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.

Debts that may remain after a bankruptcy procedure

Though filing for bankruptcy can be the ultimate recourse for some individuals who have been left with overwhelming debts, people should understand that in some instances there are debts that may still remain that debtors need to settle. Below are the following debts that cannot be relieved by a Chapter 7 or Chapter 13 bankruptcy filing:

  • Debts incurred from other parties claiming a drunk driving injury
  • Any debts that were not included after filing for bankruptcy
  • Unsettled criminal fines or any unsettled traffic fines

Individuals who have these kinds of debts should know they are obliged to settle them in full, whether they filed for bankruptcy or not. In the tough situation that you are considering filing for bankruptcy, working with a skilled attorney is important to help you clearly understand your situation and the complex filing process. Find out how a Birmingham attorney at Greenway Bankruptcy Law, LLC can help you today by calling (205) 324-4000.

Counties in Alabama with low credit card debt

A recent study revealed that, compared to many states, Alabama’s households tend to have much lower credit card debt, a Thursday, December 8 article of al.com reported.

The average credit card debt of households in all states is $15,675, but reports revealed that Alabama households have an average of $1,866 in credit card debt. Data from Smartasset.com determined these rankings by analyzing the percentages of household income and credit card debt. According to their rankings, the figures determined the top 10 counties in Alabama with the lowest levels of credit card debt were Hale County, Pickens County, Washington County, Bibb County, Lawrence County, Jackson County, Walker County, Lauderdale County, Cherokee County, and Madison County.

While these parts of Alabama have low levels of credit card debt, many people across the state are still struggling to settle their debts. If you are struggling to pay your finances, a Greenway Bankruptcy Law, LLC attorney may work on your behalf. Discuss your situation with a skilled bankruptcy attorney today by calling (205) 324-4000 to learn more about your options.

Nationwide foreclosure inventory decreases as completed foreclosures increase

A California-based real estate information provider observed that there was an increase in completed foreclosure procedures nationwide, but the foreclosure inventory has decreased, a November 8 article of Housing Wire reported.

According to CoreLogic’s September data, there was a 31.1 percent decrease in yearly nationwide foreclosure inventory, which amounts to a 3.1 percent decrease on a monthly basis. CoreLogic noted the recent trend can still be perceived positively because the housing market has been eliminating its inventories faster than homeowners who are starting to file for foreclosures. The completed foreclosure rate nationwide increased in September by 5.2 percent in monthly terms. However, the rate is still down by 7 percent annually.

Though foreclosure levels across the nation continue to improve, the attorneys at Greenway Bankruptcy Law, LLC understand that many Birmingham homeowners are still threatened with foreclosure every year. If this happens to you, we can offer you legal assistance with foreclosure defense. Learn more about your options from us today by calling (205) 324-4000.

Lindsay Lohan might head for bankruptcy

Actress Lindsay Lohan might find herself heading for bankruptcy due to claims that she failed to settle the rent payments on her flat in London, an October 22 report of the Economic Times stated.

The bankruptcy issue reportedly comes as the 30-year-old actress opened up a nightclub in Greece with Dennis Papageorgiou. The landlord of the $4.2 million property rented by Lohan in Knightsbridge claims the actress failed to pay her rent the last six months. Reports revealed Lohan now owes over $95,000 in back payments and if Lohan fails to settle the missed payments, she will be petitioned to seek bankruptcy. A deadline of November 8 was set for Lohan to settle her debts.

Facing financial trouble is a frustrating experience, especially if you do not know how to resolve it. If you need financial assistance in Birmingham, a lawyer at Greenway Bankruptcy Law, LLC can offer solutions to help you recover from your debts. Call us today at (205) 324-4000 to learn more about your options.

Nationwide foreclosure level normalized

Levels of foreclosure activity in the U.S. have decreased to a pre-recession level, a mydaytondailynews.com article stated on October 13.

Overall foreclosure data provided by RealtyTrac noted in September that foreclosure filings nationwide have reduced by 24 percent compared to the data recorded in the same month last year. Recent data also revealed that foreclosure levels have reduced by 13 percent compared to a month earlier. RealtyTrac also reported that the recent foreclosure rates are similar to levels recorded before the housing market collapsed in 2007. Real estate expert Daren Blomquist noted that this year’s recent record shows overall foreclosure levels continuously improve year by year.

Though recent data is projecting that the housing market is actively recovering from the horrors of the crisis, there are still many homeowners who are at risk of losing their home to foreclosure. If you are in such a situation in Birmingham, a lawyer at Greenway Bankruptcy Law, LLC may work for you. Call our office today at (205) 324-4000 to find out how we could protect your home from being taken away from you.

Tori Spelling sued for failing to settle debt

A lawsuit was recently filed against American actress Tori Spelling due to allegations that she failed to settle her overwhelming credit card debt, an October 4 article of Toronto Sun reported.

Reports revealed that American Express filed a lawsuit against Spelling, 43, after she failed to settle nearly $37,982 worth of credit card debt. The credit card company decided to sue the actress because she was not doing anything to settle the money she owed. Spelling’s mother claims she is not helping the actress with her credit card debts even though she has provided her with other forms of financial support. Spelling experienced financial hardships after she and her spouse were sought by the IRS to pay federal and state taxes amounting to roughly $1 million.

At Greenway Bankruptcy Law, LLC, we represent people in Birmingham who are sued because of overwhelming debts. If you are experiencing such financial hardship, we may be able to offer you legal assistance to get rid of your financial problems. Call our office today at (205) 324-4000 to learn more about your legal options.

Former Clippers player Darius Miles files for bankruptcy protection

Former NBA player Darius Miles recently sought bankruptcy protection after playing for several seasons and earning millions of dollars, an article of Belleville News-Democrat reported on September 16.

The 34-year-old former player of the Los Angeles Clippers decided to file for bankruptcy in June after acquiring too much debt. Miles acknowledged that his liabilities amounted to $1.57 million while his current assets are $460,385. The former hoopster, who also appeared in the movie The Perfect Score and was endorsed by Michael Jordan’s sporting line, was struck with too much debt after injuries rendered him unable to play. A former NBA union vice president said it is common for athletes to run into debt because they are not familiar with how to handle the business aspect of their career.

If you are burdened by debt, working with an attorney is critical, especially if you have decided to file for bankruptcy and are unfamiliar with the process. Speak with an attorney at Greenway Bankruptcy Law, LLC in Birmingham today by calling (205) 324-4000 to learn more about your legal options.

US foreclosure inventory has significantly decreased since 2007

A September 13 article released by CoreLogic revealed the foreclosure inventory rate in the U.S. significantly fell in July compared to the same month in previous years, an article of the National Mortgage News stated.

According to reports, the foreclosure inventory recorded in July was an estimated 355,000, compared to the 501,000 recorded in the same month in 2015. CoreLogic also said that completed foreclosures dropped by 16.5 percent compared to previous years. Economist Frank Nothaft attributed the foreclosure decline to the continuous housing industry improvement since the housing crisis. Though foreclosure inventory rates, in general, continue to decline, there are some states, such as North Dakota, which are still plagued by foreclosure.

The attorneys at Greenway Bankruptcy Law, LLC understand that many Birmingham families are facing risks of losing their homes to foreclosure every day. If this situation is happening to you, we may be able to offer you legal assistance to prevent your foreclosure. Call our office today at (205) 324-4000 to find out how we may be able to work on your behalf.

Distressed borrowers given foreclosure protection under new mortgage rules

Under the new mortgage rules approved on August 4 by the Consumer Financial Protection Bureau (CFPB), certain distressed homeowners who are being threatened with foreclosure may get relief, an article of Reuters reported.

The CFPB will now require mortgage payment servicers to help struggling borrowers keep their homes from being foreclosed if they have made their payments on time. Unlike before, borrowers may now receive protections, such as mortgage modifications, several times. The new rulings are designed to aid borrowers who are dealing with sudden financial loss, such as from the death of a relative or losing a job. Mortgage servicers now are also required to provide information to struggling homeowners about their possible options. The rulings aim to reduce the effects of the foreclosure crisis that has plagued the country since 2006.

If your home is being threatened with foreclosure in Birmingham, the attorneys at Greenway Bankruptcy Law, LLC may be able to help you prevent it. Find out how we can help you protect your family’s home today by calling (205) 324-4000.

Foreclosure looms for NFL legend Terrell Owens

Former professional football player Terrell Owens is at risk of losing one of his properties to foreclosure after he failed to settle mortgages of over $900,000, an August 6 article of Realty Today reported.

According to reports, Owens defaulted $905,417.06 on his $2.2 million San Fernando Valley property that he and his former spouse Rachel Snider bought in 2014. The 42-year-old ex-member of the San Francisco 49ers and Dallas Cowboys reportedly made the property available for sale for a slightly higher price. However, no one as of reporting has shown interest in buying it. The 90-day extension given by the bank to Owens to settle his debt has already expired and he decided not to pay his mortgage since he is already selling his home, reports said. Owens, who admitted in past reports that he is already broke despite making 70 million dollars in the NFL, is also selling his 4,250 sq./ft. house in Sherman Oaks for $2.35 million.

If you are facing foreclosure, working with a skilled attorney is important,  especially if you are unfamiliar with the complicated process. Find out how an experienced attorney at Greenway Bankruptcy Law, LLC may work for you in Birmingham today by calling (205) 324-4000.

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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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