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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.

Alabama county’s finances affected by recent tornado

The tornado that recently wreaked havoc in Alabama has also been predicted to have a negative impact on the state’s finances. Jefferson County, in particular, will be affected by the storms because the county was already facing the biggest municipal bankruptcy that has ever occurred in the U.S.

The tornado destroyed more than 5,000 homes and left 19 people dead in Jefferson County alone. Officials have reported that the county will have to pay $400 million to clean up the ravaged area. They have said that the county will not be able to recover from its debt for at least 3-5 years, due, in part, to the storm.

Many Jefferson County residents are wondering how the storm and financial crisis will affect them. Reports have indicated that county officials are trying not to let residents feel the impact of the debt.

If you or someone you love is in debt and would like to discuss bankruptcy options, please contact the Birmingham bankruptcy lawyers of Greenway Bankruptcy Law, LLC, at (205) 324-4000.

Economic downfall is at lowest rate in 18-months

The economic stress of the nation is at an 18-month low due to the gains in employment which have helped offset the country’s high foreclosure rates.

In the 28 states and nearly 3,001 counties that were studied, stress fell 56 percent. A demand overseas for U.S. semiconductors and the growth and strength of technology companies has helped with the employment rates.

Stress has declined the most in South Carolina, Alabama, Michigan, Massachusetts, and New Hampshire. The rates have risen the most in Florida, Utah, Nevada, Louisiana, Hawaii.

If you are currently in a tight financial situation and are looking into your options,  bankruptcy may be able to help you reduce or eliminate your debt. Contact the Birmingham bankruptcy lawyer of Paula Greenway by calling (205) 324-4000 today.

Vertis Holdings files for second bankruptcy

U.S. marketing services provider Vertis Holdings Inc (VRTH.PK) filed for bankruptcy last week for the second time in two years, with the goal of eliminating about $700 million of debt from its balance sheet.

The Baltimore, MD-based company filed for Chapter 11 bankruptcy in mid-2008 and then emerged from it later that year, which coincided with the peak of the financial crisis.

The court papers filed for this second bankruptcy state that the company’s debt exchange offer launched in April had faield.

The papers also state that Vertis wants to convert all its second-lien and senior payment-in-kind (PIK) notes into equity in the reorganized company, reducing debt by a predicted sixty percent. Note-holders and lenders have agreed to the plan.

If you are facing bankruptcy, contact the Birmingham bankruptcy lawyers of Greenway Bankruptcy Law, LLC by calling (205) 324-4000 today.

Orleans Homebuilders seeks $155 million loan

Orleans Homebuilders, the Bensalem, Pennsylvania-based company, filed for bankruptcy protection last March after defaulting on a credit facility. This week, the company sought court approval for a $155 million loan that would help it emerge from bankruptcy.

The loan would be composed of a $125 million term loan and a revolving credit of $30 million.

JPMorgan Securities LLC is the sole lead arranger and bookrunner for the financing.

If you are facing bankruptcy, contact the Birmingham bankruptcy lawyers of Greenway Bankruptcy Law, LLC by calling (205) 324-4000 today.

Chrysler posts lowest losses in 18 months

Chrysler Group LLC, the automaker controlled by Fiat SpA, is set to post its smallest quarterly loss since emerging from bankruptcy 18 months ago.

A net-loss of $129 million is expected for the third-quarter of 2010. The numbers will be posted on November 8.

This would signify a significant drop from the second-quarter posting of $172 million in losses.

“Chrysler may prove to be one of 2011’s most surprising success stories,” said Stuart Pearson, an industry analyst with Morgan Stanley. He continued that he expects a “solid if not spectacular quarter.”

Bankruptcy is not the end. If you are facing bankruptcy, contact the Birmingham bankruptcy lawyers of Greenway Bankruptcy Law, LLC by calling (205) 324-4000 today.

U.S. bankruptcies at five year high

The Administrative Office of the U.S. Courts this week released a report that shows an increase of 9 percent in bankruptcy filings between April and June this year as compared to last. There were 422,061 bankruptcy filings this year, from 388,148 in the prior three-month period, and up 11 percent from 381,073 a year earlier.

Ultimately, these numbers show that U.S. bankruptcy filings have reached their highest levels since 2005.

From June 30, 2009 to June 30, 2010, there were 1.57 million bankruptcies, up 20 percent from 1.31 million a year earlier. Consumer bankruptcies rose 21 percent to 1.51 million, and business bankruptcies rose 9 percent to 59,608.

“We know the causes of bankruptcy are principally job losses and health care, with the overlay of the foreclosure crisis,” said Deborah Thorne, an associate professor of sociology at Ohio University. “It feels very unsettled, and I’m not surprised the numbers are going up. Until we get our feet on the ground, provide decent-paying jobs, and do something with the housing crisis, bankruptcies will continue to go up.”

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

Lehman bankruptcy fees reach $1 billion

According to recently release figures, the Lehman Brothers bankruptcy has produced over $1 billion in fees. These fees have been paid out to advisers, lawyers, and bankers over the past two years.

On average, the financial firm has paid over $40 million a month since their September, 2008 collapse.

At the time of the firm’s collapse, it was running $639 billion in assets. Experts claim that the fees are coming at the expense of creditors seeking to be repaid, while rising daily.

“If you are a creditor, every dollar that is going to (debtor) counsel is a dollar not going to a creditor,” said Stephen French, a managing partner at Legalbill, a Tennessee company that advises companies on managing their legal bills.

Alvarez & Marsal, the advisory firm running Lehman in the United States, has said that his firm’s work has improved recovery for creditors by more than $5 billion and that these increases justify the fees of hiring a huge number of advisers and accountants not only in the United States, but to close up shops throughout Asia and Europe.

Lehman expects to emerge from bankruptcy during the first quarter of 2011. Then, it can start paying back creditors.

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

Democratic lawmakers call for halt on foreclosures

A large number of Democratic legislators, including Arizona Congresswoman Gabrielle Giffords and U.S. Senate Majority Leader Harry Reid, D-Nev., this week called on lenders to freeze foreclosures after Bank of America did so last Friday. BofA’s decision to do so came after questions regarding their review system, and whether or not the foreclosure proceedings were simply being sped through.

JP Morgan Chase & Co. and GMAC Mortgage Corp. has also stopped foreclosure proceedings in 23 states.

“Bank of America has taken an important step and other major lenders should follow its lead,” California Attorney General Jerry Brown said in a statement.

“We need to ensure that homeowners have long-term solutions to underwater mortgages and allow bankruptcy judges to modify mortgages on residential real estate for Chapter 13 bankruptcy filers, currently prohibited under law. This will stabilize the market, offer critical bankruptcy protection, and signify a long overdue shift in focus from helping lenders to helping borrowers,”said U.S. Rep. Donna Edwards, a Democratic representing Maryland suburbs of Washington.

If you or a loved one is considering filing for bankruptcy, you need experienced legal representation on your side. Contact the Birmingham bankruptcy lawyer of Greenway Bankruptcy Law, LLC by calling (205) 324-4000 today.

Malcom Bell given six years prison time

Malcom Bell, the 45-year-old Illinois hedge fund manager who helped facilitate the recent Petters Co. Inc. fraud scheme, has been sentenced this week in federal court to six years in prison.

Bell owned a fund called Lancelot Investment Management, which invested all of its money in PCI promissory notes. When PCl fell behind payments for notes held by Lancelot, Bell came up with a plan to fool Lancelot investors to the contrary.

In his plea bargain, Bell admitted that he had obtained more than $200 million from investory.

If you are facing the possibility of bankruptcy, contact the Birmingham personal bankruptcy lawyers of Greenway Bankruptcy Law, LLC by calling (205) 324-4000 today.

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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