Bankruptcy

Stop me if you’ve heard this one before. A guy buys a condo on the Gulf Coast because he knows it is a great investment…

I’m going to stop right there because we’ve all heard this one before. Many of us in the Mobile area have even lived this story ourselves. That’s why it is interesting that

“There are two times in a man’s life when he should not speculate: when he can’t afford it and when he can.” -Mark Twain

This quip from Mark Twain, the pen name of author Samuel L. Clemens, was actually a hard-earned lesson. Although Twain married into a wealthy family, and was one of the most successful writers and lecturers of all time, he made such poor business decisions that he was forced to declare

NBA games last 45 minutes. While the clock may stop and start multiple times, the amount of time players are on the court shooting hoops is precisely regulated. Baskets made during a pause in the action, or after the clock runs out, simply do not count.

In the legal world, clock management matters just as much as it does on a basketball court. Debts you accumulate after you file for bankruptcy, even while your case is pending, cannot be forgiven.

The famous 16th-century prophet and mystic Nostradamus is said to have predicted the Great Fire of London, the French Revolution, the rise of both Napoleon and Adolf Hitler, both World Wars, and the nuclear bomb. Conspiracy theorists also say he predicted the 2020 pandemic and economic meltdown.

We’re skeptical. The ability to predict the future is not some rare gift that those with pseudo-magic powers can develop, it’s an impossibility. If humans could predict the future, 2020 would have turned out differently, and bankruptcy lawyers might be out of a job.
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Individuals and families can file for bankruptcy. Businesses can file for bankruptcy. And Read more . . .

When the coronavirus began to spread, few could predict that it would so dramatically impact our lives. We were told it wasn’t that serious. We were told it was like the flu. Then we were told to stay home for weeks on end. Now we are facing Read more . . .

According to AL.com, Alabama residents who contract the coronavirus can expect to rack up hospital bills somewhere in the $20,000 to $240,000 range.
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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 . . .