Toni Braxton’s debts discharged in Chapter 7 bankruptcy
Grammy award-winning singer Toni Braxton recently had many of her debts discharged under Chapter 7 bankruptcy.The singer filed for bankruptcy last September. The Chapter 7 filing listed $18.3 million in debts and $1.6 million in assets.Under Chapter 7 bankruptcy,...
Alabama Aircraft Industries submits reorganization plan
This week, Alabama Aircraft Industries Inc. submitted a reorganization plan that proposes selling the majority of their assets to Kaiser Group Holding out of Virginia for $500,000.Chief Executive of the military aircraft modification company operating out of...
Percentage of seniors filing for bankruptcy on the rise
Several recent bankruptcy studies have concluded that the percentage of seniors seeking bankruptcy protection is on the rise.For instance, one study says that in 2006, seniors accounted for 7.8 percent of the nation’s total bankruptcy filings. In 2009, the...
Percentage of seniors filing for bankruptcy on the rise
Several recent bankruptcy studies have concluded that the percentage of seniors seeking bankruptcy protection is on the rise.For instance, one study says that in 2006, seniors accounted for 7.8 percent of the nation’s total bankruptcy filings. In 2009, the...
Jefferson County delays bankruptcy filing
Yesterday, Jefferson County officials delayed their potential chapter 9 bankruptcy filing for the second time in two weeks. Authorities now say they will have an agreement on entering into bankruptcy protection ready by next Friday, August 12.Governor Bentley...
Bankruptcy filings decrease in year ending June 2011
Recent figures from the Administrative Office of the U.S. Courts reveal that total bankruptcies filed in the U.S. in the year ending June 2011 decreased by 2.7 percent.In addition, the figures detail the decreases in each individual chapter of bankruptcy....
Jefferson County has 80% chance of filing for bankruptcy
The Jefferson County commissioner has announced that the county has an 80 percent chance of filing for bankruptcy.The commissioner made this announcement after a day full of meetings with bankruptcy lawyers. She is now the first democrat that supports the plan for the...
Personal bankruptcies decrease in 2011
709,303 personal bankruptcies were filed between January 1, 2011 and June 30, 2011. This is 7.9 percent fewer than the number of personal bankruptcies filed in the same time period in 2010.According to the American Bankruptcy Institute, 2010 had the highest...
Lehman Bros. creates new plan to exit bankruptcy
A recent plan submitted by Lehman Brothers Holdings Inc. is garnering greater support than their previous bankruptcy exiting plan. The revised reorganization plan proposes giving creditors 21.1 cents to the dollar as opposed to the 21.4 cents proposed in the...
More government employees eligible to choose chapter 7
Many governmental entities across the country, at both the state and local level, are struggling to balance their budgets after the economic crisis. In an attempt to balance budgets, many government workers are experiencing salary deductions, higher...
Jefferson County moving towards declaring bankruptcy
Jefferson County officials say the county is moving closer and closer towards filing for bankruptcy. Commissioner Jimmy Stevens stated, “Bankruptcy has been on the stove, possibly moved to the front burner.”This week, a bill that would allow the county to raise...
Fewer mortgage delinquencies in Birmingham
In March, the mortgage delinquency rate in Birmingham saw a decrease from the rate in March 2010. According to national research firm CoreLogic, 6.93 percent of mortgage loans in Birmingham were 90 days or more overdue in March. A year before, 7.22 percent...
Personal bankruptcy filings down in May
According to the American Bankruptcy Institute, the number of people in the United States that filed for bankruptcy last month was 16 percent lower than the number of people who filed for bankruptcy in May 2010.Last month, a total of 114,803 people filed for chapter 7...
Options for managing debt
Alabama residents have several options for managing their debts. By choosing one of these options, one is able to take control of their current financial situation and move forward towards a debt-free life.One alternative to bankruptcy is debt negotiation....
Reports show drop in number of Alabama foreclosures
A report by RealtyTrac recently found that the rate of home foreclosures in Alabama is dropping steadily.The reports stated that the rate of foreclosures for the month of April dropped 24 percent from April of last year. Only 1,840 properties in Alabama...
Study finds African-Americans more likely to file Chapter 13 bankruptcy
A recent study that was released by the Woodstock Institute in Chicago found that black people are much more likely to file for Chapter 13 bankruptcy than white people, who are more likely to file for Chapter 7 bankruptcy.The study found that almost half of the black...
Alabama county’s finances affected by recent tornado
The tornado that recently wreaked havoc in Alabama has also been predicted to have a negative impact on the state’s finances. Jefferson County, in particular, will be affected by the storms because the county was already facing the biggest municipal bankruptcy that...
Birmingham bank may file for Chapter 7 bankruptcy
Superior Bancorp, a Birmingham-based bank corporation, is contemplating bankruptcy after one of its main holdings was auctioned off by federal regulators. The subsidiary, Superior Bank, consisted of 73 banks, which were all sold to pay off creditors.According to...
Many people’s tax refunds will be used to pay off debts
With today being the last day to file taxes, many people are anxiously awaiting their tax refunds. However, for many, these tax refunds will go straight to paying off debt.One man in Gainesville reported that he will receive $8,000 in tax refunds, however, every penny...
Dr. Phil’s Designer Retracts Bankruptcy Filing
The former interior designer for Dr. Phil recently retracted a Chapter 13 bankruptcy filing that she had filed in November 2010. The designer claims that she was forced to do so because of a financially-draining legal battle that she is currently involved...
Alabama Residents Have Low Credit Scores
A recent survey showed that, while the credit card debt of Alabama families has gotten lower in 2011, credit scores are at an all-time low. Alabama had an average credit score of 642 in January, which was the fourth lowest credit score in the U.S.These statistics...