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.

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.

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.

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.

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.

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.

Houghton Mifflin Harcourt files for bankruptcy protection

The large publishing firm Houghton Mifflin Harcourt has decided to file for Chapter 11 bankruptcy. The paperwork was turned in on Monday at a New York bankruptcy court.

The company’s debts were recorded at $3.1 billion, and it also listed numerous creditors in its filing. The restructuring process will involve creditors giving up their debt holdings for an equity stake in the company.

Houghton Mifflin Harcourt is based out of Boston, Massachusetts. There are approximately 600 employees in the company that work out of two locations in Massachusetts, Boston and Wilmington. No jobs are expected to be compromised in the restructuring of the company.

Filing for bankruptcy can be a long process, and bankruptcy mistakes are often made. If you have questions regarding filing, 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.

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