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It can actually be the start of something good.
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Your attorney should be as well.

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.

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.

Jefferson County Can No Longer Afford to Keep Hospital Open

Nearly a year ago, Jefferson County filed a $4.23 million bankruptcy case and now, they have claimed that they can no longer afford to keep a Birmingham hospital open. The hospital has 319 beds and offers in-patient services, but with only a few dozen patients a day, they cannot cover the losses that are associated with it.

The largest city in Jefferson County, Birmingham, asked the bankruptcy judge in the case to keep Cooper Green Mercy operating in full capacity. In order to solve this issue, the county has suggested that the emergency room be turned into a urgent care facility as well as provide care to other outpatient clinics.

Patients that visited the hospital would be sent to different hospitals. The Chapter 9 bankruptcy filing is protecting Jefferson County from any lawsuits that could spur from this. Officials with the bankruptcy case stated, “as long as the county pays, it is in compliance with law.”

Commissioners for the county approved a $205.2 million operating budget for the year. This number is $12 million less than what was approved in the fiscal year that ended September 30.

If you have been struggling with debt and want to get your finances in order, you need representation on your side that can help you with this process step-by-step. Contact the Birmingham bankruptcy lawyers at Greenway Bankruptcy Law, LLC today.

Birmingham produce company to pay creditors in bankruptcy ruling

A judge has issued a ruling in Birmingham-based Adams Produce’s Chapter 11 bankruptcy filing. Monday’s ruling states that Adams must pay its creditors a total exceeding $8 million.

Chapter 11 bankruptcyAdams Produce filed for bankruptcy in April of this year, prompting many of the company’s creditors to make claims on the Perishable Agricultural Commodities Act, which protects agricultural trade. Originally, more than 60 companies sought payments from Adams under the law. Many of them did not have valid claims or did not follow the law’s guidelines, so they were dropped from the action.

The remaining 48 companies were looking for a total of more than $10 million, but will have to settle for the judge’s ruling. For example, the company seeking the most money for its claims calculated it was owed $6.6 million, but chose to settle for $4.8 million.

Going through a large bankruptcy with several creditors demanding thousands of dollars from you is doubtlessly stressful, but the services of an experienced bankruptcy attorney can help you clearly understand where you are and where you need to go.

Jefferson County has 80% chance of filing for bankruptcy

The Jefferson County commissioner has announced that the county has an 80 percent chance of filing for bankruptcy.

The commissioner made this announcement after a day full of meetings with bankruptcy lawyers. She is now the first democrat that supports the plan for the county to file for bankruptcy. This option is looking like more and more of a possibility if a settlement is not reached with creditors.

Creditors have yet to respond to a settlement that was submitted last week that will increase sewer costs in order to erase $1.3 billion of a $3.14 billion sewer debt that has been around since 2008. A discussion with creditors was hoped to be reached by this week, but it has not occurred at this time.

If you or a loved one has been considering bankruptcy, you need experienced representation on your side. Contact the bankruptcy lawyers in Birmingham of Greenway Bankruptcy Law, LLC, by calling (205) 324-4000 today.

Alabama county’s finances affected by recent tornado

The tornado that recently wreaked havoc in Alabama has also been predicted to have a negative impact on the state’s finances. Jefferson County, in particular, will be affected by the storms because the county was already facing the biggest municipal bankruptcy that has ever occurred in the U.S.

The tornado destroyed more than 5,000 homes and left 19 people dead in Jefferson County alone. Officials have reported that the county will have to pay $400 million to clean up the ravaged area. They have said that the county will not be able to recover from its debt for at least 3-5 years, due, in part, to the storm.

Many Jefferson County residents are wondering how the storm and financial crisis will affect them. Reports have indicated that county officials are trying not to let residents feel the impact of the debt.

If you or someone you love is in debt and would like to discuss bankruptcy options, please contact the Birmingham bankruptcy lawyers of Greenway Bankruptcy Law, LLC, at (205) 324-4000.

Birmingham Aircraft Company Files for Chapter 11

Alabama Aircraft Industries, Inc., a company that is based out of Birmingham, has filed chapter 11 bankruptcy in order to reorganize their finances.

The company began facing financial trouble when they lost $5.8 million in revenue. The company also had expensive obligations for pension plans, which left them feeling as if they were in a long-term debt. By filing for chapter 11 bankruptcy, the company will be able to organize their pension plans in a way that does not produce debt. They are expecting to completely get out of debt by the summer of 2011.

Debt can happen to anyone. If you have debt and are thinking of filing for bankruptcy, please contact the Birmingham bankruptcy attorneys of Greenway Bankruptcy Law, LLC at (205) 324-4000.

Alabama counties top list of bankruptcy filings

Two Alabama counties ranked first and second on a list of U.S. counties with the highest number of bankruptcy filings in December 2010.

Baldwin County held the highest bankruptcy rate of all U.S. counties at more than 7 times the national average for filings. Greene County was ranked second on the list.

The oil spill is believed to have had a significant impact on the number of bankruptcy filings in Baldwin County, while Greene County has been troubled by high unemployment and poverty rates.

If you are struggling with a large amount of debt and cannot afford to keep up with your monthly payments, you are not alone. To learn more about how bankruptcy can help you restart your finances, contact the Birmingham personal bankruptcy lawyers of Greenway Bankruptcy Law, LLC, today at (205) 324-4000.

Nexity's Holding Company Files for Bankruptcy

Bloomberg reports that Nexity Financial Corp. has filed for bankruptcy. According to Bloomberg, “The Birmingham, Alabama-based company listed both assets and debt of as much as $50 million today in Chapter 11 documents in U.S. Bankruptcy Court in Wilmington, Delaware.”

On July 15, the company reached an agreement to restructure their debt with 88 percent of the debt holders. The debt is currently valued at $36 million. The Chapter 11 case would be the final chapter in the restructuring of the company’s debt.

According to Bloomberg, September will mark the absence of the company’s quarterly reports to the SEC at two years. Regulators have already issued a cease and desist order for the bank.

Our economy has fallen on hard times, and sometimes it can seem like there is no way out. If your business is facing bankruptcy, contact an experienced Birmingham Bankruptcy Lawyer at Greenway Bankruptcy Law, LLC, by dialing (205) 324-4000.

Properties Abandoned by Owners, Now Lenders

The Wall Street Journal reports that, across the country, home values are falling well below the price of the mortgage. Many of these owners are abandoning the properties. According to The Wall Street Journal, “Now, in the case of one defunct mortgage lender, the property values have fallen so low that the bank doesn’t even want them.”

Taylor Bean & Mortgage Company is, “seeking bankruptcy court permission to walk away from 37 properties that borrowers have long since ditched,” according to The Wall Street Journal. The company, which is based on Ocala, Florida, stopped operations last year. They say the taxes on the properties are much higher than their actual values.

The company has properties in Birmingham, Detroit, Chicago, Jackson, Miss., Milwaukee, and St. Louis, writes the The Wall Street Journal.

If you or your business is facing bankruptcy, contact an experienced Birmingham Bankruptcy Attorney at Greenway Bankruptcy Law, LLC,  for help today.

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