House Ends Foreclosure Defense Programs
Foreclosure defense programs that were put into action by the Obama administration in 2007 are now being abandoned by many in the House and Senate who say that the programs cause homeowners more harm than good.Votes in the House proved to be partisan, as Republicans...
Alabama Company Bids Gun Manufacturer Out of Debt
Manroy, an Alabama company that makes weapons and supplies, recently paid $4.95 million to a Tennessee gun-making company in exchange for all of the bankrupt company’s assets.The exchange took place at an auction which the Tennessee company, Sabre Defence, had...
Jefferson County May File for Bankruptcy
Alabama’s Jefferson County is in serious financial trouble after several alleged bribes with investors and building a new sewage system that may sink the county altogether.The county loaned money by several Wall Street banks, such as J.P. Morgan, who served as...
Students Facing Debt Due to College Loans
The number of pending student loan cases in Birmingham has significantly increased in recent years. Sixty-two lawsuits have been filed against graduated students for their unpaid loans, which is four times the amount that was filed in 2003.Along with rising tuition...
Students Facing Debt Due to College Loans
The number of pending student loan cases in Birmingham has significantly increased in recent years. Sixty-two lawsuits have been filed against graduated students for their unpaid loans, which is four times the amount that was filed in 2003.Along with rising tuition...
Birmingham Aircraft Company Files for Chapter 11
Alabama Aircraft Industries, Inc., a company that is based out of Birmingham, has filed chapter 11 bankruptcy in order to reorganize their finances.The company began facing financial trouble when they lost $5.8 million in revenue. The company also had...
Homeowners Receive Assistance to Reduce Foreclosures
Governor Bentley of Alabama has created a program that would help to prevent future home foreclosures by assisting homeowners with their mortgages. The federally funded program will aid families for up to 12 months and will be short-term, one-time...
Alabama Ranks Tenth in Personal Debt
According to CareOne Services, the state of Alabama ranks number ten in the growing epidemic of personal and consumer debt.The citizens of Alabama had an average debt of $16,591, a number that included personal and credit card debts. The study did not include any debt...
Lehman Brothers revises bankruptcy plan
International financial firm Lehman Brothers Holdings, Inc., has revised the details of its bankruptcy plan. The new plan is expected to allow for a faster and more complete financial recovery.Lehman Brothers declared bankruptcy in September 2008 under Chapter 11, the...
Lehman Brothers revises bankruptcy plan
International financial firm Lehman Brothers Holdings, Inc., has revised the details of its bankruptcy plan. The new plan is expected to allow for a faster and more complete financial recovery.Lehman Brothers declared bankruptcy in September 2008 under Chapter 11, the...
Borders reportedly hires bankruptcy lawyers
According to a recent news report, Borders Group Inc., the U.S-based international book retailer, has hired bankruptcy lawyers to assist with its growing debt problem.It is not yet clear whether the company will file for bankruptcy. The company has “hired bankruptcy...
Alabama counties top list of bankruptcy filings
Two Alabama counties ranked first and second on a list of U.S. counties with the highest number of bankruptcy filings in December 2010.Baldwin County held the highest bankruptcy rate of all U.S. counties at more than 7 times the national average for filings. Greene...
Bankruptcy Filings Up 9 Percent in 2010
According to the American Bankruptcy Institute, there was a 9 percent increase in personal bankruptcy filings between 2009 and 2010. An estimated 1.53 million households filed for bankruptcy in 2010.While the economy has started to show hints of improvement, many...
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....
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...
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...
Chrysler Group LLC, the automaker controlled by Fiat SpA, is set to post its smallest quarterly loss
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...
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...
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...
A report released this month estimates over 11 million homeowners in the US have underwater mortgage
A report released this month estimates over 11 million homeowners in the United States have underwater mortgages.The new report, released by the data aggregator CoreLogic, says the number of homeowners who owe more on their mortgage than their homes are worth declined...
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...