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Your attorney should be as well.

Lehman Bros. creates new plan to exit bankruptcy

A recent plan submitted by Lehman Brothers Holdings Inc. is garnering greater support than their previous bankruptcy exiting plan.  The revised reorganization plan proposes giving creditors 21.1 cents to the dollar as opposed to the 21.4 cents proposed in the previous plan.

The new plan is believed to give less to bondholders and more to banks and hedge funds.  Lehman has approximately $325 billion in claims from creditors and has acquired around $65 billion in assets since their bankruptcy filing.

Lehman Brothers filed for bankruptcy in September 2008.  The filing is the largest bankruptcy filing in the history of the United States.

If you or someone you know is considering filing for bankruptcy protection, contact the Birmingham personal bankruptcy lawyers of Greenway Bankruptcy Law, LLC at (205) 324-4000 to discuss your situation with an experienced and compassionate bankruptcy attorney.

More government employees eligible to choose chapter 7

Many governmental entities across the country, at both the state and local level, are struggling to balance their budgets after the economic crisis.  In an attempt to  balance budgets, many government workers are experiencing salary deductions, higher costing benefits, and wage freezes.

Previously, many public workers were unable to qualify for chapter 7 bankruptcy because their salaries were too high.  However, with these salary deductions, this no longer seems to be the case.  “Traditionally, public employees were not eligible for Chapter 7 Bankruptcy due to the fact that they had good salaries and typically didn’t have to pay much toward their benefits … In the current fiscal crisis, that is changin,” said one bankruptcy expert.

If you or someone you know has questions about chapter 7 bankruptcy eligibility, contact the Birmingham chapter 7 bankruptcy attorneys of Greenway Bankruptcy Law, LLC at (205) 324-4000 to learn more about the process today.

Jefferson County moving towards declaring bankruptcy

Jefferson County officials say the county is moving closer and closer towards filing for bankruptcy.  Commissioner Jimmy Stevens stated, “Bankruptcy has been on the stove, possibly moved to the front burner.”

This week, a bill that would allow the county to raise taxes to make up for their removal of occupational taxes.  Currently, county officials believe that if they do not declare bankruptcy, they will have to lay off hundreds of county workers.  Officials estimate the layoffs would account for about 40 percent of people employed by the county.

So far, the county has already made $30 million in budget cuts and expects to have to cut around $73 million more from their annual budget.

Contact the Birmingham personal bankruptcy lawyers of Greenway Bankruptcy Law, LLC at (205) 324-4000 today, if you or someone you know is considering filing for bankruptcy in Birmingham.

Fewer mortgage delinquencies in Birmingham

In March, the mortgage delinquency rate in Birmingham saw a decrease from the rate in March 2010.  According to national research firm CoreLogic, 6.93 percent of mortgage loans in Birmingham were 90 days or more overdue in March.  A year before, 7.22 percent of mortgage loans in Birmingham were reported to be delinquent.

The mortgage delinquency rate statewide also decreased when comparing March 2010 and March 2011.  Last year, 6.18 percent of mortgage loans were 90 days or more past due in Alabama.  This year, only 5.63 percent of mortgage loans were past due in the state.  Nationwide, the mortgage delinquency rate decreased from 8.3 percent in March 2010 to 7.54 percent in March 2011.

If you or someone you know has questions about mortgage foreclosure, contact the Birmingham foreclosure defense lawyers of Greenway Bankruptcy Law, LLC at (205) 324-4000 to learn more about protecting your home.

Personal bankruptcy filings down in May

According to the American Bankruptcy Institute, the number of people in the United States that filed for bankruptcy last month was 16 percent lower than the number of people who filed for bankruptcy in May 2010.

Last month, a total of 114,803 people filed for chapter 7 and chapter 13 bankruptcy.  Last year, 136,142 filed for personal bankruptcy in the month of May.

Bankruptcies in the first quarter of the year were 6 percent lower than the number of bankruptcies filed in the first quarter of 2010.  From January to March, a total of 340,012 personal bankruptcies were filed in the United States.  In the first quarter of 2010, 363,215 people filed for personal bankruptcy.

To discuss the steps to take to file for personal bankruptcy, contact the Birmingham personal bankruptcy lawyers of Greenway Bankruptcy Law, LLC at (205) 324-4000 today.

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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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