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Bankruptcy Law Blog

Thursday, December 12, 2019

How Does A Chapter 13 Repayment Plan Work?


If you are interested in filing for bankruptcy under Chapter 13 of the Bankruptcy Code, you have probably heard at least a little bit about the Read more . . .


Monday, December 9, 2019

Does Old Debt Go Bad?


Have you ever poured some milk into your coffee only to see it curdle? It’s an early warning sign that your milk is going bad. Too much acid is building up in it and it’s about to spoil. 

Like milk, debt can also get old and go bad. After a certain amount of time as passed, creditors can no longer sue to collect past due debt. The amount of time it takes for the statute of limitations on collection suits to pass differs from state to state.


Read more . . .


Tuesday, November 12, 2019

What To Bring To Your First Meeting With A Bankruptcy Attorney


The ritual of preparing for “firsts” is an important one. When you had your first child, you did a lot of prep work and research. You probably picked out a special outfit to wear for your first day at a new job. And the last time you cooked a new recipe for the first time you went shopping for new ingredients, and you definitely needed to pay close attention to detail. 

Your first time meeting with a Read more . . .


Thursday, November 7, 2019

The Bankruptcy Backhoe: Digging You Out Of Debt


Credit cards are a tricky tool to master. They can be a ladder that helps you finance a purchase that improves your quality of life, or a shovel that helps you dig a dangerous pit of debt. 

Sometimes all it takes is one misstep for you to fall off the ladder and into the pit. A layoff, a health issue, or car troubles could force you to take on more credit card debt than you would like. Suddenly, you are so far in debt you realize there is no way you can crawl out.
Read more . . .


Wednesday, October 9, 2019

A Test You Can’t Study For


Life is full of tests. Most of them are small, informal ones we face on a day to day basis. While others are formal, life-altering events. 

Many people do not realize that the bankruptcy process also includes a test — the means test. If you want to file for bankruptcy under Chapter 7 you must be able to pass this test.
Read more . . .


Friday, October 4, 2019

Walt Disney Bounced Back From Bankruptcy


Today, Disney is one of the most recognized and admired brands in the world. Last year alone the company generated a total revenue of $59.43 billion. But it was not always the powerhouse it is today. In fact, Walt Disney’s first animation studio declared Read more . . .


Thursday, September 12, 2019

Necco Wafers Are Coming Back… and So Can You


You either love them or hate them, but there is no debating the fact that Necco wafers and their Valentine’s Day incarnation — SweetHearts conversation hearts — are iconic. The wafers have been around since the Civil War, and flirting by exchanging the hearts is an Elementary School rite of passage. Both candies are hard to come by these days because the company that manufactured them, the New England Confectionery Company, filed for bankruptcy and liquidated its assets last year. 

Spangler Candy Co. and Necco Wafers

The good news is we may not have to wait much longer before store shelves are restocked with those chalky, sweet goodies.
Read more . . .


Monday, September 9, 2019

How Often Can You File for Bankruptcy?


How often can you file for bankruptcy? In theory, the answer to this question is as many times as you need. But in reality, the answer is every lawyer’s favorite answer — it depends. 

If you need to file for bankruptcy again, whether the law will allow you to do so depends on the type of bankruptcy you previously filed, how your previous case was resolved, and how long it has been since your previous case was filed. 

Which Chapter? 

The bankruptcy law is like a car dealership. There are a variety of makes and models to choose from.
Read more . . .


Tuesday, August 13, 2019

Will Filing For Bankruptcy Ruin My Retirement?


Gone are the days when people worked for the same company for 30 years and retired with a generous pension. Today, most people count on Social Security and a self-funded IRA or 401K account to make it through their Golden Years. This leaves many people who are in dire financial straits wondering what will happen to the money they have worked so hard to save up if they file for bankruptcy. Can you keep it? Or will the bankruptcy court force you to use your nest egg to pay off your creditors? 

The answer is every lawyer’s favorite answer — it depends. Whether the money you are counting on for your retirement is safe, or will be used to pay off your creditors, depends on the type of account the money is in, and the amount of money you have saved up.
Read more . . .


Thursday, August 8, 2019

Judge, Administrator, Trustee & Attorney: Who Are All These People?


One of the confusing things about filing for bankruptcy, or getting involved in any lawsuit for that matter, is the number of people involved whose role is never really explained. You are the person whose livelihood is at stake, you are the person who is paying for everything, yet you are the one who feels out of the loop. 

We understand how frustrating that can be, which is why the Padgett and Robertson team takes the time to carefully explain the bankruptcy process and the people involved in it to each and every one of our clients.
Read more . . .


Wednesday, July 17, 2019

I Filed For Bankruptcy, Then Got Fired. What Happens Now?


According to the Bureau of Labor Statistics, the average worker currently holds ten different jobs before age forty, and this number is projected to grow. Unfortunately,


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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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.”