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Foreclosures across Alabama decline in 1Q

A research firm specializing in foreclosures has reported that foreclosures in the state of Alabama declined during the first quarter of 2012.

The foreclosures declined by 18.6 percent in Alabama, as compared to the first quarter in 2011, and totaled 4,534 applications for the first quarter of 2012. The results of the research regarding national filings for foreclosure revealed that the overall foreclosure rate fell by 16 percent, when compared to the same quarter from the previous year.

According to several experts, this number may be increasing in the very near future. Alabama banks are expecting foreclosure filings to increase dramatically due to the $25 billion mortgage settlement that was announced in February.

If you have questions regarding foreclosures, please contact the Birmingham foreclosure defense lawyers of Greenway Bankruptcy Law, LLC by calling (205) 324-4000 today.

Reddy Ice files paperwork to apply for bankruptcy protection

Reddy Ice is the second ice-packaging company that has recently filed for bankruptcy. Arctic Glacier filed at the beginning of this year, and now Reddy Ice is following suit.

There is talk that Reddy Ice has plans to purchase Arctic Glacier, thus strengthening both companies and allowing Reddy Ice to emerge as a successful business after bankruptcy. The company decided to file for bankruptcy after their debt continued to rise.

The assets of the company hit $434 million at the end of 2011, but the liabilities were at $530.8 million. Reddy Ice has plans to come out of bankruptcy just 45 days after filing.

Please contact the Birmingham bankruptcy lawyers of Greenway Bankruptcy Law, LLC by calling (205) 324-4000 if you or someone you know has questions regarding the bankruptcy filing process.

Another former professional sports player seeks bankruptcy protection

Yet another former professional sports player has sought bankruptcy protection. Warren Sapp, a former defensive tackle for the National Football League, is the most recent ex-player to file for bankruptcy. He joins the likes of Allen Iverson, Dennis Rodman, and Terrell Owens.

Warren Sapp was employed by the NFL for 13 years and played for the Tampa Bay Buccaneers and the Oakland Raiders during that time. He has recently fallen behind on several payments, and filed for Chapter 7 bankruptcy in a Florida court on March 30. His debts total $6.7 million, which includes a large amount of unpaid child support to the mothers of his four children.

He has announced that his assets are currently at $6.45 million, and his monthly income averages $115,881. He is currently employed by the NFL Network as an analyst, and with his contract ending in August he is not sure if it will be renewed.

Please contact the Birmingham Chapter 7 bankruptcy lawyers of Greenway Bankruptcy Law, LLC by calling (205) 324-4000 if you or someone you know has questions regarding the Chapter 7 bankruptcy process.

AFA Foods, Inc. files for Chapter 11 bankruptcy

The meat production company, AFA Foods, Inc. has sought the protection of Chapter 11 bankruptcy. The filing took place on Monday at the U.S. Bankruptcy Court in Delaware.

The decline of their revenue was directly linked to the “pink slime” uprising. This term was popularized by the media, and referred to a type of textured beef that was included in most ground beef products. The product resembles a pink putty, and people were outraged that this strange substance was used in the meat they were consuming.

Consumers purchasing ground beef started to fall, and AFA Foods, Inc. was negatively affected. Meat production companies were told they had to remove this filler beef in order to continue selling in certain markets. AFA Foods, Inc. was unable to find a replacement for this substance in their products, and therefore chose to file for bankruptcy.

If you or someone you know has questions regarding filing for bankruptcy, please contact the Birmingham bankruptcy lawyers of Greenway Bankruptcy Law, LLC by calling (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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