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.

What should foreclosure victims do to buy another home?

Individuals should know that there are steps they can take to buy a home after completing a foreclosure procedure. Buying a home should be an option families consider because continually renting a home can become expensive and mortgage rates are becoming affordable for many.

As most foreclosures happen due to financial problems, potential home buyers should consider improving their finances by avoiding unnecessary expenses and starting a savings account. Be aggressive in paying off your debt and refrain from applying for new loans and maxing out your credit card as it can badly hurt your credit score. Previous homeowners should know that the Federal Housing Administration is providing financial assistance for those who have completed foreclosure or bankruptcy proceedings. Potential home buyers should do their research to avoid falling prey to shady real estate agents and lenders that offer “unbelievable” deals.

Undergoing foreclosure proceedings is a frustrating experience, especially if you are currently experiencing other unavoidable circumstances that lead to a serious financial loss. However, if you are facing foreclosure in Birmingham or the surrounding area, the Greenway Bankruptcy Law, LLC attorneys may be able to help you. Call our office today at (205) 324-4000 to find out how we may be able to work on your behalf.

U.S. grads find it harder to pay off student loans than UK grads

A recent study revealed that although student loans are substantially higher in the UK than the U.S., college graduates in the U.S. often find it harder to settle their debts, an article of University Herald reported on June 17.

In the report released by the Sutton Trust, tuition fees in the UK were the highest among English-speaking countries and college graduates were left with heftier student loan debts. Even so, students in the UK had an easier time settling their debts than American students. The research focused on 30 English-speaking countries including Australia, New Zealand, and Canada. Unlike graduates in other countries, UK grads are given “clear repayment methods.” U.S. grads often contribute to the glaring student loan debt level because many of them are not earning income to settle their debts.

The Greenway Bankruptcy Law, LLC legal team understands that many college graduates are stuck repaying their student loan debt without an income to do so. If you have debt with no income, we may be able to offer you a legal option to help resolve your financial issues. Call our office today at (205) 324-4000 to learn more about your options.

Birmingham student loan debt among highest in the country

A recent study by the analysts at WalletHub shows Birmingham is within the top two percent of the most debt-stricken cities in the country.

The consumer finance website conducted their study by weighing median incomes against average loan amounts in 2,513 cities in the U.S. The report found that there were 10 cities in Alabama where resident’s incomes are insufficient for paying student loan debt. For example, a typical Birmingham resident between 25 and 44-years-old with an annual income of $33,081 has an average student loan debt of $35,893. Birmingham ranked third worse in a list of 10 Alabama cities where average student loan debt is higher than annual income.

If you are struggling to pay your student loan debt in Birmingham, a lawyer at Greenway Bankruptcy Law, LLC may be able to help you. Our lawyers work to make it possible for you to have a fresh financial start. Learn more about your personal financial options by calling (205) 324-4000.

Disadvantages of using software in filing bankruptcy

People today often take advantage of using computer software and internet technology to make completing tasks more convenient, including bankruptcy filing. Though the internet is a great source for relevant information on how to address financial issues, people should be aware that filing bankruptcy on their own using a software can be risky for mistakes made when filing can be financially costly. 

People may find it cheaper if they file for bankruptcy on their own using available computer programs, however, they might not have as much debt forgiven by creditors using this method. Individuals who have decided to use computer programs when filing for bankruptcy are also vulnerable to the fickle nature of creditors and trustees. Though bankruptcy computer programs can be helpful in the bankruptcy process, it is important to note these systems are limited. They are unable to give personalized advice and still require manual input from the individual seeking financial assistance, giving many opportunities to make costly errors. 

Bankruptcy computer programs in reality have many limitations. If you have decided to file for bankruptcy in Birmingham, a well-versed lawyer at the Greenway Bankruptcy Law, LLC, may provide you legal assistance throughout the entire process. Find out how we may possibly help you address your financial issues today by calling (205) 324-4000.

Americans are unable to wean from excessive credit card use

A recent report by Bloomberg observed that many credit card users are struggling to pay off the interest rates on their previous credit card balances.

According to College Professor Scott Fulford, Americans at an early age start to heavily depend on credit card use. In the 25 to 50 age bracket, the study found out that an estimated 35 percent of credit card users are able to settle their monthly dues. The study also observed that between the ages of 20 and 30 many Americans already have credit card debt as a result of being given high credit limits. Younger Americans, according to Fulford, are not interested in saving as a result of having high credit limits that they can access in case of emergencies.

Being struck with credit card debt is often a frustrating situation, especially if you have very limited resources to pay off your debts. If you are struggling under the weight of unmanageable debts, a Birmingham lawyer at Greenway Bankruptcy Law, LLC, may be able to help you. Find out how we may be able to help you get a fresh financial start today by calling (205) 324-4000.

Cancer survivors likely to experience financial hardships

According to a January 6 article from Fox News, working age cancer survivors are highly likely to face debt and foreclosure or file for bankruptcy. According to the researchers at the Kaiser Permanente Center for Health Research, at least one-third of cancer survivors between the ages of 18 and 64 will likely have to deal with overwhelming debt due to the rapid cost increase for cancer treatment and care.

Reports said that compared to other healthcare, cancer care expenses in the U.S. have tripled in recent years. Of the 4,719 cancer survivors surveyed, researchers found that three percent had sought bankruptcy protection. Researchers also noted that low-incomes, public health insurance, and youth are factors that can lead to heavier financial hardships for cancer survivors.

The legal team of bankruptcy attorneys at Greenway Bankruptcy Law, LLC can help individuals who are looking for relief from their financial stress through bankruptcy or debt negotiation options. To learn more, call us today at (205) 324-4000.

Financial documents required for bankruptcy

Filing for bankruptcy, while frightening, can often provide individuals and families with a great deal of relief from financial hardships. If you have decided to file for bankruptcy in Birmingham, you will need to collate and provide several important financial documents.

Usually, the bankruptcy court requires debtors to submit their income statements, a complete list of assets, any existing loans or obligations, ongoing leases or contracts, expenditures, and tax returns. The financial documents that will be submitted should be accurate and without omissions. While preparing such documents is a court requirement, it also provides individuals filing for bankruptcy with the opportunity to assess all of their financial obligations.

Working with a lawyer to compile and present all of this information can be the difference between an approval and a denial. It is essential that you submit a complete and accurate application to the court when filing for bankruptcy, and the attorneys at Greenway Bankruptcy Law, LLC can help you do just that. Call us today at (205) 324-4000 to learn more about how we can help you find your financial footing.

Glen and Cristy Rice’s Miami condominium facing foreclosure

The Miami condominium jointly owned by former basketball star Glen Rice and his ex-wife Cristy Rice is being threatened with foreclosure, a November 6th article reported.

According to reports, the bank who gave the former couple the loan for the property has claimed that Glen and Cristy have not made a payment on the $1,401 monthly mortgage of their condo unit in the Neo Vertika building in downtown Miami since February.

The condominium apparently was bought by the Rices in 2006 as an investment after Glen retired from the L.A. Clippers. The ex-couple still owes a portion of the original $500,000 mortgage. Cristy reportedly sought legal help to challenge the foreclosure, claiming that the bank failed to follow the right procedures in their foreclosure claim.

Unfortunately, many families are devastated upon realizing that their home is being threatened with foreclosure. If you are facing this frightening and stressful prospect, consider seeking the assistance of a bankruptcy attorney who may be able to help you protect your home. To discuss your case with the attorneys at Greenway Bankruptch Law, LLC, call our Birmingham office today at (205) 324-4000.   

Bankruptcy terminology everyone should know

Since bankruptcy is a legal procedure, many of its terms can be confusing, especially to those people who are considering filing for the first time. Below are terminologies people should know when considering filing for bankruptcy:

  • Insolvency means that a person or a business can no longer settle their debts where in some situations the interests of their debts are higher than their income.
  • Debtor means any person who owes money to someone else.
  • Creditor means anyone, usually a financial institution that lends money to other people.
  • Debt discharge means that individuals no longer have to settle their debts, given that the court grants them a “discharge order” after filing for Chapter 7 Bankruptcy.

If you want to know more about the above mentioned terminologies or you have decided to file for bankruptcy in Birmingham, a lawyer from the Greenway Bankruptcy Law, LLC may help you. Call our office today at (205) 324-4000 to find out how we may legally assist you in the filing process.

Student loan debt relief options for parents

Parents who are financially supporting their children’s education by cosigning their student loan debts may want to try the following options, especially if they are already having difficulty making their monthly payments.

  • Parents who are struggling to pay their “PLUS Loan” monthly dues may want to use the “income-contingent repayment plan” in order to adjust their monthly payments so that they don’t exceed 20 percent of their income.
  • Parents may want to pay the total of their children’s student loan debt by acquiring loans offered by private lenders with lower interest rates compared to the “PLUS Loan.”
  • Lastly, parents may want their successful children to pay their student loan debt. Parents’ credit scores often improve if the student loan debt that they have cosigned for their children is detached from their name.

Another option to relieve parents of their child’s student loan debt is to work with a skilled lawyer. Find out how a lawyer from the Greenway Bankruptcy Law, LLC in Birmingham may possibly help you with your financial troubles today by calling (205) 324-4000.

"When I had my power cut off because I just didn't have the money to pay the power bill, a friend suggested I call Paula Greenway. From the moment I walked in her office I felt like a burden was lifted from my shoulders."
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I can't tell how comforting it is to know your attorney is working on your case. I would and have recommended their service to friend and associates."Ed H.
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Greenway Bankruptcy Law, LLC
505 20th St N #1220
Birmingham, AL, 35203
Phone: (205) 324-4000
Tuscaloosa: (205) 737-3350
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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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