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Bankruptcy

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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Wednesday, September 19, 2018

Planning to File for Bankruptcy on Your Own? Think Again.

The internet has given rise to many online services purporting to help you be your own lawyer. They market themselves as a good low cost or even free option so long as you are willing to roll up your sleeves and put forth a little effort. Seem too good to be true? Unfortunately, they often are when it comes to filing for bankruptcy.


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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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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.”