The U.S. Federal Reserve’s latest Beige Book survey, released Wednesday, suggests that the economies of most states have expanded “modestly” in the past six weeks. The information in the Beige Book is anecdotal rather than statistical, and is collected from a sample...
Greenway Bankruptcy Law
Nationwide bankruptcy filings reach highest in years
According to government data released last Wednesday, bankruptcy filings between April and June of 2010 reached the highest levels seen in the last five years. The number of filings represents an increase of 11 percent from the same time period in 2009.422,061 filings...
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...
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...
Bankruptcy Filing Rates for Consumers Reach High Point
According to Emmeline Zhao of The Wall Street Journal, “Consumer bankruptcy filings reached their highest point since 2005 in the first half of this year.” In the first sixth months of 2010, there was a 14 percent increase in filings compared to the same time period...
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...
Corus Bankshares Inc. files for Chapter 11 bankruptcy
Corus Bankshares Inc. filed for Chapter 11 bankruptcy earlier this week. According to court reports, the case was filed in the Northern District of Illinois Bankruptcy Court.Corus Bankshares Inc. was a holding company that had its bank transferred to MB Financial Inc....
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...
National mall operator emerges from bankruptcy
General Growth Properties Inc., the nationwide mall operator, filed a motion to emerge from Chapter 11 bankruptcy last week with a federal bankruptcy court in New York.The Chicago-based mall operator has received a $6.55 billion investment from Fairholme Capital...