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2012 sees significant decline in bankruptcy filings

The most recent statistics from United States Bankruptcy Courts indicate that overall non-business bankruptcy filings are on the decline for the year 2012 when compared to the same period from the year before.

In the fiscal year ending on September 30, both Chapter 7 bankruptcy and Chapter 13 bankruptcy filings dropped significantly. Reports show that the number of Chapter 7 bankruptcies fell by 162,613, nearly 16 percent. The total number of Chapter 13 filings was reduced by close to 10 percent, from 417,530 to 375,521.

Bankruptcy filing rates varied by state, with Nevada topping the list and Alaska and North Dakota at the bottom.

filing for bankruptcyChapter 7 bankruptcy is the most common form of bankruptcy protection and makes up a huge majority of all bankruptcy cases. It involves liquidating your assets to make up for debts, while Chapter 13 bankruptcy allows a debtor to come up with a repayment plan. A Chapter 13 bankruptcy attorney can help you come up with a plan that will be approved.

Consumer credit cart debt is also down for the year by as much as 1.5 percent.

Nevertheless, not everyone has recovered from the harsh economic times of the past few years just yet. If you are living with overwhelming debt, filing for bankruptcy may help you find relief and allow you to begin your journey towards a debt-free life. Enlisting the services of a bankruptcy lawyer can help you determine the best course of action.

Reddy Ice files paperwork to apply for bankruptcy protection

Reddy Ice is the second ice-packaging company that has recently filed for bankruptcy. Arctic Glacier filed at the beginning of this year, and now Reddy Ice is following suit.

There is talk that Reddy Ice has plans to purchase Arctic Glacier, thus strengthening both companies and allowing Reddy Ice to emerge as a successful business after bankruptcy. The company decided to file for bankruptcy after their debt continued to rise.

The assets of the company hit $434 million at the end of 2011, but the liabilities were at $530.8 million. Reddy Ice has plans to come out of bankruptcy just 45 days after filing.

Please contact the Birmingham bankruptcy lawyers of Greenway Bankruptcy Law, LLC by calling (205) 324-4000 if you or someone you know has questions regarding the bankruptcy filing process.

Hundreds injured, homes damaged in Birmingham storms

Early Monday morning, severe thunderstorms and tornadoes passed through Birmingham, Alabama.

Officials reported that the storms left at least 100 people injured, and more than 210 homes damaged in Jefferson County.  2 people died in the tornado that hit Birmingham at around 3:30 a.m.

In the aftermath of the storms, authorities believe 36,000 people were without power, and hundreds of people were trapped inside homes and buildings.  So far, 7 counties in the state have reported damage from the storms.

This week’s storms have been especially difficult as the state is still trying to recover from the 240 tornadoes that destroyed much of Alabama and took hundreds of lives in April 2011.

The Birmingham bankruptcy lawyers of Greenway Bankruptcy Law, LLC are sorry for the losses experienced in this week’s storms.  To read more about this story, see AFP.

Major U.S. cities file for bankruptcy

The current state of the economy has lead to U.S. cities filing for bankruptcy in order to deal with the debt and lack of revenue.

Bankruptcy analysts have stated that nearly 100 cities may be nearing this option. Two large cities, Birmingham, Alabama and Harrisburg, Pennsylvania have recently filed for bankruptcy.

A city in California, Vallejo, recently just emerged from bankruptcy. They still have some debt remaining, but are now equipped  to handle them better.

If you or someone you know is struggling with debt and are considering filing for bankruptcy, you need representation on your side that can discuss all of your options. Contact the Birmingham bankruptcy lawyer Paula Greenway by calling (205) 324-4000 today.

Teachers in Alabama prohibited from accepting gifts

With many school districts beginning their winter breaks and students preparing for the holidays, teachers should be aware that a new law in Alabama prohibits them from accepting gifts of monetary value.

In many places, students giving teachers gifts for the holidays is not a problem.  However, teachers in Alabama who accepts gifts of monetary value can now face up to a year in jail and a $6,000 fine .  Acceptable gifts include things of nominal value, like home-baked goods.

The law — which went into effect earlier this year — also applies to public officials and employees and is considered to be one of the strictest laws concerning acceptable gifts for teachers in the country.

The Birmingham bankruptcy lawyers of Greenway Bankruptcy Law, LLC want to wish all happy holidays and a safe and enjoyable winter break.  ABC News has more information on the new law.

AMR Corp. files for bankruptcy

Last week, AMR Corp., owner of American Airlines, filed for Chapter 11 bankruptcy at the U.S. Bankruptcy Court for the Southern District of New York.

AMR said that filing for bankruptcy is the best thing for the company and their customers at this time.  American Airlines had considered filing for bankruptcy for over 10 years after struggling to make profits and losing more than $11 billion.  A recent increase in fuel prices led executives to finally seek bankruptcy protection.

American Airlines currently has about $4.1 billion in cash and investments, according to the bankruptcy filing.  These assets will allow them to continue operations while they reorganize their business and pay off debts.  Officials believe that customers should not notice any changes to their service, flight schedules, or frequent flier programs because of the bankruptcy.

Contact the Birmingham bankruptcy lawyers of Greenway Bankruptcy Law, LLC by calling (205) 324-4000, if you or someone you know has questions about the benefits of filing for bankruptcy.

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.

Lehman Brothers has plan to exit bankruptcy

This week, Lehman Brothers Holdings Inc. announced that their plan to exit bankruptcy has the approval of their creditors.  Lehman’s creditors hold about $160 billion of the investment bank’s debt.

The bank has 9 new settlements that they believe will provide enough approval from debt holders to end their bankruptcy in the near future.

Creditors have until November 4 to vote on Lehman’s bankruptcy exit plan.  The exit plan would pay back all creditors a total of $65 billion out of $320 billion in allowed claims.

The next hearing in the case will be held December 6.

To learn more about filing for bankruptcy in Birmingham, contact the Birmingham bankruptcy attorneys of Greenway Bankruptcy Law, LLC by calling (205) 324-4000 today.

Alabama Aircraft Industries submits reorganization plan

This week, Alabama Aircraft Industries Inc. submitted a reorganization plan that proposes selling the majority of their assets to Kaiser Group Holding out of Virginia for $500,000.

Chief Executive of the military aircraft modification company operating out of Birmingham-Shuttlesworth International Airport said of Kaiser, “Their plan is that they intend to continue to operate the facility as a maintenance and overhaul center.  They have the financial stability that we require right now.”

The company filed for bankruptcy in February listing around $69 million in debt to the United Auto Workers pension plan.

If you or someone you know is struggling financially and wants to learn more about the benefits of filing for personal bankruptcy, contact the Birmingham personal bankruptcy attorneys of Greenway Bankruptcy Law, LLC by calling (205) 324-4000 today.

Jefferson County delays bankruptcy filing

Yesterday, Jefferson County officials delayed their potential chapter 9 bankruptcy filing for the second time in two weeks.  Authorities now say they will have an agreement on entering into bankruptcy protection ready by next Friday, August 12.

Governor Bentley has been working with county officials to decide how to resolve Jefferson’s $3.14 billion in debt.  One of the major issues being discussed is the county’s sewer rates.  Over the past 10 years, Jefferson’s sewer rates have increased by 329 percent.

The county’s financial problems began several years ago when a federal court ordered it to rebuild their failed sewer system.  Bonds were issued to the county to finance the project.  These costs were inflated and put the county in $3.2 billion in debt.

If you have questions about filing for bankruptcy in Birmingham, contact the Birmingham bankruptcy lawyers of Greenway Bankruptcy Law, LLC at (205) 324-4000 to learn more about entering bankruptcy protection.

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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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