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Debt-laden electric power company AES Eastern Energy LP filed for Chapter 11 bankruptcy with a plan to sell its two upstate New York coal-fired power plants. Read the Daily Bankruptcy Review article via The Wall Street Journal.

Ally Bank, which is owned by the U.S. government, won’t force its ResCap unit into bankruptcy protection, the New York Post reports.

According to WSJ, former MF Global Holdings Ltd. Chief Executive Jon Corzine’s European bond strategy is becoming clearer.

Credit Slips discusses the decline in bankruptcy filings by chapter.

Bankruptcy Judge Arthur J. Gonzalez, who handled such iconic cases and Enron and Chrysler, will retire in March, DealBook reports.

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Tags: Aes Eastern, Bankruptcy

Various financial planners offering services recognize the importance of cards for a good financial plan. The most important aspect about those credit cards is paying the rates in time, so you would benefit of the periods with zero interest. The majority of cards have an option of this kind attached to it, and one of the most important responsibilities of the financial planner is to make sure that you pay the rates in time. According to the financial planners, the interests to those cards might be huge, resulting in the impossibility for you to pay the rates in time.

Look for a card with a reduced interest if you are looking to transfer the debts from one month to the other. Make sure you understand the principle of the composed interest and of the supplementary interests that is taken as a commission by the bank over the effective cost of the objects bought with the card. Read full article…

Tags: financial planners

A recent survey found that nearly one in two Americans can’t make ends meet and pay basic bills in today’s economic situation.

Chicago bankruptcy lawyers understand that times are tough right now. The economy has few signs of improvement and, generally, people are struggling to put food on the table and keep a roof over their head.

For a lot of these people, it’s the constant threat of credit card companies, their collection agencies and other debts that have caused these problems. The lack of available funds are tied up in making low or minimum payments to credit card companies.

Considering bankruptcy in Chicago can help consumers get out of the problems they have encountered. Many debt problems aren’t the fault of the consumer, necessarily.

Job loss could be a function of the economy and surprise medical bills can level a family.

Read full article…

Tags: Times

Yesterday, Jefferson County officials delayed their potential chapter 9 bankruptcy filing for the second time in two weeks.  Authorities now say they will have an agreement on entering into bankruptcy protection ready by next Friday, August 12.

Governor Bentley has been working with county officials to decide how to resolve Jefferson’s $3.14 billion in debt.  One of the major issues being discussed is the county’s sewer rates.  Over the past 10 years, Jefferson’s sewer rates have increased by 329 percent.

The county’s financial problems began several years ago when a federal court ordered it to rebuild their failed sewer system.  Bonds were issued to the county to finance the project.  These costs were inflated and put the county in $3.2 billion in debt.

If you have questions about filing for bankruptcy in Birmingham, contact the Birmingham bankruptcy lawyers of Greenway Law, LLC at 205-324-4000 to learn more about entering bankruptcy protection.

Tags: Bankruptcy Filing, Filing, Jefferson County

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Check this out According to TransUnion, which is one of the big three credit bureaus, credit card delinquencies are currently at their lowest level in 17 years.

Surprised? I am. Given all the tight job market, stagnant wages, and increasing food prices (among other thing), I wouldnt have expected it.

At the same time, however, more Americans are falling behind on their mortgages. According to Charlie Wise, TransUnions director of research and consulting, Consumers are protecting their credit cards. It gives them financial flexibility.

Back in 2008, 4.3% of consumers were current on their credit cards but behind on their mortgages. Fast forward to 2010, when that number climbed to 7.4%. On the flip side, the number of consumers that are delinquent on their credit cards but current on their mortgages dropped from 4.1% to 3.0%.

So the numbers here arent huge, but theres a definite pattern and the relative changes are quite large.

Read full article…

Tags: Credit, Credit Cards