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.

Millions may benefit from Trump’s student loan plan proposal

A December 14 article of Forbes revealed millions of people struggling to repay their student loan debts are expected to benefit from the proposal of president-elect Donald Trump.

A month before the presidential election, Trump said in Ohio that student loan debts should not be a lifetime burden to people and students should not be subject to debt that is impossible to repay. Trump is proposing a limit on the monthly payments to 12.5 percent of the borrowers’ income. Any remaining debt of the borrower would be forgiven after paying monthly dues for 15 years. The government currently allows students pay their debts for 10 years, and repayment plans are offered to them if they experience hardships in settling their monthly dues.

The Birmingham attorneys at Greenway Bankruptcy Law, LLC are knowledgeable about the student loan law and want to assist individuals who are struggling to pay off their debt. If you are experiencing financial difficulties, we may be able to offer solutions to help you. Learn more about your options from us 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.

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.

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.

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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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