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Bankruptcy Law Blog

Friday, July 27, 2018

Bankruptcy Sends You Back To School

Abraham Lincoln once said, “I don't think much of a man who is not wiser today than he was yesterday.” With this mindset, Old Abe would be quite impressed by people who have gone through bankruptcy. It is not a passive process, but an active learning experience. It’s part School of Hard Knocks and part legally-mandated training.


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Tuesday, July 24, 2018

Just Sweat It Out, And Other Bad Advice

Did you ever have a coach tell you to “walk it off” after you got hurt playing ball? Or an uncle that advised you to pull his finger? How about a friend that suggested you stick with a partner you really should have broken up with? Bad advice is everywhere, and following it can lead to disastrous results.

In our practice, we work with a lot of clients who have gotten bad financial advice. One of the worst pieces of advice our clients get is that they should do everything possible to avoid filing for bankruptcy.


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Saturday, June 30, 2018

Getting A Loan After Going Through Bankruptcy

One of the biggest downsides of filing for bankruptcy is that it limits your access to credit. It can be difficult to get a home loan, car loan, or credit cards after going through the bankruptcy process since lenders worry that you are a risky person to deal with. However, there are ways to restore your credit-worthiness.


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Saturday, June 30, 2018

Must Spouses File For Bankruptcy Together?

When you got married, you likely pledged to have and hold one another, for richer or poorer, until death does you part. This is a beautiful sentiment, but is it legally binding? Must you mingle your financial lives to the point that if one of you files for bankruptcy you both will be hauled into court? The answer to this question is every lawyer’s favorite answer — it depends.

Alabama is not a community or marital property state.


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Tuesday, May 29, 2018

Bankruptcy Is Remington’s Road to Redemption

Remington, the nation’s oldest gun manufacturer, employs about 500 people at its factory in Huntsville, and thanks to our nation’s bankruptcy system, it will continue to do so for the foreseeable future.


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Monday, May 28, 2018

What WWE Co-Founder Linda McMahon Learned When She Went Bankrupt

Today, Linda McMahon and her husband Vince, are worth around $2 billion dollars. WWE, the business they built together after buying its fledgling predecessor from Vince’s father, is wildly successful. And Linda is currently serving as the leader of the federal Small Business Administration. But a few decades ago, the McMahon’s filed for


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Monday, April 30, 2018

Rosa Parks’ Lawyer Might Be Committing Bankruptcy Fraud


We’ve talked before about bankruptcy fraud, and how the payoff is just not worth the potential punishment in the past, but we thought it was time to do so again since news about former Alabama resident Rosa Parks’ attorney is bringing this issue back into the spotlight.

You would think that the lawyer who represented iconic figures like Rosa Parks, Aretha Franklin, and Anita Baker would be a model citizen, but the bankruptcy case filed by attorney Gregory Reed is painting a different picture of his character.

According to news reports, after Reed filed for bankruptcy in 2014, the bankruptcy trustee assigned to oversee his case began to search for assets that could be sold to pay off his debts.
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Saturday, April 28, 2018

Why Isn’t Stuff Cheaper At Toys R Us’s Going Out Of Business Sale?


It’s the end of an era. In case you haven’t heard, Toys R Us has filed for bankruptcy, and is closing all of its stores. As it wraps things up, some products are on sale up to 30% off, but there is a lot of chatter on social media about the prices still being high. While we as consumers may wish the discounts were bigger and the prices were lower, the fact that things aren’t being sold for pennies on the dollar is probably a good thing from a bankruptcy perspective.

Businesses, like people, get to choose between two main types of bankruptcy.

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Wednesday, March 28, 2018

Paying For Bankruptcy With Your Tax Refund


One of the most frustrating parts of filing for bankruptcy can be figuring out how to pay for it. According to a recent analysis, the average attorney fee for a Chapter 7 filing today tops $1,100, with court fees adding $335 more.
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Monday, March 26, 2018

Why We Say Bankruptcy Is A Good Thing


If you grew up under the care of a Southern Mama, you were probably reminded thousands of times that it’s impolite to talk about money. While many things our mothers tried to teach us went in one ear and out the other, that one seems to have stuck. Nobody likes to speak publicly about their financial affairs.

Zipped lips make it difficult for us to share bankruptcy success stories with you. So, we are turning to the business world for an example we can share with you.
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Wednesday, February 28, 2018

The United State's Debt


$13.15 Trillion In Debt And Counting

Over the last few weeks, there has been a lot of news coverage of the federal budget and the national debt. Looking at the U.
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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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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.”