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Bankruptcy Law Blog

Thursday, September 13, 2018

Senior Citizens are Increasingly at Risk for Bankruptcy

This month, a new study found that the number of senior citizens who have filed for bankruptcy has tripled since 1991. This is a shocking statistic for many reasons, not the least of which is that senior citizens are one of the more vulnerable populations in our country in terms of health and earnings potential. What is driving this incredible rise in senior citizen bankruptcy, and how can you tell if your loved ones are at risk?


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Friday, August 31, 2018

How Much Does It Cost To File For Bankruptcy? Chapter 7 vs. Chapter 13

One of the things a lot of our clients find frustrating is that filing for bankruptcy is not free. It seems to them that the government should understand that the people who are filing do not have extra money to spare. We understand this, which is why we work with our clients to make sure they can afford the legal help they need.


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Friday, August 31, 2018

6 Tips For Improving Your Credit Score Post-Bankruptcy

The biggest downside to filing for bankruptcy is that it can make it hard to get access to credit in the future. This may not sound like a bad thing since going into debt is what pushed you toward bankruptcy, but it makes it difficult to pay for large purchases most people can’t purchase outright. Imagine never being able to finance a car, buy a house, or apply for student loans again.


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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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Bankruptcy Law News

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.”