Bankruptcy Chapters

Last months foreclosures in southeastern Wisconsin experienced a 25 percent year-over-year decrease.  In Milwaukee County, foreclosure filings were 18.8 percent lower this year than in 2010.

Last month, a total of 806 foreclosures were filed in the region and 440 foreclosures were filed in Milwaukee County.  All 7 southeastern Wisconsin counties, experienced year-over-year decreases of over 10 percent.

Kenosha County experienced the greatest year-over-year decrease in October with a 41 percent drop in foreclosure filings.  Ozaukee County had the smallest drop in filings at 11.5 percent.

Foreclosures filings from January through October of this year are 16.5 percent fewer than foreclosures filed in the same time period last year.

Tags: 25 Percent, Decrease

In a down economy, finances can be tight  and people may be interested in the options that they have. Bankruptcy may be the best way for you and your family to get back on the right track.

According to the American Bankruptcy Institute, personal bankruptcies are down eight percent across the country. There are two different types of personal bankruptcy, Chapter 7 and Chapter 13.

Chapter 7 bankruptcy is the most common type of personal bankruptcy and it works to liquidate property owned by the debtor and it is distributed to creditors by bank trustees. Chapter 7 does not include a repayment plan. Chapter 13 bankruptcy occurs when the person filing for bankruptcy has a steady income and makes a plant to repay all of their debt.

Tags: Bankruptcy, Bankruptcy Filings

Sterling Energy Systems Inc., a manufacturer of solar-power equipment, recently filed for Chapter 7 bankruptcy.  The company is based in Scottsdale, Arizona.

Executives with Sterling Energy Systems say that rising costs, low demand, and trouble raising funds has hurt their business.  Sterling reportedly tried to find a buyer, but did not find anyone and decided to file for bankruptcy instead.  Under Chapter 7 bankruptcy, the company will be able to eliminate their debts.

The company’s Chapter 7 filing lists between $1 million and $10 million of assets and between $50 million and $100 million in debts.

Several other solar-power companies have recently filed for bankruptcy as the industry struggles.

If you or someone you know has questions about being eligible to eliminate your debts through Chapter 7 bankruptcy, contact the Birmingham Chapter 7 bankruptcy lawyers of Greenway Law, LLC by calling 205-324-4000 today.

Tags: Equipment, Equipment Manufacturer

I dont take the car wash approach to bankruptcy.

Car wash approach?  Whats that?

At the car wash, you drive up, pay them, they run your car through, and you drive off.  The car wash doesnt care where you have been, or where youre going.  They dont care what happens once the car wash is over.

The car wash doesnt care where youve been or where you are going. Your lawyer should.

As your lawyer, I do care about those things.  I care about where youve been and where you are goingthat can have a lot of impact on when and how I file your papers.  And I certainly care what happens to you afterward: if somebody tries to take away from your the new start, I sue.

Let me give you an example.  Late last month a couple came to see me at the recommendation of a friend.  They had had the car wash experience when they filed bankruptcy in 2009 with another lawyer.

About six months later,  they got contacted on a yellow pages account, from a small business they had.  The yellow

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Tags: Car Wash, Wash

The New Orleans rapper, Percy “Master P,” is now facing bankruptcy after he was sued by former employees.

Miller was sued for compensation by members of a crew for the film “Uncle P.” Miller is now in the U.S. Bankruptcy Court for failing to pay the judgment.

Although Miller was said to be worth at least $661 million, the lawsuit that settled with him paying $240,000 in restitution has sent him into bankruptcy. Miller previously filed for bankruptcy in 2003 and in a child support hearing, he claimed that his monthly income was $1,387.

Tags: Employees, Former Employees, Master P