Bankruptcy Chapters

Last week, Jefferson County commissioners voted 4-1 to file for bankruptcy.  The bankruptcy filing is reportedly the largest bankruptcy petition filed by a municipality in the history of the U.S.

The filing was made on Thursday.  A federal judge in Birmingham ordered a hearing in which officials will determine whether or not the county is eligible for Chapter 9 bankruptcy.

In September, the county and its creditors were able to reach a provisional agreement which included $1.1 billion in concessions.  The agreement also included an increase in sewer rates for residents of Jefferson County of up to 8.2 percent.

To speak with an experienced attorney about filing for bankruptcy in Birmingham, contact the Birmingham bankruptcy lawyers of Greenway Law, LLC by calling 205-324-4000 today.

Tags: Bankruptcy, Jefferson County

The massive hit delivered by stamp duty to those buying a home costing more than £250,000 has been laid bare by an interesting bit of research by the Council of Mortgage Lenders.

Its study actually takes aim at trying to convince the Government to extend the temporary reprieve on stamp duty charged at 1 per cent for first-time buyers if they buy a home costing less than £250k. (This is due to end in March.)

But the more powerful point made in its chart is quite how much of a tax grab has been scored by introducing higher stamp duty bands at £250k and £500k and then failing to lift those in line with house price inflation.

Tags: Duty, Stamp Duty

Before starting your holiday shopping, take a moment and view some sage advice from a “consumer expert:”

http://www.nbc.com/saturday-night-live/video/dont-buy-stuff/27169/

Sure, it’s a funny video, but only because we are laughing at ourselves! Of course you shouldn’t buy stuff you can’t afford. Bad things can happen when you abuse credit, especially if you have over-extended your finances.

This holiday season layaway is making a comeback as a financing option. Layaway was very popular with holiday shoppers years ago, but its popularity diminished as credit became easier to obtain during the 1990’s. The basic idea is that you set aside an item at the store, hold it with a deposit, and make payments over time. Once you have fully paid for the item, you can take it home.

Recently New York Sen. Chuck Schumer issued a public warning that the fees that retailers are charging for layaway purchases can add up to a higher interest rate than any credit card would be allowed to charge.

“These layaway programs are nothing more than hideaways for sky-high interest rates that consumers would never tolerate with a credit card,” Schumer told the AP. “The holida

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In 2009 the administration started the “Home Affordable Refinance Program” HARP to stop the tidal wave of homes being foreclosed on.  The idea was to let homeowners refinance at lower rates, however many could not qualify for the program, therefore the HARP had to be revised.

The newest guidelines being introduced promises more help.  For instance, homeowner’s eligibility is not dependant on how much their home’s value has fallen.  Under the old guidelines, only those homes whose values were no more than 25% “under water” were eligible. This left many being stranded since most homes have fallen by 50% or more.

Only loans backed by Fannie or Freddie are eligible, providing they were sold to them prior June 2009.  In addition, the homeowner must be current for the last six months, and may not have more than 1 missed payment during the past 12 months.  Fannie and Freddie own or guarantee about half of all U.S. mortgages, however, banks are now not bound to buy back the mortgages from Fannie or Freddie.

Refinancing is expected to be less expensive.  Many fees, such as lien processing, costs for closing and fees for title insurance will be eliminated. Those homeowners Read full post…

Tags: Homeowners

Im Virginia Bankruptcy Lawyer Robert Weed. My Stafford office is at 300 Garrisonville Road, #201, Stafford, VA 22554.

Im Virginia bankruptcy lawyer Robert Weed, announcing the opening my newest location, in Stafford County, Virginia.

Many people in Stafford have been hard hit by the current economic crisis.

Stafford County, VA, has some of the longest commutes in America.  So people in Stafford have been hit harder than most when gasoline hit four dollars a gallon.

Stafford also has a low average agefifth lowest in Virginia.  That low median age translates to mean, young families with children.  The folks hardest hit when theres a loss of income.

Ive helped hundreds of Stafford families get a new startseeing them at my locations in Woodbridge and Manassas, Virginia.

Why am I opening in Stafford?  I know several good bankruptcy lawyers in Fredericksburg.  Ive long recommended Dale Adams; and more recently Ive gotten to know more about Bob Barlow.

Its a strain, though, being a bankruptcy lawyer in Fredericksburg, VA.  Why?  People south of the

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Tags: Bankruptcy Law, Virginia