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.

Jefferson County agrees to increase in debt payments

Last week, in negotiations with lawyers for bond insurer Syncora Guarantee, Jefferson County agreed to increase their debt payments. The insurer says their survival is being threatened by the county’s small payments.

Last year, Jefferson County attorneys agreed to pay $5.5 million a month towards their sewer debts. Also, debt payments to the insurer were reduced by $9 million. However, at a bankruptcy court hearing, the two parties agreed to a deal that would increase payments. According to the deal, money left over after covering the sewer system’s maintenance and operations will be returned to the sewer company, which will then distribute debt payments to its bondholders.

To learn more about settling debts through debt negotiations, contact the Birmingham debt negotiation attorney, Paula Greenway, by calling (205) 324-4000 today.

Options for managing debt

Alabama residents have several options for managing their debts.  By choosing one of these options, one is able to take control of their current financial situation and move forward towards a debt-free life.

One alternative to bankruptcy is debt negotiation.  Debt negotiation can involve debt consolidation or debt management.  Debt consolidation consolidates an individual’s debts into one lump sum that is paid monthly.  In addition, debt consolidation can actually lower your debt by extending a payback period.  Debt consolidation may also offer a lower interest rate.

In debt management, professionals can also negotiate a lower monthly payment or interest rate.  However, individuals opting for debt management will pay a single payment to a company which will divide it among creditors.

If you or someone you know would like to better manage their debts, contact the Birmingham debt negotiation attorneys of Greenway Bankruptcy Law, LLC at (205) 324-4000 to learn more about debt negotiation.

Many people’s tax refunds will be used to pay off debts

With today being the last day to file taxes, many people are anxiously awaiting their tax refunds. However, for many, these tax refunds will go straight to paying off debt.

One man in Gainesville reported that he will receive $8,000 in tax refunds, however, every penny of it will be going to student loans that he took out while in college.

The Gainseville Community Service Center, which helped people file their taxes for free, reported that a majority of the people stated that they would be using their tax refunds to pay off debt and that they live paycheck to paycheck. When asked how much money they had in savings, the highest amount was $120.

Debt can accumulate due to student loans, credit card bills, and medical bills, among other reasons, and can be excruciatingly stressful to pay off. If you are in debt and would like to discuss your options, please contact the Birmingham debt negotiation lawyers of Greenway Bankruptcy Law, LLC, at (205) 324-4000.

Alabama Residents Have Low Credit Scores

A recent survey showed that, while the credit card debt of Alabama families has gotten lower in 2011, credit scores are at an all-time low. Alabama had an average credit score of 642 in January, which was the fourth lowest credit score in the U.S.

These statistics could be due to the fact that people are not using credit cards as much as they used to because they are afraid of accumulating debt, so, while debt is decreasing, credit scores are also decreasing. Low credit scores can have a negative effect on buying a house and car, so maintaining a good credit score is vital.

To decrease debt while still using a credit card freely, make sure to always check for hidden fees and charges by your credit card company. If you know your company’s rules inside and out, you should have no problem using a credit card without sinking into debt.

If you or someone you love is in debt because of credit cards, please contact the Birmingham debt negotiation lawyers of Greenway Bankruptcy Law, LLC, at (205) 324-4000.

Students Facing Debt Due to College Loans

The number of pending student loan cases in Birmingham has significantly increased in recent years. Sixty-two lawsuits have been filed against graduated students for their unpaid loans, which is four times the amount that was filed in 2003.

Along with rising tuition prices, the amount students take out for loans has also greatly increased. Rising costs coupled with the lack of available jobs once a student graduates has contributed toward this trend of early debt.

Those who owe money for loans are not given very much leniency. In order to receive the money for loans, prosecutors are sometimes able to place liens on the houses of people who owe money or, even, take money out of a debtor’s saving account or salary.

College administrations have attempted to combat this trend by issuing more grants.

If you are facing personal debt, talk to someone who can help. Please contact the Birmingham debt negotiation lawyers of Greenway Bankruptcy Law, LLC at (205) 324-4000.

Democratic lawmakers call for halt on foreclosures

A large number of Democratic legislators, including Arizona Congresswoman Gabrielle Giffords and U.S. Senate Majority Leader Harry Reid, D-Nev., this week called on lenders to freeze foreclosures after Bank of America did so last Friday. BofA’s decision to do so came after questions regarding their review system, and whether or not the foreclosure proceedings were simply being sped through.

JP Morgan Chase & Co. and GMAC Mortgage Corp. has also stopped foreclosure proceedings in 23 states.

“Bank of America has taken an important step and other major lenders should follow its lead,” California Attorney General Jerry Brown said in a statement.

“We need to ensure that homeowners have long-term solutions to underwater mortgages and allow bankruptcy judges to modify mortgages on residential real estate for Chapter 13 bankruptcy filers, currently prohibited under law. This will stabilize the market, offer critical bankruptcy protection, and signify a long overdue shift in focus from helping lenders to helping borrowers,”said U.S. Rep. Donna Edwards, a Democratic representing Maryland suburbs of Washington.

If you or a loved one is considering filing for bankruptcy, you need experienced legal representation on your side. Contact the Birmingham bankruptcy lawyer of Greenway Bankruptcy Law, LLC by calling (205) 324-4000 today.

Nationwide bankruptcy filings reach highest in years

According to government data released last Wednesday, bankruptcy filings between April and June of 2010 reached the highest levels seen in the last five years. The number of filings represents an increase of 11 percent from the same time period in 2009.

422,061 filings were submitted between April and June of this year in comparison to 381,073 in 2009. Filings between January and March for 2010 exceeded the 2009 number, coming in at 388,148.

Not since the final quarter of 2005 set a record of 667,431 filings have quarterly filings exceeded 400,000.

Consumer bankruptcies have also increased greatly, jumping to 1.51 million, about 21 percent more than the number last year.

If you or someone you know is struggling with the possibility of bankruptcy in these difficult economic times, contact the personal bankruptcy attorneys of Greenway Bankruptcy Law, LLC by calling (205) 324-4000 today.

Nationwide foreclosures down

According to a recent report by RealtyTrac Inc., foreclosure filings have finally begun to level off nationwide.

Filings are down 2 percent overall nationwide, with certain states like New York seeing drops as large as 20 percent.

April is the first month of the year where foreclosure filings have fallen rather than risen.

“There were two important milestones in the April numbers that show foreclosure activity has begun to plateau — but at a very high level that will not drop off in the near future,” said James J. Saccacio, chief executive officer of RealtyTrac. “April was the first month in the history of our report with an annual decrease in U.S. foreclosure activity. Secondly, bank repossessions, or REOs, hit a record monthly high for the report even while default notices dropped substantially on a monthly and annual basis.”

“We expect a similar pattern to continue for most of this year,” Saccacio said, “with the overall numbers staying at a high level and ripples of activity hitting the various stages of the foreclosure process as lenders systematically work through the backlog of distressed properties.”

California, Florida, Michigan, Illinois, and Nevada foreclosures account for more than half of the nation’s total filings, with Nevada leading at one in every 69 homes receiving foreclosure filings

If you are facing a foreclosure filing or bankruptcy, contact Birmingham foreclosure defense attorney Paula Greenway at (205) 324-4000.

Six Flags recovers from bankruptcy

New York City-based Six Flags Inc. this week emerged from Chapter 11 bankruptcy with the backing of a new shareholders group.

The company, which owns the amusement parks of the same name, will now be known as Six Flags Entertainment Corp. following the $725 million in equity that a new shareholders group, led by Stark Investments of St. Francis, has put up to back them.

When Six Flags Inc. filed for Chapter 11 bankruptcy in Delaware in June 2009, it listed a debt of $2.4 billion.

“This reorganization constitutes the final step in the repositioning of Six Flags globally,” Six Flags St. Louis Park president David Roemer said in a statement. “While the day-to-day operations of our park were never impacted, it’s very exciting to envision a future that will allow us to rapidly grow and expand the array of services and entertainment for every single guest.”

“Investing in the infrastructure of our park will also remain a top priority,” he said. “For Six Flags St. Louis, that means continuing to improve and upgrade all elements of the park and planning for new rides, attractions and special events over the next several years, including of course our highly anticipated 50th anniversary season in 2011.”

These large businesses are only able to emerge from bankruptcy due to the skilled handling of their financial and legal needs. If you are facing financial difficulty or looking for information on filing for bankruptcy, contact Birmingham bankruptcy attorney Paula Greenway at (205) 324-4000.

The risks of co-signing a loan?

Many people who have poor credit ratings often seek others with better credit ratings to cosign their loans. By getting a cosigner, the borrower increases his or her chance of securing a loan.

From a creditor’s perspective, a cosigned loan is less risky because the creditor can collect from more than one person if the loan is not repaid. However, from the cosigner’s perspective, cosigning a loan may expose them to unnecessary risk.

If you have questions about negotiating your debt, contact the Birmingham debt negotiation lawyer Paula Greenway at (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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