Bankruptcy Information

Yesterday, actor Gary Busey filed for Chapter 7 bankruptcy in California.  The 67-year old starred in movies for 45 years before appearing on reality television shows like “Celebrity Rehab,” “Celebrity Apprentice,” and “Celebrity Wife Swap.”

According to Busey’s Chapter 7 filing, he owns less than $50,000 in assets and has between $500,000 and $1 million in debt.  Creditors named in the actor’s bankruptcy include UCLA Medical Center, the IRS, Wells Fargo, L.A. County Waterworks District, and several attorneys.

A statement from Busey’s publicist reads, “As with many great institutions, i.e., General Motors, American Airlines, and others who have utilized the strategic business plan of bankruptcy, Gary’s filing is … the start of a new and clear path toward peace, happiness, and success with his career.”

If you or someone you know is considering filing for personal bankruptcy, contact the Birmingham Chapter 7 bankruptcy lawyers of Greenway Law, LLC at 205-324-4000 to learn more about how filing for Chapter 7 bankruptcy can benefit your future.

Tags: Actor Gary, Actor Gary Busey, Bankruptcy, Gary Busey

The total number of bankruptcies filed in the state of Wisconsin in 2011 was lower than the total number of bankruptcies filed in 2010.  Experts say this is the first statewide decrease in bankruptcy filings in Wisconsin in 6 years.

Bankruptcies decreased by about 10 percent, with approximately 27,000 bankruptcies filed in the state last year.  Chapter 7 bankruptcy was the most popular type of bankruptcy in Wisconsin, accounting for almost 80 percent of the states total bankruptcy petitions.

Chapter 7 bankruptcy allows unsecured debts like credit card debt to be eliminated, and provides liquidation exemptions for certain types of property.  In addition, by filing for Chapter 7 bankruptcy, one is able to improve their credit score.

Tags: 2011, Statewide 2011

 I have had two different clients during this past month who were anticipating civil suits by two separate U.S. government agencies for their alleged violation of agency regulations. Both clients were W-2 employees and both clients supported people in their respective families. Both clients were “head of household” for purposes of Florida’s wage garnishment statutes. Both clients expected that  would be exempt from wage garnishment under Florida law. 

  There is a federal statute which overrides Florida’s wage garnishment statute when the creditor is a U.S. government. The statute says that notwithstanding any provision of a State law, when an individual owes money other than taxes  to an executive, judicial or legislative agency that agency may garnish up to 15% of that debtor’s wages. There is an exception when the debtor has been unemployed during the previous year. The statute is Title 31, Subchapter 2, Section 3720D.  

In addition, a  person who violates U.S. agency regulations is often subject to criminal liability as well as civil money damages. The government h

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Tags: Government

In 2011, personal bankruptcy filings in South Florida decreased for the first time since 2007.

In Palm Beach, Miami-Dade, and Broward counties, 34,492 individuals filed for bankruptcy protection last year.  In 2010, 38,000 people filed for bankruptcy in the tri-county region.

Last month, 2,470 bankruptcies were filed in South Florida–a month-to-month decrease of 9 percent.

Bankruptcy analysts believe that last year’s decrease in bankruptcy filings in South Florida was caused by high unemployment and slowed foreclosure processes by banks.

Across the country, personal bankruptcy filings decreased by 12 percent in 2011.  Last year, about 1 in every 175 people in the U.S. filed for bankruptcy.

Tags: 2011, Florida Decrease, South Florida, South Florida Decrease

You may notice that many credit card companies now offer credit cards with low interest, especially now that the season of Christmas gifts is about to arrive. You can choose from low interest and balance transfer credit card offers. These offers can be very attractive, but what’s the catch? Do you really need to use these cards?

Many people today are now skeptical about getting these offers because they feel like they are drawn into something. Well, it’s okay to keep an eye on such things, but if you are too protective, you may miss your chance to get good deals. These offers are as great as it sounds although there are some points you may need to monitor. Read full post…

Tags: balance transfer