Bankruptcy

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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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.
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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,

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If you are going through the bankruptcy process and your spouse has passed away, our hearts go out to you. Both situations are difficult, so we can only imagine how hard it must be to go through them at the same time.

Below is an overview of what the bankruptcy process looks like when a filer has passed away, but it is obviously not a full explanation. If this is the situation you are in, we strongly urge you to Read more . . .

In 2014, when Remington announced it was opening a new factory in Huntsville, the whole state of Alabama was excited. It was now possible to buy a rifle that didn’t just say Made in the USA, it said Made in Alabama. Everyone seemed to want one. It was shocking when just a few years later the company announced it was filing for bankruptcy. 

A Read more . . .

One of the frustrating things about filing for bankruptcy is that in addition to being emotionally draining, it is time consuming. Filers must often take time off of work to sort things out. 

If you don’t live near the bankruptcy courthouses in Montgomery, Opelika, or Dothan, you may also be concerned about how often you will have to drive to court and wait around all day for your case to be called.
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One of the frustrating things about filing for bankruptcy is that in addition to being emotionally draining, it is time consuming. Filers must often take time off of work to sort things out. 

If you don’t live near the bankruptcy courthouses in Montgomery, Opelika, or Dothan, you may also be concerned about how often you will have to drive to court and wait around all day for your case to be called.
Read more . . .