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It can actually be the start of something good.
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Your attorney should be as well.

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.

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.

Jefferson County has 80% chance of filing for bankruptcy

The Jefferson County commissioner has announced that the county has an 80 percent chance of filing for bankruptcy.

The commissioner made this announcement after a day full of meetings with bankruptcy lawyers. She is now the first democrat that supports the plan for the county to file for bankruptcy. This option is looking like more and more of a possibility if a settlement is not reached with creditors.

Creditors have yet to respond to a settlement that was submitted last week that will increase sewer costs in order to erase $1.3 billion of a $3.14 billion sewer debt that has been around since 2008. A discussion with creditors was hoped to be reached by this week, but it has not occurred at this time.

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

Properties Abandoned by Owners, Now Lenders

The Wall Street Journal reports that, across the country, home values are falling well below the price of the mortgage. Many of these owners are abandoning the properties. According to The Wall Street Journal, “Now, in the case of one defunct mortgage lender, the property values have fallen so low that the bank doesn’t even want them.”

Taylor Bean & Mortgage Company is, “seeking bankruptcy court permission to walk away from 37 properties that borrowers have long since ditched,” according to The Wall Street Journal. The company, which is based on Ocala, Florida, stopped operations last year. They say the taxes on the properties are much higher than their actual values.

The company has properties in Birmingham, Detroit, Chicago, Jackson, Miss., Milwaukee, and St. Louis, writes the The Wall Street Journal.

If you or your business is facing bankruptcy, contact an experienced Birmingham Bankruptcy Attorney at Greenway Bankruptcy Law, LLC,  for help today.

Bankrupt Funeral Home Sold

Al.com reports that “bankrupt Bessemer Funeral Home will be sold to a new company that has promised to honor all burial contracts, according to testimony at a court hearing Wednesday.”

The company’s old owner, Elizabeth Anne Modder Wallace, formed a new company to buy the old one. Wallace plans to pay $50,ooo, and possibly another $50,000 later for the bankrupt company. This money will go to the bankruptcy estate, which is riddled with expenses.

The promise to honor the pre-paid funeral contracts is one major reason the judge, Tamara Mitchell, allowed the sale. Previously, another company attempted to buy the funeral home but would not guarantee to honor the contracts. The judge refused to allow the sale.

Bankruptcy is a serious and stressful issue to face. If you or someone you know is facing bankruptcy, call an experienced Birmingham bankruptcy lawyer at Greenway Law, L.L.C, by dialing (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