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Lehman Brothers has plan to exit bankruptcy

This week, Lehman Brothers Holdings Inc. announced that their plan to exit bankruptcy has the approval of their creditors.  Lehman’s creditors hold about $160 billion of the investment bank’s debt.

The bank has 9 new settlements that they believe will provide enough approval from debt holders to end their bankruptcy in the near future.

Creditors have until November 4 to vote on Lehman’s bankruptcy exit plan.  The exit plan would pay back all creditors a total of $65 billion out of $320 billion in allowed claims.

The next hearing in the case will be held December 6.

To learn more about filing for bankruptcy in Birmingham, contact the Birmingham bankruptcy attorneys of Greenway Bankruptcy Law, LLC by calling (205) 324-4000 today.

Solar-power equipment manufacturer files for Ch. 7

Sterling Energy Systems Inc., a manufacturer of solar-power equipment, recently filed for Chapter 7 bankruptcy.  The company is based in Scottsdale, Arizona.

Executives with Sterling Energy Systems say that rising costs, low demand, and trouble raising funds has hurt their business.  Sterling reportedly tried to find a buyer, but did not find anyone and decided to file for bankruptcy instead.  Under Chapter 7 bankruptcy, the company will be able to eliminate their debts.

The company’s Chapter 7 filing lists between $1 million and $10 million of assets and between $50 million and $100 million in debts.

Several other solar-power companies have recently filed for bankruptcy as the industry struggles.

If you or someone you know has questions about being eligible to eliminate your debts through Chapter 7 bankruptcy, contact the Birmingham Chapter 7 bankruptcy lawyers of Greenway Bankruptcy Law, LLC by calling (205) 324-4000 today.

Foreclosure filings up in third quarter

Recent data shows that nationwide foreclosure filings increased in the third quarter of this year.  This is the first quarter that foreclosure filings have increased since the last quarter of 2010.

1 in 213 properties in the United States were foreclosed upon in the third quarter of 2011.  In total, 610,337 properties were repossessed.

Experts predict there will be a total of between 2 million and 2.1 million foreclosures this year, or 30 percent fewer foreclosure than last year.

CEO of RealtyTrac, a real estate statistics provider, James Saccacio says, “There is evidence that this temporary downward trend is about to change direction, with foreclosure activity slowly beginning to ramp back up.”

If your home is being foreclosed upon and you are seeking the help of an experienced attorney, contact the Birmingham foreclosure defense lawyers of Greenway Bankruptcy Law, LLC at (205) 324-4000 to learn more about how we can help you.

Personal bankruptcies down nationwide

Last month, a total of 108,517 personal bankruptcies were filed nationwide.  September’s personal bankruptcy filings were 4 percent lower than a month before and 17 percent lower than a year before.

Furthermore, the number of personal bankruptcies filed in the U.S. from the beginning of the year through September was 10 percent lower than the number of personal bankruptcies filed in the same time period last year.

70 percent of personal bankruptcies filed in September were Chapter 7 filings and 30 percent were Chapter 13 bankruptcies.

Data comes from the American Bankruptcy Institute and National Bankruptcy Research Center.  Samuel Gerdano, executive director of the ABI, says, “Total consumer filings for 2011 will be less than 2010.”

Contact the Birmingham personal bankruptcy attorneys of Greenway Bankruptcy Law, LLC at (205) 324-4000, if you or someone you know has questions about filing for personal bankruptcy in Birmingham.

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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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