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...
Chapter 13
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...
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...
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...
Alabama’s bankruptcy rate fifth highest in the nation
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...
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...
Can student loans be discharged in a bankruptcy?
During a bankruptcy filing, filers typically cannot discharge their student loans. However, there are two exceptions to this general rule. First, a student loan may be discharged if it is not guaranteed by the government or is not associated with any program that is...
What is a garnishment?
A garnishment is a way of collecting payment from a defendant. It orders a third party, which owes money to the defendant, to pay money directly to a plaintiff.Garnishments may cause significant financial hardship for those who have a number of debts. For this reason,...