Gregory Starkey, Attorney at Law

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December 2012 Archives

The benefits of bankruptcy filing after auto repossession

In today's economic climate, many Birmingham residents are facing financial difficulties and are unable to make all their monthly payments to their creditors. It's important to know that secured lenders have special rights to their collateral should they miss payments on a loan. For example, if a lender defaults on a car loan, eventually the lender will have the vehicle repossessed.

Study shows lottery winners often end up in bankruptcy

Although Alabama does not participate in the Powerball lottery, news of the recent, massive jackpot swept through the nation. While winning the lottery may seem like a permanent solution to financial problems, Alabama residents may be interested to discover that more money may actually lead to more problems.

Household debt numbers looking better, but not for everyone

Household debt in the United States has declined since the height of the bubble that preceded the Great Recession. The total debt owed by American households now stands at about $11.4 trillion, which is still a very big number. By far the biggest component of this debt is mortgage debt, including debt from home-equity loans, which totals $8.7 trillion. Credit card debt, in comparison, totals significantly less: $672 billion. The total credit card debt is less than that for automobile loans, which total $750 billion, and student loans, which total $914 billion.