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Bankruptcy Law Blog

Wednesday, February 27, 2019

As Certain As Death And Taxes


“...in this world, nothing can be said to be certain, except death and taxes.” These famous words, which were penned by Benjamin Franklin, were written in jest, but they are quite serious.
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Monday, February 25, 2019

Filing For Bankruptcy If You Are Or Were In The Military


Military members receive many legal protections while they are serving our country, and after they have been discharged from active service. This includes special treatment in the bankruptcy courts.

More Expansive Stays

One of the benefits of filing for bankruptcy, no matter what your occupation, is that other legal actions are paused by the court while the bankruptcy case proceeds. This can stop a foreclosure, or even prevent someone from suing you.

Active-duty military personnel get the added benefit of having all pending litigation, including bankruptcy cases put on hold until you return from active duty.
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Monday, January 21, 2019

Holding On To What You’ve Got


Many people assume that filing for bankruptcy will mean losing everything they own. They envision the government holding a giant yard sale with all the proceeds going to creditors and nothing left over for the person who filed. 

Maybe that’s what bankruptcy looks like in old-timey movies, but modern-day bankruptcy is different. Most Alabamians who file for bankruptcy are able to hold on to their house, a car, and lots of personal belongings. 

How? 



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Thursday, January 17, 2019

Boy Scouts of America May File For Bankruptcy


The Boy Scouts of America organization is making some big changes. The 108-year-old organization is dealing with declining membership numbers and allegations of sexual abuse. The organization is under so much pressure it is reportedly considering

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Thursday, December 13, 2018

An American Icon Files For Bankruptcy


It’s the end of an era. Sears has filed for bankruptcy. For those of us of a certain age, this is nothing short of a tragedy. But like with all bankruptcies, there is a silver lining. 

Although it was based in Illinois, Sears was beloved by Alabamians and other across the South because it would deliver anything and everything right to your door.
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Monday, December 10, 2018

Bankruptcy Means Testing: A Quiz You Can’t Study For


Did you ever have that dream where you show up at school only to realize there is a big test that day and you didn’t study for it? Some psychologists say this is your brain reminding you not to forget something important that is coming up in your waking life. Others say it is your brain’s way of saying you regret something. Freud probably thought it had something to do with being in love with your mother.

Whatever it means, it’s terrible. Forgetting about or feeling unprepared for a test is not a good feeling.
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Monday, November 12, 2018

Medical Debt After Death

One of the hardest things to deal with after a loved ones dies is the fact that life goes on without them. Even though they are no longer at your side, you still get telemarketers calling for them, Facebook notifications when they are tagged in a photo, and mail addressed to them. Many widows and widowers even get bills for the end of life care their spouse received addressed to the deceased spouse. It’s like rubbing salt in an open wound, and it is also the source of a lot of anxiety.

Just who is responsible for medical debt that accrued at the end of a loved one’s life? The answer to this question is every lawyer’s favorite answer: it depends. Whether a surviving spouse is responsible for paying for a deceased spouse’s end-of-life medical care depends on how the debt is structured and whether the deceased spouse’s estate has enough money in it to cover all its costs.


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Monday, November 5, 2018

Getting Rid Of Credit Card Debt

The average Alabama resident has $7,105 in credit card debt. This is a significant chunk of change, which is probably why credit card debt is one of the number one reasons people file for bankruptcy.

Unlike many other kinds of debt, credit card debt can be fully discharged, or wiped out, through the bankruptcy process. Most people who are struggling to pay off credit card debt prefer to file under Chapter 7 rather than Chapter 13 of the bankruptcy code because they want their credit card debts forgiven.

Forgive and Forget or Pay it Back?

Whether your credit card debt can be forgiven typically depends on what chapter of the bankruptcy code you file under.


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Monday, October 15, 2018

Hidden Treasure: Assets Revealed By Bankruptcy Can Be Surprising

One of the first things you will have to do if you decide to file for bankruptcy is make a list of all of your debts and assets. Sounds simple, right? For most people it is. But every once in awhile we work with a client whose unique assets present something of a challenge. Sometimes, we even help clients discover assets they didn’t even know they had.

Antiques & Collectables

Thanks to television shows like Antiques Roadshow on PBS and American Pickers on the History Channel, people are starting to realize that things they have lying around the house may be more valuable than expected. That box of old toys in the attic might contain a hidden gem, and the old car out back that hasn’t run in decades may be rusty gold.

We help clients who think they might have antiques or collectables that are worth a significant amount of money get their items appraised and sell them to pay off debts.


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Monday, October 8, 2018

Bad Education: No Degree But Lots Of Debt

During the Great Recession many people delayed going into the workforce during the bad economy by staying in school. Others went back to school because their job was eliminated or it was clear there was no path for advancement. Now, more and more clients are asking us what they can do to get rid of their student loan debt. Unfortunately, the answer is not much. But that may be changing.

According to the experts, the typical graduating senior has about $30,000 to $35,000 of student debt. That is a substantial sum, but it is actually people with less debt that are struggling the most. People who take on student debt, but do not finish a degree are at the greatest risk of defaulting on their loans and declaring bankruptcy.


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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.”