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.

Consumers may be protected against ‘debt traps’

Taking action to limit the impact of short-term loans, like payday loans, is being considered by the U.S. Consumer Financial Protection Bureau in an effort to protect consumers against loans that can become “debt traps,” according to its director recently.

Payday loans are being addressed by the agency to protect consumers by the potential abuses they can cause. The action to protect consumers from “debt traps” is being analyzed in addition to the need to preserve access for those with responsible credit because there’s a clear demand for short-term loan products. However, certain users of this type of loan can actually get hooked when they want to cover old loans by taking out new ones.

Depending on the terms and conditions of the short-term loans, it can harm consumers rather help them.

Another option for people facing financial difficulties, particularly when the financial problems are extensive and overwhelming, is to file for bankruptcy. Learn about your options by talking with an attorney from Greenway Bankruptcy Law, LLC Call (205) 324-4000 today to discuss your situation.

Bankrupt Alabama County favored over document dispute

U.S. bankruptcy judge Thomas Bennett favored Jefferson County attorneys and turned down creditors’ request on Thursday for documents used by Alabama policymakers to set sewer-system rates. Creditors claim these rates are too low.

Wall Street creditors were denied access to the sewer-system rates documents  after a hearing in Birmingham, Alabama. County lawyers said that the creditors’ document request had no merit and violates policymakers’ privacy when making decisions. According to creditors, however, these rate hikes passed by county commissioners were not enough to meet principal and interest payments on the county’s sewer bonds.

Birmingham lawyers negotiating with creditors continued their discussions in a court hearing Wednesday, January 30.

Whether an individual or business, bankruptcy can be the best option for escaping the bulk of your financial troubles and moving on. Call (205) 324-4000 to speak with a bankruptcy lawyer at Greenway Bankruptcy Law, LLC, about your debt situation today.

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.

Unemployment and Chapter 7 Bankruptcy

Choosing to file for bankruptcy can be a difficult decision, and there are several factors that should be considered before making this decision. One of these factors regards unemployment and the affect it has on the bankruptcy process.

There is a repayment plan associated with Chapter 13 bankruptcy that may not be achievable if an individual is not earning an income. When an unemployed individual is looking to file for bankruptcy protection, Chapter 7 bankruptcy may be their best option. This form of bankruptcy allows for that individual to bypass a repayment plan, and discharge their debts at a more rapid pace through the process of liquidation.

If a person was employed when they filed for bankruptcy, but has since become unemployed, they may want to consider transferring from Chapter 13 bankruptcy protection to Chapter 7 bankruptcy protection due to the fact that their employment status may no longer allow them to continue to make payments through the repayment plan option associated with Chapter 13 bankruptcy. The transferring process can be a confusing one, and therefore it is important to consult with a knowledgeable bankruptcy attorney.

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

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.

Suzuki discontinues sales in U.S., files for Chapter 11

On November 5, the American Suzuki Motor Corporation chose to file for Chapter 11 bankruptcy protection. The decision to file for bankruptcy means that Suzuki motor vehicles will no longer be sold in the United States. Sales of ATVs and motorcycles will still continue despite the filing.

Over the years, the U.S. branch of Suzuki has acquired approximately $346 million in debt. In 2011, the company was only able to sell 26,619 cars in America. This number was only up slightly from 2010, where the company pushed 23,994 vehicles.

The large reason for this filing is the fact that the company did not focus its products in a specific direction. The cars had no clear approach to a specific target market, and therefore did not relate to any consumer in particular. The Canadian branches of Suzuki are not affected by this filing, and will continue to operate as normal.

If you are considering filing for bankruptcy protection, you need a legal representative on your side who is experienced in this area. Please contact the bankruptcy lawyers of Greenway Bankruptcy Law, LLC by calling (205) 324-4000 today.

FDIC Regulators Close Nova Financial Bank Unit

Regulators with the Federal Deposit Insurance Corp. closed a Nova Bank unit on Oct. 26 and as a result of this closure, Nova Financial Holdings Inc. decided to file for Chapter 7 bankruptcy.

Nova announced on Oct. 30 that their board decided that liquidating their assets in a bankruptcy court will be the best options for them. The Chapter 7 bankruptcy petition was filed in the U.S. Bankruptcy Court of Philadelphia.

After the closure of the banking unit, the FDIC attempted to enlist another banking institute to receive the unit, but they were unable to. This means that the FDIC is now the receiver and that the closure may cost them more than $90 million.

Despite the bank’s progress to increase capital under a plan put in motion by the Federal Reserve Bank of Philadelphia in 2010, lawsuits filed by unhappy shareholders has made the situation more difficult.

The company attempted to settle with shareholders, but most of the settlement efforts were rejected. Other discussions on how to raise capital for the company were also rejected by interest groups.

If your business is struggling with debt, no matter the situation, you should discuss your options with experienced and knowledgeable representation. Contact the bankruptcy attorney Paula Greenway by calling (205) 324-4000 today.

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.

Michael Vick paying off creditors with NFL earnings

Michael Vick, a quarterback in the NFL, filed for bankruptcy protection in 2008, and has recently started paying off his numerous creditors the approximate $20 million that they are owed.

Vick spent two years in prison for the part he played in a dog fighting ring. When he was released, he accepted a restructuring plan in order to begin improving his financial situation. He signed a six-year, $100 million contract with the Philadelphia Eagles.

Of that contract, $40 million is guaranteed, which means that the creditors will begin receiving payments based on the yearly income that Vick will be bringing in. A representative for the creditors stated that they could all be paid off by 2014 if everything goes according to plan.

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

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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.

Greenway Bankruptcy Law, LLC 505 20th St N #1220, Birmingham, AL, 35203 | Phone Number: (205) 324-4000