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Bankruptcy protection sought by Stockton, CA

Residents of Stockton, California are saddened by the news that the city will be filing for bankruptcy protection.This filing will mark Stockton as the largest city in the nation to file for bankruptcy under the U.S. bankruptcy code.

Stockton is home to approximately 300,000 residents, and generations of families are familiar with one another in this tight-knit community. Numerous residents attended the City Council meeting on Tuesday in order to confirm for themselves that the city was indeed filing for bankruptcy protection.

The City of Stockton has been negotiating with a number of it’s creditors since the end of March in order to mediate the bankruptcy process. At the City Council meeting, it was announced that employee benefits had been greatly reduced, a survival budget had been put in place, and bond payments were no longer being paid.

If you are considering filing for bankruptcy protection, please contact the bankruptcy lawyers of Greenway Bankruptcy Law, LLC by calling (205) 324-4000 today.

Foreclosure activity in Alabama falling

Across the state of Alabama, foreclosure activity has been declining. In the month of May, the number of foreclosures that were filed fell by 20.6 percent from the filings that occurred in April.

According to a mortgage researcher, one in every 1,518 houses were foreclosed on in the month of May. That is a total of 1,431 for the four weeks of May. The national average for foreclosure rates has been rising, and increased nine percentage points from April to May.

In the nation, Alabama is ranked as the 37th state in regards to foreclosure filings. Georgia is the state with the most foreclosures, averaging one for every 224 housing units.

If you are facing foreclosure, you need an experienced foreclosure defense attorney on your side. Please contact the foreclosure defense lawyers of Greenway Bankruptcy Law, LLC by calling (205) 324-4000 today.

Chapter 7 bankruptcy filed by 38 Studios LLC

The video-game company that is owned by the retired Boston Red Sox Pitcher, Curt Schillings, has filed for Chapter 7 bankruptcy protection in a Delaware bankruptcy court.

Schillings formed the company after his years playing professional baseball came to an end. The company was moved from Massachusetts to Rhode Island in 2011 after bonds from the state were acquired. The bonds were all spent, and 38 Studios LLC is said to owe $150.7 million to it’s numerous creditors.

The company will liquidate all of it’s assets, in order to begin paying back creditors. Some of those assets that will be up for sale include: software, patents, and video-game assets.

Please contact the Chapter 7 bankruptcy lawyers of Greenway Bankruptcy Law, LLC by calling (205) 324-4000 if your company is looking into filing for Chapter 7 bankruptcy protection.

Bankruptcy filed by Dewey & LeBoeuf

Dewey & LeBoeuf was formed in 2007 when a merger between two prominent law firms took place. This law firm had 26 offices all over the world, and roughly 2,500 employees.

Last week, the law firm filed the necessary documents in order to apply for Chapter 11 bankruptcy protection. The firm is currently undergoing a liquidation process, and has laid off hundreds of employees and shut down several offices around the world.

The firm listed more than $225 million in debt, and has started downsizing in order to decrease the large amount of debt. Dewey & LeBoeuf financially advised the Los Angeles Dodgers in their restructuring process.

It is important to understand your options when dealing with bankruptcy protection. If you have questions regarding filing for bankruptcy, please contact the bankruptcy lawyers of Greenway Bankruptcy Law, LLC by calling (205) 324-4000 today.

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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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