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.

Financial relief available for unemployed individuals

It is truly a frustrating situation for any person to have overwhelming debts, and it can be even more worrisome if a person just lost his or her job. Unemployed individuals and those who are underemployed with overwhelming debts should know there is a bankruptcy option available for them.

While unemployed individuals may not be allowed to file for Chapter 13 bankruptcy due to its repayment plan, they could be eligible to file for Chapter 7 Bankruptcy. Chapter 7 is a viable option for financially distressed people because they can continue seeking bankruptcy protection without worrying about having a repayment plan. This type of bankruptcy is designed for debtors who are not getting any income or those who are earning a very small amount of income.

If you have made the difficult decision to file for bankruptcy due to overwhelming debt, working with a knowledgeable attorney is important, especially if you are unaware of the complicated filing process. Get in touch with a Birmingham attorney at Greenway Bankruptcy Law, LLC today by calling (205) 324-4000 to see how we can make the process easier for you.

Ex En Vogue member threatened with foreclosure

Singer Maxine Jones’ may lose her Virginia home to foreclosure after a federal judge allowed her bank to start the procedure, The St. Louis American stated on February 4.

The 53-year-old En Vogue ex member reportedly has a debt of $212,000 on her residential property in Virginia. The looming foreclosure came after Jones defaulted on her monthly mortgage in October and November 2014. Maxine reportedly filed for Chapter 7 Bankruptcy on December 18 due to additional debts that included private school, legal fees, and state taxes in Virginia and California. Maxine split with the R&B quartet group in 2012.

If your home is being threatened with foreclosure in Birmingham, the lawyers at the Greenway Bankruptcy Law, LLC may work for you. We may be able to help you prevent your home from being taken even if you are experiencing financial hardships. Learn more about your options today by calling (205) 324-4000.

Sports mogul Steve Donner bankrupt

Former owner of the Amerks and Knighthawks, Steve Donner filed for bankruptcy in Florida, the Democrat & Chronicle stated on July 3.

The 57-year-old sports mogul and his wife reportedly filed for Chapter 7 bankruptcy last May. Donner, who had an outstanding debt of $9.5 million, listed his two vehicles as his remaining assets of an estimated amount of $17,000. The bulk of Donner’s debt was a loan worth $8.5 million acquired from NBT Bank to finance the construction of Sahlen’s soccer stadium. Currently Steve and his spouse Lynne have listed a monthly income of $4,000. Aside from being a project manager for the Daytona Ice Arena, Donner stated recently that he works with a meat packaging firm.

Facing overwhelming debts can be frightening and make you feel helpless. However, a lawyer may offer you legal options to help you recover from your debts. Find out how the Birmingham-based lawyers at Greenway Bankruptcy Law, LLC, may work for you today by calling (205) 324-4000.

80’s heartthrob Lorenzo Lamas filed for bankruptcy

After accruing a debt of more than $300,000, actor and reality-TV star Lorenzo Lamas filed for Chapter 7 bankruptcy, Mail Online reported on April 29.

Reports said Lamas, who currently does not have any source of income as a freelance actor, has a debt of $322,000. The bulk of his debts were unsettled taxes worth $285,000 and domestic support debt worth $19,000. Lamas is currently married to his fifth wife. He has six children from previous marriages, and three are minors. The 56-year-old actor reportedly listed assets worth $9,100 including a checking account below $500. This is not Lamas’s first bankruptcy experience; he filed in 2004 due to a debt of $200,000.

People who have overwhelming debt often feel frustrated and hopeless without the funds to cover it. If you find yourself in this situation in Birmingham, the attorneys of Greenway Bankruptcy Law, LLC may offer you other legal solutions to solve your financial problems. Call our lawyers today at (205) 324-4000 to learn more about your options.

Eddie Montgomery filed for Chapter 7 bankruptcy

Eddie Montgomery of the famous country music duo, Montgomery Gentry, sought personal bankruptcy protection at the end of December.

Montgomery, 50, filed for Chapter 7 bankruptcy after accruing a large amount of debt due to his recent divorce and the failure of his steakhouse. Montgomery’s $13.4 million debt is only offset by $1.9 million in assets.

Montgomery will sell the Harrodsburg steak house on January 10 to help pay for his debts. A house in Boyle County owned by Eddie and his former wife, Tracy Nunan, will also be sold to offset debt.

Our experienced lawyers understand that many people living in Birmingham face financial hardship. Contact Greenway Bankruptcy Law, LLC, if you are in need of legal financial advice. Give our offices a call at (205) 324-4000 to learn more about the services that we can provide for you.

 

Major investors in Energy Future strive to minimize losses

Investment firms KKR & Co., Goldman Sachs Capital Partners, and TPG Capital spearheaded the $48-billion buyout of Energy Future Holdings Corp., the biggest power plant owner in Texas.

Now, they are striving to get barely 3% of their initial investment back since the company filed for bankruptcy.

Talks to negotiate with their senior creditors, which include Leon Black’s Apollo Global Management LLC and Centerbridge Capital Partners LLC, have stalled when their ability to view nonpublic information about the company was compromised.

An agreement that failed last week would have earned the company’s owners a mere $270 million.

If you or a loved one are swamped with debt, or have a business that is going under, you don’t have to be overwhelmed. Chapter 7 or 13 bankruptcy is an effective option for many individuals and businesses who can no longer manage their debt. Please call Greenway Bankruptcy Law, LLC in Birmingham at (205) 324-4000 to speak with an experienced attorney about your legal options today.

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.

Chapter 7 Bankruptcy and the Means Test

Determining  whether or not to file for bankruptcy can be a difficult and drawn out decision. There are several factors that someone should consider when making this decision, and experienced professionals should be on hand to assist in the process. The two main types of bankruptcy are Chapter 7 bankruptcy and Chapter 13 bankruptcy.

Chapter 7 bankruptcy can allow an individual to dispose of their debt at a more rapid pace than Chapter 13 bankruptcy. Chapter 7 is a form of bankruptcy protection that is usually classified as liquidation bankruptcy. A person’s assets which are considered non-exempt will be sold, liquidated, and the profit from those sales will directly benefit creditors associated with the filing.

Assets are categorized as exempt and non-exempt items. Common items that are deemed exempt, which means they cannot be liquidated in the bankruptcy filing, include earned damages, cars, and clothing. Non-exempt items can include stocks, second vehicles, and cash, but these are ultimately determined by an appointed bankruptcy trustee.

If an individual determines that Chapter 7 bankruptcy protection is the right course for them, they must first pass the means test in order to be considered for this type of protection. If an individual earns an income that is considered to be lower than the median income of their state, then they do not have to pass the means test and can proceed with the Chapter 7 bankruptcy filing. All other individuals must pass this test before they can file.

The means test is a comparison test in some regards, as it compares an individual’s earned monthly income to the state’s average income. If the income is determined to be higher than the median, a person’s net income is then calculated. If the net income of an individual can be used to successfully pay off debt within the five year time frame associated with Chapter 13, then the individual is not allowed to file for Chapter 7 bankruptcy. If the net income could not complete this requirement, then the person filing will then be allowed to continue with the Chapter 7 bankruptcy filing.

Nadya Suleman seeks Chapter 7 bankruptcy protection

Nadya Suleman, who has been deemed ‘Octomom’ by the media, has sought Chapter 7 bankruptcy protection. The single mother of 14 has been trying to support her large family on food stamps and Social Security disability checks.

Her debt has rapidly increased, and she owes close to $1 million to several different creditors. Suleman listed her assets at $50,000 and claims that she has no way of paying this large amount of debt on her own.

Suleman believes that this filing is the best thing for her and her children at this time. She is hopeful that she will be able to provide for her family after emerging from bankruptcy.

If you are considering filing for Chapter 7 bankruptcy protection, you need experienced representation on your side. Please contact the Birmingham Chapter 7 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