Bankruptcy Information

Bank of America Corporation (NYSE: BAC) has been no stranger to troubles nor any stranger to controversies.  It is now looking to be no stranger to credit rating downgrades.  Moody’s has downgraded the credit ratings of Bank of America.

On July 27 came word that Moody’s affirmed the ratings for BofA, Citigroup Inc. (NYSE: C) and Wells Fargo & Co. (NYSE: WFC).  On that same date it supported a negative outlook on the group.

Today’s move after everything we saw in August is probably not a huge shock to those in the know, but this could be a headline dominating event for the rest of the day and for the newspapers on Thursday.  This remains just one more flag of caution that will act to drive the sentiment away from the banks.

It is too bad that the news is on the heels of when the bank has been making efforts to correct its ship.  The “A2? rating was cut down to “Baa1? based in part

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Tags: Bac, Credit Rating

Former Alabama State Representative James Gordon recently filed for bankruptcy protection for himself and his business, the Alabama Injury and Pain Clinic.

The business filed for Chapter 11 bankruptcy in hopes of reorganizing and continuing operations.  Gordon also filed for personal bankruptcy, choosing Chapter 13 bankruptcy.  Under Chapter 13, the former representative will pay back creditors according to an established repayment plan and timeline.

According to Gordon, the business and his personal finances suffered as a result of the economic recession and his time spent away from the Alabama Injury and Pain Clinic while in office.

If you or someone you know is seeking experienced legal representation to assist you in filing for Chapter 13 bankruptcy and establishing a repayment plan, contact the Birmingham Chapter 13 repayment plan attorneys of Greenway Law, LLC at 205-324-4000 today.

Tags: Bankruptcy, State Representative

July visit to Hill: “upbeat” outlook on revenues, jobs

Friday’s visit: Solyndra CEO won’t answer questions

Loan failure a headache for Obama administration

WASHINGTON, Sept 23 Just before solar panel maker Solyndra scrambled in August to get more cash from private investors and better loan terms from federal bureaucrats, top company officials went on a political road show.

Brian Harrison, Solyndra’s CEO who on Friday refused to answer questions posed by a House panel, met in July with congressional Republicans who were skeptical about how much money the Obama administration had sunk into the company’s factory. He also met Democrats eager to support clean energy.

“Things were on the upswing, that’s what they told me,” said Diana DeGette, a Democratic member of the House of Representatives.

“I don’t understand how they could paint such a rosy picture to us and then five weeks later be in bankruptcy court,” DeGette told reporters.

The CEO’s assertions were part of a long pattern of Solyndra putting on a positive face for the public as it struggled to keep its business alive.

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Tags: Solyndra, Solyndra Gave

On August 5, 2011, the IRS published long-awaited guidance for executors of estates of people who died in 2010. Notice 2011-66 explains how these executors can opt out of the estate tax, and Revenue Procedure 2011-41 explains the special tax rules that apply to assets when executors opt out of the estate tax.

The estate tax and the generation-skipping transfer (GST) tax were repealed on January 1, 2010; but on December 17, 2010, President Obama signed a law that reinstated them retroactive to January 1, 2010.

This law gave people who died in 2010 a special tax break: executors of 2010 decedents can opt out of the default estate tax regime. The estate tax rate in 2010 was set at 35% and the exemption was $5 million. The estate tax regime has one benefit: assets received from a decedent are generally stepped-up to fair market value under Internal Revenue Code § 1014.

To remain in the estate tax regime, executors file the form they always filed for taxable estates: Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return.

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Tags: Guidance

At the close of Thursday’s stock market session, the Dow Jones Industrial Average closed down nearly 390 points, leaving many investors shaking their heads in disgust.

As investors and business owners continue to look at the U.S. economy, they view it as shaky at best. In fact, shaky might be too kind a term to describe an economy that is just steps away from another recession.

In retrospect, Thursday could have been even worse, as the Dow dropped as much as 527 points, the second consecutive rout in the stock market since the Federal Reserve reported a change in strategy for battling the economic slowdown. The To date, the Dow has dropped more than 15 percent in two months, since traders started focusing on recession fears and the market was embroiled in volatility.

“Markets rely on confidence and certainty. Rig

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