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Bankruptcy Law Blog

Monday, July 31, 2017

Medical Debt Is One Of The Biggest Drivers Of Bankruptcy


One of the scariest things about having a medical emergency or lingering illness is the pile of bills that comes along with it. Just when you need to focus your energy on healing, your attention is drawn to the ever-increasing stack of bills the mailman has dropped off. 

Even if you have insurance, out-of-pocket medical costs can accumulate quickly. A recent article in the Atlantic Monthly reported that “half of all insurance policy-holders faced a deductible, the amount people need to pay on their own before their insurance kicks in, of at least $1,000. For people who buy their insurance via one of the Affordable Care Act’s exchanges, that figure will be higher still: Almost 90 percent have deductibles of $1,300 for an individual or $2,600 for a family.
Read more . . .


Friday, July 28, 2017

As American As Apple Pie


What do bankruptcy and apple pie have in common? They were both invented elsewhere but popularized in America. Apple pie was brought over from Europe, along with the apples necessary to make it, but has since become a cultural icon. Bankruptcy has roots that stretch as far back as the Biblical era, but was not popularized until America’s Founding Fathers were brave enough to experiment with it.

At the time of our nation’s founding, few other countries allowed debtors to file for bankruptcy. Those who could not pay their debts were more likely to be imprisoned or sold into slavery than given debt relief.
Read more . . .


Tuesday, June 27, 2017

How to Check Your Credit Score for Free. For Real.


A few years ago you couldn’t turn on the TV without getting the annoying “F-R-E-E that spells free. Credit report dot com baby.” jingle stuck in your head. The ads certainly raised awareness about the federal law that allows everyone to see a copy of their credit report for free each year, but the company behind the ads was also charging people who logged on to their site a subscription fee.

The company got into a bit of trouble for their bait and switch tactics, and now it is more transparent about what it is doing, but thankfully free credit report dot com is not the only way to get a copy of your credit score.
Read more . . .


Saturday, June 24, 2017

Not the Good Kind of Garnish


During Season 14 of The Simpsons, there is an episode called “Barting Over” where Bart petitions a court for emancipation after learning that his parents made a bunch of money by putting him in embarrassing commercials when he was a baby. Money which Homer was supposed to invest, but actually spent.   

The following Read more . . .


Saturday, May 27, 2017

Loans From Payday Lenders Add Up Fast


When you have an emergency and need cash right away, there are only so many places you can turn. Your family and friends might be able to lend you money. You might have room on your credit card for a few more charges. Or you might get a payday loan.

Payday loans, also known as cash advances or check advances, are short-term loans that are theoretically supposed to be paid back out of your next pay check.
Read more . . .


Monday, May 1, 2017

Can I Keep My Boat If I File For Bankruptcy?


According to estimates from the U.S. Coast Guard, over 25% of all Alabama residents go boating each year, and almost one fifth of the state lives in a household that owns some type of boat. Boating is a fun, family-friendly activity, and for many people in our state it’s the way they feed their family or earn a living. So, it should come as no surprise that a lot of potential bankruptcy filers are worried the government will seize their boat if they file for bankruptcy.
Read more . . .


Saturday, April 29, 2017

Paying For Bankruptcy


USA Today recently ran a story reporting on the increased bankruptcy filings that are typical this time of year. They seemed shocked that a lot of people use their tax refund to pay their bankruptcy court costs instead of splurging on a new TV. Well, I’ve got news for them: life isn’t easy out here in the real world.

When you are in financial trouble, Read more . . .


Monday, April 17, 2017

Five Famous People Who Found Success After Bankruptcy


Will bankruptcy help me to meet my financial goals?

If you are considering filing for bankruptcy, you are in good company.  Over 500,000 people file for Chapter 7 bankruptcy each year, while around 300,000 will file for Chapter 13 bankruptcy annually.  Not only is filing for bankruptcy quite common, but it has also allowed several now famous individuals to find financial and personal success.  The following is a look at some bankruptcy success stories.  To join the list of those individuals who have used bankruptcy to meet their financial goals, contact the Read more . . .


Sunday, March 26, 2017

How Many Times Can You File For Bankruptcy?


How Many Times Can You File For Bankruptcy?

During the recent presidential campaign, now-President Trump’s multiple bankruptcies were discussed quite a few times. He made it clear that he has never filed for personal bankruptcy, but that he has been more than happy to take advantage of the bankruptcy laws when his businesses were in trouble. In fact, Trump-owned businesses have filed for bankruptcy four times.

When the news started to spread that Trump’s businesses had filed for bankruptcy more than once, several people reached out to our firm and asked if filing for bankruptcy multiple times was something “normal people,” aka not billionaires, could do. The short answer is yes, you can file for bankruptcy as many times as you need to.
Read more . . .


Saturday, March 11, 2017

If Your College Closed, You May Not Have To Repay Your Student Loans


It is generally true that education is a good way to better your job prospects and your future, but that is not always the case. Over the past few years it has become clear that some colleges are more concerned with making money than helping their students get a good education. Students who attend these sorts of schools end up with a degree that is worth less than the paper it is printed on, and a mountain of student loan debt.  

Student loan debt typically cannot be forgiven even if the debtor files for Read more . . .


Sunday, February 26, 2017

Supreme Court To Decide Debt Collection Case With Alabama Roots


Debt collectors are some of the most-hated folks on the face of the earth. People like them even less than lawyers, which is saying something. Unlike lawyers, debt collectors deserve their rotten reputation. They aren’t out to help anyone but themselves as they pester, threaten, and sweet talk people into paying off debt that in some cases is no longer collectable.

The highest court in the land, the United States Supreme Court, has actually taken up a case that centers around expired credit card debt that a debt collector attempted to get an Alabama woman to pay back when she filed for bankruptcy.


Read more . . .


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Padgett and Robertson assist clients with Bankruptcy, Personal Bankruptcy, Consumer Bankruptcy, Chapter 7 Bankruptcy, Chapter 13 Bankruptcy and The New Bankruptcy Law in Mobile, Alabama and throughout southern Alabama. Alabama State Bar Association Regulations require the following: "No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers." 11 U.S.C. 528 of the U.S. Bankruptcy Code requires the following: "We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.”



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