A Georgia school superintendent filing for bankruptcy does not know what will happen to the million dollars that she won for charity on the game show "Are You Smarter Than a 5th Grader?".

Because she is in the middle of a bankruptcy, the check has been returned to Fox and no one knows whether it will make it to the charity it was intended for. It is also possible that the bankruptcy trustee might try to claim the money.

Bankruptcy can be a very difficult process, but sometimes it is very necessary. If you are considering bankruptcy, contact the Galveston bankruptcy attorneys of Gipson, Norman & Root at 409-765-6000.

Foreclosures and everything that they entail may be changing soon. Bankruptcy courts could be taking over the modifications of mortgage loans. According to current rules, this is not legal, but that could be changing.

Proponents of the change believe that it will help people with the mortgage payments that they cannot afford as well as a variety of other financial issues. Others believe that the mortgage market will only be helped with time.

If you are facing bankruptcy or foreclosure, contact the Galveston bankruptcy attorneys of Gipson, Norman & Root at 800-291-0898.

Cedar Funding, the former real estate lender, may have been involved in a scheme, paying old investors with new investors' money. The company has now filed for Chapter 11 bankruptcy, but the hearing has been postponed.

There is a great deal of bitterness involved in this case as investors may be losing a great deal of money in this situation.

Bankruptcy can be difficult on all fronts. If you are considering bankruptcy, contact the Galveston bankruptcy attorneys of Gipson, Norman & Root at 800-291-0898.

Yesterday, the Galveston city council granted beach-front property owners the ability to apply for buyout funds from the Hazard Mitigation Grant Program. The challenges of rebuilding post-hurricane and the struggling economy has made times very difficult for the people of Galveston. The council hopes that this new program will help alleviate the economic suffering of the community.

According to the council, houses must qualify to get any funds. They must either be substantially damaged or pass a cost-benefit analysis. While a majority of the council approved the program, two members disagreed, saying that allowing people who invested in risky real estate to be bailed out of their financial responsibilities is bad for the city. Beach-front homeowners have a chance to recoup the losses they have had to face in the months following the hurricane.

Homeowners with property behind the seawall will face additional scrutiny when applying for the buyout since they were already allowed to apply for different funds to elevate their homes.

In some cases, the buyout program may not be enough to help homeowners recoup their losses. If you are struggling to pay bills and keep your finances afloat, contact the Galveston bankruptcy lawyers of Gipson, Norman & Root at 409-765-6000.

Suffering from a combination of Hurricane Ike's aftereffects and the generally dismal state of the national economy, Galveston is looking to the state of Texas for help.

Galveston officials are reportedly meeting with a state legislative committee to plead the case for a financial rescue of the city's economy. They told state lawmakers that significant layoffs appear to be unavoidable without immediate assistance, and that other measures, including a hiring freeze and pay cut, have proved insufficient. As the local economy falters, city officials are concerned about the resulting drop in tax revenue.

If you live in the Galveston area and are unable to keep up with your financial obligations, contact Galveston bankruptcy attorneys Gipson, Norman & Root at 409-765-6000. 

Government employees have been asked to take a 3% pay cut starting this month. This affects over 700 employees, including fire fighters, police and administrators. While city manager, Steve LeBlanc, has the authority to mandate this for the civilian employees, the police and fire fighters had to agree to it through their unions.

The hope of this pay cut is to avoid layoffs. Unfortunately, there is no guarantee that this will work. However, the police and fire fighters have agreed to it, and the answer as to whether or not it will work should come up in April. If this does not work, there will still be many layoffs, and the city, like so many others, may have to face bankruptcy.

Bankruptcy can be a very difficult thing to deal with. If you are considering bankruptcy, contact the Galveston bankruptcy lawyers of Gipson, Norman & Root at800-291-0898.