The past few years have been difficult for everyone, both in America and in countries around the world. Though some claim the tough times have increased tensions between people of different income brackets, the downtrend in the financial state of the country has affected some of the lives of even the very wealthy. Bankruptcy has recently struck a once powerful and very well-off Alabama banker.
Readers of our Birmingham bankruptcy blog may be interested to know there are many reasons behind a personal bankruptcy filing. The loss of a job, prolonged unemployment and business failure are all reasons why individuals choose to file Chapter 7 bankruptcy. A medical condition resulting in unmanageable medical bills is also a leading reason for personal bankruptcy filings.
Generally the public may perceive the ability to get a mortgage post a bankruptcy as impossible or extremely difficult, at least for the period that the bankruptcy shows up on a credit report. However, in Alabama and across the U.S., under both Chapter 7 bankruptcy and Chapter 13 bankruptcy, it is possible to be eligible to apply for a home loan in as little as a year following the bankruptcy proceeding. This truly allows individuals the fresh financial start that they need.
Even with substantial and often excessive salaries, college football coaches, like many other citizens, are struggling with debt. Chapter 7 bankruptcy may be an option. The Alabama Roll Tide football team demolished the Arkansas team 52-0. This loss is not the only struggle for the Arkansas coach who has filed for Chapter 7 bankruptcy for a fresh financial start.
Professional athletes can make a large amount of money in short amount of time. For various reasons, even though athletes can make a large amount of money, the money expenditures can outgrow the influx of money. When an Alabama individual's debt significantly outweighs their earnings or earning potential, bankruptcy may provide an option for bankruptcy relief. One form of debt relief is the liquidation process of Chapter 7 bankruptcy.
The Obama administration's green-energy loan program is under scrutiny as recipients of government loans seek bankruptcy protection. One such company is Abound Solar Inc. The alternative energy company isn't located here in Alabama. However, it may be of interest to taxpayers who stand to lose $40 million to $60 million on the loan after the company's assets are sold and the bankruptcy proceedings close.
Recently, a radioactive waste-treatment center filed for Chapter 7 bankruptcy. Fortunately, the plant isn't in Alabama because according to the Chapter 7 petition that was filed, in addition to between $10 million and $50 million in debt, the company also has one million pounds of waste that needs to be handled.
The economic downturn has had a negative effect on many people in Alabama and across the U.S. From credit card debt to unpaid mortgage payments, the recession has made it difficult for many families to stay afloat. For some individuals and families, Chapter 7 Bankruptcy is an option that can help them to get back on track.