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Media personality files for Ch. 7 bankruptcy

Earlier this month, “Troubleshooter” Tom Martino filed for Chapter 7 bankruptcy.  Martino hosts television and radio shows on consumer-advocacy based in Denver, Colorado.

Martino says that all of his debt is related to commercial real estate projects and that he has zero consumer debt.  The majority of the 47 creditors listed in the bankruptcy were banks that Martino had real estate loans from and had failed.

The Chapter 7 bankruptcy filing lists $78.6 million in debt and $1.37 million in assets.  Martino said, in regards to the filing, “There are so many people in this same boat.  You’ve got millions of dollars in lost value and all of a sudden you can’t refinance your loans and you are just upside down.”

To learn more about the Chapter 7 bankruptcy process, contact the Birmingham Chapter 7 bankruptcy lawyers of Greenway Bankruptcy Law, LLC at (205) 324-4000 today.

Foreclosures down by 29 percent in August

Real estate research firm RealtyTrac recently reported that foreclosure filings experienced a 29 percent year-over-year decrease in Alabama in August.

Last month, a total of 1,358 foreclosures were filed in the state.  711 of the foreclosure filings were notice of trustee sales and 647 of the foreclosure filings were real estate-owned properties.

In addition, 1 in every 1,607 homes in Alabama was in foreclosure, according to last month’s foreclosure data.

Nationwide, foreclosure filings experienced a year-over-year decrease of 32.7 percent in August.

If you or someone you know is facing a foreclosure, an experienced foreclosure defense attorney can help.  Contact the Birmingham foreclosure defense lawyers of Greenway Bankruptcy Law, LLC at (205) 324-4000 today.

Former state representative files for bankruptcy

Former Alabama State Representative James Gordon recently filed for bankruptcy protection for himself and his business, the Alabama Injury and Pain Clinic.

The business filed for Chapter 11 bankruptcy in hopes of reorganizing and continuing operations. Gordon also filed for personal bankruptcy, choosing Chapter 13 bankruptcy. Under Chapter 13, the former representative will pay back creditors according to an established repayment plan and timeline.

According to Gordon, the business and his personal finances suffered as a result of the economic recession and his time spent away from the Alabama Injury and Pain Clinic while in office.

If you or someone you know is seeking experienced legal representation to assist you in filing for Chapter 13 bankruptcy and establishing a repayment plan, contact the Birmingham Chapter 13 repayment plan attorneys of Greenway Bankruptcy Law, LLC at (205) 324-4000 today.

Birmingham-Hoover foreclosure rate increasing

A recent report from CoreLogic says that the foreclosure rate in the Birmingham-Hoover metro area is increasing.

In June, the foreclosures in the area increased by 1.67 percent from May.  In addition, June foreclosures in Birmingham-Hoover were 1.43 percent higher than the number of foreclosures in the area in June 2010.

The foreclosure rate for the area is predicted to be about 6.09 percent — lower than both the national foreclosure rate and Alabama foreclosure rate.

Data also revealed that mortgage delinquencies in the area are decreasing.  6.14 percent of mortgage loans in Birmingham were delinquent by 90 days or more.  At the same time last year, the mortgage delinquency rate was 6.77 percent.

If you or someone you know is facing a foreclosure, contact the Birmingham foreclosure defense lawyers of Greenway Bankruptcy Law, LLC at (205) 324-4000 to learn more about how we can help you through the process.

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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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