The owners of an Alabama landfill filed for bankruptcy Tuesday. According to the bankruptcy filing, Perry Uniontown Ventures LLC and Perry County Associates filed for Chapter 11 bankruptcy protection.The filing comes on the heels of the owners accepting a multimillion...
Greenway Bankruptcy Law
The consequences of bankruptcy fraud
Bankruptcy fraud occurs when individuals file for bankruptcy with criminal intent. Such intent includes filing for bankruptcy for purpose of not paying for goods and services even though the filers have sufficient funds.If individuals are convicted of bankruptcy...
Are education funds exempt from seizure?
Some education funds are exempt from seizure within limits. According to Alabama bankruptcy law, allowable funds include those that are place in an educational retirement account or qualified tuition program.They are limited to payments made to the fund within the...
Bankruptcy filings increase 32 percent in 2009
Bankruptcy filings increased 32 percent in 2009 compared to 2008. According to statistics released by the National Bankruptcy Research Center, 1.3 million individuals and businesses filed for bankruptcy.This uptick in filings includes a 42 percent increase in Chapter...
Alabama’s Colonial BancGroup Soldiers Through Bankruptcy
Alabama’s Colonial BancGroup, the holding company that controlled Colonial Bank, is working its way out of bankruptcy. Colonial was one of three Alabama banks which failed during the recent economic meltdown; when it went under, it had approximately $25 billion in...
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,...
The risks of co-signing a loan?
Many people who have poor credit ratings often seek others with better credit ratings to cosign their loans. By getting a cosigner, the borrower increases his or her chance of securing a loan.From a creditor’s perspective, a cosigned loan is less risky because the...
Will your small business bankruptcy drive you into personal bankruptcy?
When small businesses file for bankruptcy, their owners’ personal assets are typically protected from creditors. The filing typically freezes or erases creditors’ claims on the business’s assets.However, if the owner is liable for the businesses debts, then the...
The negative implications of bankruptcy fraud
Given the recent economic crisis, more individuals and families are filing for bankruptcy. Some of these filers, however, may not actually be in a position to file for bankruptcy.In some cases, bankruptcy filers may not actually be in a position to file for bankruptcy...
Will you lose your home if you file for bankruptcy?
When people file for bankruptcy, they are often able to keep their home. Under most bankruptcy laws, people can protect at least one home worth up to a certain dollar amount.However, if an individual or family owns more than one home, they may not be able to keep the...