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U.S. bankruptcies at five year high

The Administrative Office of the U.S. Courts this week released a report that shows an increase of 9 percent in bankruptcy filings between April and June this year as compared to last. There were 422,061 bankruptcy filings this year, from 388,148 in the prior three-month period, and up 11 percent from 381,073 a year earlier.

Ultimately, these numbers show that U.S. bankruptcy filings have reached their highest levels since 2005.

From June 30, 2009 to June 30, 2010, there were 1.57 million bankruptcies, up 20 percent from 1.31 million a year earlier. Consumer bankruptcies rose 21 percent to 1.51 million, and business bankruptcies rose 9 percent to 59,608.

“We know the causes of bankruptcy are principally job losses and health care, with the overlay of the foreclosure crisis,” said Deborah Thorne, an associate professor of sociology at Ohio University. “It feels very unsettled, and I’m not surprised the numbers are going up. Until we get our feet on the ground, provide decent-paying jobs, and do something with the housing crisis, bankruptcies will continue to go up.”

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

Lehman bankruptcy fees reach $1 billion

According to recently release figures, the Lehman Brothers bankruptcy has produced over $1 billion in fees. These fees have been paid out to advisers, lawyers, and bankers over the past two years.

On average, the financial firm has paid over $40 million a month since their September, 2008 collapse.

At the time of the firm’s collapse, it was running $639 billion in assets. Experts claim that the fees are coming at the expense of creditors seeking to be repaid, while rising daily.

“If you are a creditor, every dollar that is going to (debtor) counsel is a dollar not going to a creditor,” said Stephen French, a managing partner at Legalbill, a Tennessee company that advises companies on managing their legal bills.

Alvarez & Marsal, the advisory firm running Lehman in the United States, has said that his firm’s work has improved recovery for creditors by more than $5 billion and that these increases justify the fees of hiring a huge number of advisers and accountants not only in the United States, but to close up shops throughout Asia and Europe.

Lehman expects to emerge from bankruptcy during the first quarter of 2011. Then, it can start paying back creditors.

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

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.

Malcom Bell given six years prison time

Malcom Bell, the 45-year-old Illinois hedge fund manager who helped facilitate the recent Petters Co. Inc. fraud scheme, has been sentenced this week in federal court to six years in prison.

Bell owned a fund called Lancelot Investment Management, which invested all of its money in PCI promissory notes. When PCl fell behind payments for notes held by Lancelot, Bell came up with a plan to fool Lancelot investors to the contrary.

In his plea bargain, Bell admitted that he had obtained more than $200 million from investory.

If you are facing the possibility of bankruptcy, contact the Birmingham personal bankruptcy lawyers of Greenway Bankruptcy Law, LLC by calling (205) 324-4000 today.

11 Million Underwater Mortgages in US

A report released this month estimates over 11 million homeowners in the United States have underwater mortgages.

The new report, released by the data aggregator CoreLogic, says the number of homeowners who owe more on their mortgage than their homes are worth declined by about 200,000 from an estimated 11.2 million in March. The CoreLogic report demonstrates a strong correlation between home-price appreciation and homeowner equity for homeowners with underwater mortgages, about 23 percent of all home loans.

Homeowners with little or no equity in their properties saw their homes value drop by more than one percent, in the first six months of 2010. Homeowners who are underwater on their loans by more than 50 percent, property values decreased by two percent, according to CoreLogic.

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.

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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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