy had filed for Chapter 13 bankruptcy. Of the white residents in the same area who filed for bankruptcy, only 22 percent filed for Chapter 13 bankruptcy.

Some have attributed the findings to misinformation that is given to black people when they are filing for bankruptcy and have said that some agencies may deliberately offer Chapter 13 bankruptcy because it generally costs more for the filer.

There are benefits to filing Chapter 7 bankruptcy and Chapter 13 bankruptcy, depending on your needs. To discuss your financial situation with an experienced lawyer, please contact the bankruptcy lawyers Birmingham of Greenway Bankruptcy Law, LLC, at (205) 324-4000.

Alabama county’s finances affected by recent tornado

The tornado that recently wreaked havoc in Alabama has also been predicted to have a negative impact on the state’s finances. Jefferson County, in particular, will be affected by the storms because the county was already facing the biggest municipal bankruptcy that has ever occurred in the U.S.

The tornado destroyed more than 5,000 homes and left 19 people dead in Jefferson County alone. Officials have reported that the county will have to pay $400 million to clean up the ravaged area. They have said that the county will not be able to recover from its debt for at least 3-5 years, due, in part, to the storm.

Many Jefferson County residents are wondering how the storm and financial crisis will affect them. Reports have indicated that county officials are trying not to let residents feel the impact of the debt.

If you or someone you love is in debt and would like to discuss bankruptcy options, please contact the Birmingham bankruptcy lawyers of Greenway Bankruptcy Law, LLC, at (205) 324-4000.

"When I had my power cut off because I just didn't have the money to pay the power bill, a friend suggested I call Paula Greenway. From the moment I walked in her office I felt like a burden was lifted from my shoulders."
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Greenway Bankruptcy Law, LLC
505 20th St N #1220
Birmingham, AL, 35203
Phone: (205) 324-4000
Tuscaloosa: (205) 737-3350
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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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