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Bankruptcies down in fiscal 2011

The American Bankruptcy Institute, a bankruptcy filing research organization, recently reported that bankruptcy filings dropped in fiscal 2011.

A total of 1.47 million bankruptcies were filed in the U.S. through September.  According to the ABI, this fiscal year’s filings were 8 percent lower than the total number of bankruptcies filed in fiscal 2010.

Overall, business bankruptcy filings were 18 percent lower in fiscal 2011 than in fiscal 2010.  Personal bankruptcy filings also decreased by 11 percent.

1.06 million personal bankruptcies were filed between January 2011 and September 2011. Samuel J. Gerdano, executive director of the ABI, stated, “The decline in consumer bankruptcies is the residue of a sustained debt deleveraging by U.S. households.”

If you or someone you know is seeking assistance filing for personal bankruptcy in Birmingham, contact the Birmingham personal bankruptcy lawyers of Greenway Bankruptcy Law, LLC at (205) 324-4000 to learn more about how we can help you.

Jefferson County files for bankruptcy

Last week, Jefferson County commissioners voted 4-1 to file for bankruptcy.  The bankruptcy filing is reportedly the largest bankruptcy petition filed by a municipality in the history of the U.S.

The filing was made on Thursday.  A federal judge in Birmingham ordered a hearing in which officials will determine whether or not the county is eligible for Chapter 9 bankruptcy.

In September, the county and its creditors were able to reach a provisional agreement which included $1.1 billion in concessions.  The agreement also included an increase in sewer rates for residents of Jefferson County of up to 8.2 percent.

To speak with an experienced attorney about filing for bankruptcy in Birmingham, contact the Birmingham bankruptcy lawyers of Greenway Bankruptcy Law, LLC by calling (205) 324-4000 today.

Foreclosure rate doubled from last year

According to the latest data from Fitch Ratings, foreclosures are almost two times as high as they were at the same time last year.

The agency uses Residential Mortgage-Backed Security, or RMBS, Performance Metric.  Their most recent findings indicate that the rate of foreclosure on homes with delinquent mortgages has increased to 10 percent a month.

Officials say the apparent increase in foreclosures is related to last year’s discovery of problematic procedures in the foreclosure industry like “robo-signing” and the subsequent delay in many foreclosure proceedings.

Experts predict that home prices in the U.S. will drop by about 10 percent in the months to come.

If you or someone you know is facing foreclosure, contact the Birmingham foreclosure defense lawyers of Greenway Bankruptcy Law, LLC at (205) 324-4000 to discuss your situation with one of our attorneys today.

Personal bankruptcies continue to fall in October

In October, personal bankruptcies decreased for the fourth consecutive month.  Experts suspect the decline in consumer bankruptcy filings is related to a decrease in the use of credit.

Executive director of the ABI Samuel Gerdano stated, “The declining filings correlate to tightened consumer spending and the overall pull back in consumer credit associated with a stagnant economy.”

This week, the National Bankruptcy Research Center and the American Bankruptcy Institute released data on bankruptcies filed in the U.S. in the month of October.  According to the two, a total of 106,255 personal bankruptcies were filed across the country last month.

Compared to October 2010, 19.6 percent fewer personal bankruptcies were filed in the U.S.  Last month’s personal bankruptcy filings also experienced a 2.1 percent month-over-month decrease.

If you or someone you know is considering filing for bankruptcy, contact the Birmingham personal bankruptcy lawyers of Greenway Bankruptcy Law, LLC at (205) 324-4000 to learn more about your filing options.

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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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