Bankruptcy

Filing for bankruptcy isn’t free. This surprises a lot of people who assume that the government wouldn’t nickel and dime people who are already under financial stress. How much it costs depends Read more . . .

We often think of the United States Supreme Court as a court that only deals with politically divisive cases on things like abortion, elections, and the rights of criminals. But the highest court in the land is tasked with resolving disputes in all areas of the law. This year, it is taking up an important bankruptcy case.
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Almost all of the 2020 presidential candidates have a plan for dealing with student debt. It has become a major issue on the campaign trail because a huge chunk of the electorate is struggling to pay off their student loans. According to data compiled by the Federal Reserve, Americans hold $1.6 trillion in student loan debt.

One of the reasons student debt is such a burden is that it is generally not dischargeable through Read more . . .

This time of year, everyone is paying attention to statistics. We watch the price of various crops as harvest approaches. We keep a close eye on the weather. And we all know what Alabama’s record is on the football field. (Roll Tide!)

As a law firm that works almost exclusively on bankruptcy cases, the Padgett & Robertson team also keeps a close eye on some other statistics — like the number of Read more . . .

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 . . .

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 . . .

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.
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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 . . .

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.
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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.
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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.
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