According to the American Bankruptcy Institute, Alabama’s bankruptcy rate is the fifth highest in the nation.A researcher said that Alabama has 7.42 bankruptcy filing per 1,000 residents. The national average is at 5.05 and Nevada had the highest rate of all the 50...
Birmingham Bankruptcy
Foreclosures falling slightly in Birmingham
In a report by the mortgage researcher RealtyTrac, metro Birmingham seems to be seeing the beginnings of a decline in foreclosure rates.In the first six months of 2010, there were 4,857 foreclosure filings- equivalent to one in every 104 housing units. This is a...
Nexity’s Holding Company Files for Bankruptcy
Bloomberg reports that Nexity Financial Corp. has filed for bankruptcy. According to Bloomberg, “The Birmingham, Alabama-based company listed both assets and debt of as much as $50 million today in Chapter 11 documents in U.S. Bankruptcy Court in Wilmington,...
Properties Abandoned by Owners, Now Lenders
The Wall Street Journal reports that, across the country, home values are falling well below the price of the mortgage. Many of these owners are abandoning the properties. According to The Wall Street Journal, “Now, in the case of one defunct mortgage lender, the...
Bankrupt Funeral Home Sold
Al.com reports that “bankrupt Bessemer Funeral Home will be sold to a new company that has promised to honor all burial contracts, according to testimony at a court hearing Wednesday.”The company’s old owner, Elizabeth Anne Modder Wallace, formed a new company to buy...
Credit card delinquency decreases nationwide
A recent TransUnion report shows that the number of people who were late in making their credit card payments in the first quarter this year has decreased as compared to the previous quarter.Credit card delinquency is highest in Nevada, at 1.79 percent, with Florida...
Nationwide foreclosures down
According to a recent report by RealtyTrac Inc., foreclosure filings have finally begun to level off nationwide.Filings are down 2 percent overall nationwide, with certain states like New York seeing drops as large as 20 percent. April is the first month of the year...
Foreclosure numbers increase nationwide
A RealtyTrac Inc. report has revealed a rising trend in home foreclosure filings. One in 465 homes in the Houston, TX, area was foreclosed on in March, a number that is 53 percent higher than last year’s March filings. The number of homes that recieved foreclosure...
General contractor’s bankruptcy story continues
General contractor Brian M. Marshall, founder of companies including Fireline Restoration Inc., Initech Restoration, Marshall Investments LLC, Marshall Aviation LLC, and numerous others, has requested that courts dismiss the latest of his bankruptcies or convert them...
Surge in Consumer Bankruptcy Filings
Despite the recent economic upturn, consumer bankruptcy filings have not slowed. In February, bankruptcy filings were up 14% compared to the previous year. The number of bankruptcy filings in February increased by a total of 9% from January’s, indicating a...