T-Boz’s bankruptcy dismissed, creditors may claim singer’s assets
This month, Judge James R. Sacca of the U.S. Bankruptcy Court in Atlanta, Georgia dismissed TLC singer T-Boz’s third bankruptcy filing. The singer filed for Chapter 13 bankruptcy in October, listing more than $700,000 in debt.Girl group TLC filed for Chapter 11...
Foreclosure activity continues to fall in 2012
Foreclosure activity has continued to decrease on a year-over-year basis in Alabama in 2012. According to a RealtyTrac report, January’s foreclosure activity was lower than it was a year before.Last month, 1,489 foreclosure filings were filed throughout the state....
Actor Gary Busey files for Chapter 7 bankruptcy
Yesterday, actor Gary Busey filed for Chapter 7 bankruptcy in California. The 67-year old starred in movies for 45 years before appearing on reality television shows like “Celebrity Rehab,” “Celebrity Apprentice,” and “Celebrity Wife Swap.”According to Busey’s...
Mortgage delinquencies and foreclosures decrease in Birmingham
According to foreclosure research company CoreLogic, foreclosures and mortgage delinquencies decreased in Birmingham in November.In November, the foreclosure rate on outstanding mortgage loans in the metro Birmingham area was 1.58 percent. The foreclosure rate...
Hundreds injured, homes damaged in Birmingham storms
Early Monday morning, severe thunderstorms and tornadoes passed through Birmingham, Alabama.Officials reported that the storms left at least 100 people injured, and more than 210 homes damaged in Jefferson County. 2 people died in the tornado that hit Birmingham...
Personal bankruptcies decrease in 2011
Last week, the National Bankruptcy Research Center announced that personal bankruptcies decreased by 12 percent in 2011. A total of 1.35 million people in the U.S. filed for Chapter 7 or Chapter 13 bankruptcy last year.In 2010, about 1.5 million people filed for...
Foreclosure rate down by 21 percent in Alabama in 2011
According to a recent report by foreclosure research firm RealtyTrac, the rate of foreclosure in Alabama was 21 percent lower in 2011 than in 2010. Last year, Alabama had the 31st lowest foreclosure filing rate in the country.In total, 16,487 foreclosures were...
Major U.S. cities file for bankruptcy
The current state of the economy has lead to U.S. cities filing for bankruptcy in order to deal with the debt and lack of revenue.Bankruptcy analysts have stated that nearly 100 cities may be nearing this option. Two large municipalities Jefferson County, Alabama and...
Teachers in Alabama prohibited from accepting gifts
With many school districts beginning their winter breaks and students preparing for the holidays, teachers should be aware that a new law in Alabama prohibits them from accepting gifts of monetary value.In many places, students giving teachers gifts for the holidays...
AMR Corp. files for bankruptcy
Last week, AMR Corp., owner of American Airlines, filed for Chapter 11 bankruptcy at the U.S. Bankruptcy Court for the Southern District of New York.AMR said that filing for bankruptcy is the best thing for the company and their customers at this time. American...
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...
Personal bankruptcies continue to fall in October
In October, personal bankruptcies decreased for the fourth consecutive month. Experts suspect the decline in consumer bankruptcy filings is related to a decrease in the use of credit.Executive director of the ABI Samuel Gerdano stated, “The declining filings...
Lehman Brothers has plan to exit bankruptcy
This week, Lehman Brothers Holdings Inc. announced that their plan to exit bankruptcy has the approval of their creditors. Lehman’s creditors hold about $160 billion of the investment bank’s debt.The bank has 9 new settlements that they believe will provide...
Solar-power equipment manufacturer files for Ch. 7
Sterling Energy Systems Inc., a manufacturer of solar-power equipment, recently filed for Chapter 7 bankruptcy. The company is based in Scottsdale, Arizona.Executives with Sterling Energy Systems say that rising costs, low demand, and trouble raising funds has...
Personal bankruptcies down nationwide
Last month, a total of 108,517 personal bankruptcies were filed nationwide. September’s personal bankruptcy filings were 4 percent lower than a month before and 17 percent lower than a year before.Furthermore, the number of personal bankruptcies filed in the U.S. from...
Foreclosure filings up in third quarter
Recent data shows that nationwide foreclosure filings increased in the third quarter of this year. This is the first quarter that foreclosure filings have increased since the last quarter of 2010.1 in 213 properties in the United States were foreclosed upon in...
Media personality files for Ch. 7 bankruptcy
Earlier this month, “Troubleshooter” Tom Martino filed for Chapter 7 bankruptcy. Martino hosts television and radio shows on consumer-advocacy based in Denver, Colorado.Martino says that all of his debt is related to commercial real estate projects and that he...
Foreclosure rate doubled from last year
According to the latest data from Fitch Ratings, foreclosures are almost two times as high as they were at the same time last year.The agency uses Residential Mortgage-Backed Security, or RMBS, Performance Metric. Their most recent findings indicate that the...
Former state representative files for bankruptcy
Former Alabama State Representative James Gordon recently filed for bankruptcy protection for himself and his business, the Alabama Injury and Pain Clinic.The business filed for Chapter 11 bankruptcy in hopes of reorganizing and continuing operations. Gordon also...
Birmingham-Hoover foreclosure rate increasing
A recent report from CoreLogic says that the foreclosure rate in the Birmingham-Hoover metro area is increasing.In June, the foreclosures in the area increased by 1.67 percent from May. In addition, June foreclosures in Birmingham-Hoover were 1.43 percent higher...
Foreclosures down by 29 percent in August
Real estate research firm RealtyTrac recently reported that foreclosure filings experienced a 29 percent year-over-year decrease in Alabama in August.Last month, a total of 1,358 foreclosures were filed in the state. 711 of the foreclosure filings were notice of...