Strategies for filing for bankruptcy during divorce
Filing for divorce is a difficult process for most couples. When divorce occurs at the same time as a bankruptcy filing, the process can seem almost impossible.However, there a number of strategies to make the process easier. First, couples should consider file for...
Borrowers’ rights and their credit history
While not everyone’s credit application will be accepted, everyone has the right to know why. As required by the Equal Credit Opportunity Act, creditors must tell people why their credit request was denied.The reasons for denying credit to someone can vary. For...
The benefits of a secured credit card
Some people who are recovering from bankruptcy have trouble improving their credit score. One strategy for improvement is to obtain a secured credit card.Secured credit cards are based on collateral in a bank account. In other words, if someone obtains a secured...
The means test for Chapter 7 bankruptcy
Given the high number of people filing for Chapter 7, the Bush administration passed the Bankruptcy Abuse Prevention and Consumer Protection Act in 2005. The act required people filing for Chapter 7 to pass the “means test.”The means test measures whether a debtor can...
How to avoid wage garnishments
When borrowers amass huge amounts of debt and are unable to repay some or all of it, lenders have alternative means for recovering debt payments. One way is through wage garnishments.Through wage garnishments, creditors recover debt by taking money from a borrower’s...
Santa Fe Cattle Co. closes restaurants in bankruptcy reorganization plan
Santa Fe Cattle Co. closed three of its restaurants recently, including one in Tuscaloosa. The restaurant chain, which is known for its Southwestern food, filed for Chapter 11 bankruptcy in July.The plan to close some of its restaurants is part of the...
Selma alternative fuel plant files for Chapter 11
Dixie Pellets filed for Chapter 11 bankruptcy earlier this week. The alternative fuel plant in Selma laid off employees earlier this month and cited more than $100 million in debts, according to the bankruptcy filing.The plan is an affiliate of Harbert Management...
Jefferson County may file for bankruptcy
Jefferson County may file for bankruptcy soon. According to County Commission President Bettye Fine Collins, the county is facing the prospect of being unable to pay a $105 million bond payment due Sept. 15.Along with the bond payment, the county also may be unable to...
Bluewater Broadcasting Bankruptcy
Montgomery based Bluewater Broadcasting has filed for Chapter 11 bankruptcy protection. The filing followed Landmark Bank calling for immediate repayment of its $4.5 million loan to the company.In its filing, the company listed $10 million in debts. It will continue...
Colonial BancGroup Bankruptcy
Montgomery based Colonial BancGroup Inc has filed for Chapter 11 bankruptcy protection just 11 days after being taken over by BB&T Corp. The filing listed assets of $45 million and liabilities of $380 million.The company’s two largest creditors are the Bank of New...
2nd Quarter Bankruptcies Up
Bankruptcies for the second quarter of the year rose from the same period of last year and from the first quarter of this year. In total, there were 381,073 bankruptcy filings by both consumers and businesses throughout the nation.The second quarter filings were a 15%...
Consumer Bankruptcies Up Throughout Nation
July showed a large spike in consumer bankruptcy filings all across the nation. The 126,434 filings came out to a 34.3% increase from July 2008 and an 8.7% increase from June 2009.The American Bankruptcy Institute reported the spike recently, saying that the month...