Bankruptcy doesn't have to be something bad.
It can actually be the start of something good.
Your situation is unique, and it's personal.
Your attorney should be as well.

Former Clippers player Darius Miles files for bankruptcy protection

Former NBA player Darius Miles recently sought bankruptcy protection after playing for several seasons and earning millions of dollars, an article of Belleville News-Democrat reported on September 16.

The 34-year-old former player of the Los Angeles Clippers decided to file for bankruptcy in June after acquiring too much debt. Miles acknowledged that his liabilities amounted to $1.57 million while his current assets are $460,385. The former hoopster, who also appeared in the movie The Perfect Score and was endorsed by Michael Jordan’s sporting line, was struck with too much debt after injuries rendered him unable to play. A former NBA union vice president said it is common for athletes to run into debt because they are not familiar with how to handle the business aspect of their career.

If you are burdened by debt, working with an attorney is critical, especially if you have decided to file for bankruptcy and are unfamiliar with the process. Speak with an attorney at Greenway Bankruptcy Law, LLC in Birmingham today by calling (205) 324-4000 to learn more about your legal options.

What people should bear in mind when filing Chapter 7 Bankruptcy?

People who have been struggling with their finances should know that there are legal ways for them to possibly recover from their overwhelming debts. One of the ways individuals may do to possibly have a new start is to file for Chapter 7 Bankruptcy. While this kind of bankruptcy is considered to be the most effective way for many individuals, below are the things that they need to think about before filing:

  • Individuals are often not allowed to file for Chapter 7 if they have a relatively high income or they have not considered undergoing credit counseling.
  • Individuals who have filed for Chapter 7 should know that the process will result in the liquidation of many of their personal belongings.
  • Filing for Chapter 7 can become a complicated process depending on the creditors seeking repayments and biased bankruptcy trustees.

In the tough situation that you have decided to file for Chapter 7 Bankruptcy, working with a skilled lawyer could be beneficial if you are unaware of the often confusing legal terms. If you are in such situation in Birmingham, a lawyer at the Greenway Bankruptcy Law, LLC may work for you. Find out how we might be able to help you have a fresh financial start today by calling (205) 324-4000.

US foreclosure inventory has significantly decreased since 2007

A September 13 article released by CoreLogic revealed the foreclosure inventory rate in the U.S. significantly fell in July compared to the same month in previous years, an article of the National Mortgage News stated.

According to reports, the foreclosure inventory recorded in July was an estimated 355,000, compared to the 501,000 recorded in the same month in 2015. CoreLogic also said that completed foreclosures dropped by 16.5 percent compared to previous years. Economist Frank Nothaft attributed the foreclosure decline to the continuous housing industry improvement since the housing crisis. Though foreclosure inventory rates, in general, continue to decline, there are some states, such as North Dakota, which are still plagued by foreclosure.

The attorneys at Greenway Bankruptcy Law, LLC understand that many Birmingham families are facing risks of losing their homes to foreclosure every day. If this situation is happening to you, we may be able to offer you legal assistance to prevent your foreclosure. Call our office today at (205) 324-4000 to find out how we may be able to work on your behalf.

Why consider filing for Chapter 13 Bankruptcy?

Those who can no longer manage their debts may want to consider filing for Chapter 13 Bankruptcy. Also referred to as a “wage earner’s plan”, chapter 13 bankruptcy is a solution that gives an individual the capacity to create a plan to pay back all or a portion of their debts.

This option has a lot of potential benefits, particularly as compared to liquidation.

  • Debtors may have their house protected from foreclosure during the process
  • Capability to consolidate all their debts into one and pay it all at once within a given time frame
  • Lesser impact on credit score
  • Debtors are given peace of mind from being harassed by their creditors

The Bankruptcy Code of the United States has listed certain requirements to be eligible for Chapter 13 Bankruptcy. If you are currently facing overwhelming debt and want to know if you qualify for Chapter 13 Bankruptcy in Birmingham, a lawyer at Greenway Bankruptcy Law, LLC can help you. Learn more about your legal options today by calling (205) 324-4000.

What should foreclosure victims do to buy another home?

Individuals should know that there are steps they can take to buy a home after completing a foreclosure procedure. Buying a home should be an option families consider because continually renting a home can become expensive and mortgage rates are becoming affordable for many.

As most foreclosures happen due to financial problems, potential home buyers should consider improving their finances by avoiding unnecessary expenses and starting a savings account. Be aggressive in paying off your debt and refrain from applying for new loans and maxing out your credit card as it can badly hurt your credit score. Previous homeowners should know that the Federal Housing Administration is providing financial assistance for those who have completed foreclosure or bankruptcy proceedings. Potential home buyers should do their research to avoid falling prey to shady real estate agents and lenders that offer “unbelievable” deals.

Undergoing foreclosure proceedings is a frustrating experience, especially if you are currently experiencing other unavoidable circumstances that lead to a serious financial loss. However, if you are facing foreclosure in Birmingham or the surrounding area, the Greenway Bankruptcy Law, LLC attorneys may be able to help you. Call our office today at (205) 324-4000 to find out how we may be able to work on your behalf.

"When I had my power cut off because I just didn't have the money to pay the power bill, a friend suggested I call Paula Greenway. From the moment I walked in her office I felt like a burden was lifted from my shoulders."
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"I would just like to say that I was impressed by the staff of Greenway Bankruptcy Law, LLC and their attention to professionalism. They made the bankruptcy process not only pleasant but simple."
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I can't tell how comforting it is to know your attorney is working on your case. I would and have recommended their service to friend and associates."Ed H.
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Greenway Bankruptcy Law, LLC
505 20th St N #1220
Birmingham, AL, 35203
Phone: (205) 324-4000
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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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