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Prichard City Officials Seek More Time in Bankruptcy Protection

Prichard City Council officials are asking for more time in regards to a bankruptcy protection lawsuit that was filed against the city. Officials with the city stated that they needed more time in order to get familiar with all “legal matters” in the case.

This council also voted to request a bankruptcy judge for an extension on their Chapter 9 bankruptcy case. Officials on city council stated that the judge normally gives two to three weeks in between court appearances in bankruptcy cases, but city officials feel that they will need a couple of months in order to get everyone on the same page.

Three of the five council members are knew to the department and were just sworn in this month. The mayor is also newly elected. The original bankruptcy case was filed in 1999, so it has been an ongoing process for nearly 12 years.

While some have been dealing with the city’s financial issues for 12 years, some have only been dealing with it for two weeks. Some officials on the council have stated that they they feeling positively that the council will be able to get together a reorganization plan even a continuance is granted.

If your business has been experiencing financial hardship and you feel as if bankruptcy is the way for you to relive this burden, contact the Birmingham bankruptcy lawyers at Greenway Bankruptcy Law, LLC today in order to discuss the bankruptcy process.

Alabama Leaders Gain Momemtum in Bankruptcy Deal

Alabama leaders have reported that they are gaining momentum toward striking a deal between Jefferson County and Wall Street creditors in regards to the largest municipal bankruptcy in the country.

Negotiators with the county met with county’s sewer system creditors in order to begin discussing a deal. While exact details were not discussed, officials have stated that further meetings are to take place in New York during the  beginning of December.

A written statement was given by officials and reported that the meeting was “productive,” but “much work” is still needed to be done before a deal can be made.

Jefferson County filed for Chapter 9 bankruptcy on Nov. 9, 2011 reporting $4.23 million in debt. The court documents show that most of the debt is related to the loss of tax on local jobs, political corruption issues and debt from the a new sewer system.

Chapter 9 bankruptcy alleviates the stress of lawsuits being filed against the county, but states that a plan must be developed to pay creditors back as well as set up a fund to help with future operations. The plan must then be approved by a U.S. Bankruptcy judge and county officials are hoping that it will be ready for approval sometime this winter.

Foreclosures on the decline, discounts disappearing

New data from Zillow shows that discounts many home buyers are expecting on foreclosed homes are starting to disappear as foreclosures decline across the country. The Washington Post reports that as the economy slowly improves, fewer homeowners are defaulting on their mortgages and banks are more inclined to go for short sales or loan modifications.

While foreclosed homes are usually listed for less than non-foreclosed homes on the market, the national discount on foreclosed homes in September was only eight percent. In 2009, the average discount was 24 percent. However, this is not true for all parts of the country. Large discounts can still be seen in Pittsburgh, Cleveland, Cincinnati, and Baltimore, which still have median markdowns in the 20 percent range.

Areas that were deeply affected by the housing crisis, like Las Vegas and Phoenix, are seeing slim to almost no discounts on foreclosed houses. The lack of markdowns is considered a good thing by economists, as it shows that there are less foreclosures on the market and this creates competition. Many potential buyers have become frustrated because they expected better discounts, some real estate agents say, but it shows a promising future for the housing market.

If you are struggling to pay your mortgage and the bank is threatening foreclosure, an experienced foreclosure defense attorney can help explain your legal options. Contact the legal team at Greenway Law to find out how we can help you.

Unemployment and Chapter 7 Bankruptcy

Choosing to file for bankruptcy can be a difficult decision, and there are several factors that should be considered before making this decision. One of these factors regards unemployment and the affect it has on the bankruptcy process.

There is a repayment plan associated with Chapter 13 bankruptcy that may not be achievable if an individual is not earning an income. When an unemployed individual is looking to file for bankruptcy protection, Chapter 7 bankruptcy may be their best option. This form of bankruptcy allows for that individual to bypass a repayment plan, and discharge their debts at a more rapid pace through the process of liquidation.

If a person was employed when they filed for bankruptcy, but has since become unemployed, they may want to consider transferring from Chapter 13 bankruptcy protection to Chapter 7 bankruptcy protection due to the fact that their employment status may no longer allow them to continue to make payments through the repayment plan option associated with Chapter 13 bankruptcy. The transferring process can be a confusing one, and therefore it is important to consult with a knowledgeable bankruptcy attorney.

If you are unemployed and considering filing for bankruptcy, please contact the bankruptcy lawyers of Greenway Bankruptcy Law, LLC by calling (205) 324-4000 today.

2012 sees significant decline in bankruptcy filings

The most recent statistics from United States Bankruptcy Courts indicate that overall non-business bankruptcy filings are on the decline for the year 2012 when compared to the same period from the year before.

In the fiscal year ending on September 30, both Chapter 7 bankruptcy and Chapter 13 bankruptcy filings dropped significantly. Reports show that the number of Chapter 7 bankruptcies fell by 162,613, nearly 16 percent. The total number of Chapter 13 filings was reduced by close to 10 percent, from 417,530 to 375,521.

Bankruptcy filing rates varied by state, with Nevada topping the list and Alaska and North Dakota at the bottom.

filing for bankruptcyChapter 7 bankruptcy is the most common form of bankruptcy protection and makes up a huge majority of all bankruptcy cases. It involves liquidating your assets to make up for debts, while Chapter 13 bankruptcy allows a debtor to come up with a repayment plan. A Chapter 13 bankruptcy attorney can help you come up with a plan that will be approved.

Consumer credit cart debt is also down for the year by as much as 1.5 percent.

Nevertheless, not everyone has recovered from the harsh economic times of the past few years just yet. If you are living with overwhelming debt, filing for bankruptcy may help you find relief and allow you to begin your journey towards a debt-free life. Enlisting the services of a bankruptcy lawyer can help you determine the best course of action.

Jefferson County Makes First Attempt to Emerge From Bankruptcy

Jefferson County has recently made plans in order to make an attempt to exit from Chapter 9 bankruptcy.  The County Commissioners have said that the vote could happen as soon as next week, but some creditors have already stated that it will be challenged in court.

In order to emerge from Chapter 9 bankruptcy, only a debtor can propose a restructuring plan and a judge must later approve it. Last year, the county filed for Chapter 9 bankruptcy after claiming that they had $4.2 billion in debt with nearly $3.14 million coming from a sewer expansion program that took place in 1997.

The new restructuring plan would result in an increase of less than $2 per month for sewer customers in the county. The county has not seen a sewer rate increase since 2008.

Sewer system creditors have expressed that they do not think that this plan will work for many reasons. For example, creditors stated that they are not sure how an intricate billing system can be changed so easily. County officials in favor of the restructuring plan will create a “real and meaningful rate increase.”

If you or your family members have any questions regarding any type of bankruptcy, contact a Birmingham bankruptcy lawyer at the Greenway Law Firm today by calling (205) 324-4000.

Suzuki discontinues sales in U.S., files for Chapter 11

On November 5, the American Suzuki Motor Corporation chose to file for Chapter 11 bankruptcy protection. The decision to file for bankruptcy means that Suzuki motor vehicles will no longer be sold in the United States. Sales of ATVs and motorcycles will still continue despite the filing.

Over the years, the U.S. branch of Suzuki has acquired approximately $346 million in debt. In 2011, the company was only able to sell 26,619 cars in America. This number was only up slightly from 2010, where the company pushed 23,994 vehicles.

The large reason for this filing is the fact that the company did not focus its products in a specific direction. The cars had no clear approach to a specific target market, and therefore did not relate to any consumer in particular. The Canadian branches of Suzuki are not affected by this filing, and will continue to operate as normal.

If you are considering filing for bankruptcy protection, you need a legal representative on your side who is experienced in this area. Please contact the 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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