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Personal Bankruptcy

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

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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Monday, February 26, 2018

What Will I Lose if I File for Bankruptcy?


Will I Lose My House And Car If I File For Bankruptcy?

If we had a nickel for every time a potential client asked us if they would lose their house or their car when they filed for bankruptcy, we could retire. With few exceptions, the answer is no, most people are able to keep their home and their vehicle even if they are deeply in debt. In this blog post we’ll go over the basics of how we help people hold on to the two types of property that people worry about losing the most.

It is easy to understand why people who are filing for bankruptcy are worried about losing their house and their car. For one thing, there are is a lot of misinformation or “fake news” about bankruptcy out there that makes people think they will have to give up all of their assets in order to become debt free.


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Saturday, March 11, 2017

If Your College Closed, You May Not Have To Repay Your Student Loans


It is generally true that education is a good way to better your job prospects and your future, but that is not always the case. Over the past few years it has become clear that some colleges are more concerned with making money than helping their students get a good education. Students who attend these sorts of schools end up with a degree that is worth less than the paper it is printed on, and a mountain of student loan debt.  

Student loan debt typically cannot be forgiven even if the debtor files for Read more . . .


Tuesday, November 15, 2016

11th Circuit Decides - Bankruptcy Homeowners Cannot Surrender Residence in Bankruptcy and Later Fight Lender’s Foreclosure


What are your options when faced with losing your home in bankruptcy?

The 11th Circuit Court for the Southern District of Florida decided this past month that debtors who surrender their residence in bankruptcy under 11 U.


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Monday, October 31, 2016

Debt-Relief Phone Scam Targets Alabama Consumers


How can you spot a debt collection scam?

Living with debt you can’t afford to make payments on is stressful. Constant phone calls can cause additional tension and anxiety that you don’t need.  It doesn’t help when disreputable people try to capitalize on your situation to try and scam you out of more money. Unfortunately, this happens on a regular basis.

Fake Attorney General Investigations Division

Alabama Attorney General Luther Strange has recently warned residents of new phone scams popping up in the state.


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Friday, September 30, 2016

Credit Counseling: Not Just Another Hoop To Jump Through


A few years ago, Congress updated our nation’s bankruptcy laws. Conservatives and the financial services lobbies argue that the new law was needed to curb abuse of the bankruptcy system and teach people to be more financially responsible, while liberals and consumer advocates say that this law unfairly penalizes poor people who may be suffering financially due to illness, divorce or unemployment.

One of the things people who want to file for bankruptcy must now do, which all sides generally agree is a good thing, is undergo credit counseling.


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Wednesday, September 21, 2016

Filing Bankruptcy as an Individual When You're Married


How will my spouse be affected if I file for individual bankruptcy?

If you are married and file for individual bankruptcy, your spouse may also be affected. The results will be different if you reside in a community property state or if you live in a common law property state like Alabama. In the latter case, your bankruptcy follows the rules of equitable distribution.

There are a great many complexities involved in filing for personal bankruptcy. The decisions made, such as whether to file individually or jointly as a married couple, and whether to file Chapter 7 or Chapter 13, may have serious consequences for both parties.


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Sunday, August 28, 2016

Bankruptcy Filings Increased in Alabama Over the Past Year Despite Decreasing Nationwide


The old saying “no news is good news” could basically be the mantra of all of us hoping that Alabama is finally starting to recover from the Great Recession of the last decade. The latest financial news is in fact, somewhat of a mixed bag. The Administrative Office of the U.S. Courts has just released its data on the number of bankruptcies filed over the past year, and Alabama has seen an increase while the country as a whole saw a decrease.
Read more . . .


Tuesday, August 9, 2016

Consumer Watchdog Reins in Debt Collectors


What is being done about abusive debt collectors?

If you're like many Americans, you have debts that are in collection, and may have been faced with aggressive practice of debt collectors. Now, the Consumer Financial Protection Bureau (CFPB) has announced new rules to curb certain practices of third-party debt collectors that engage in debt collection activities on behalf of creditors or purchase. The new rules are also aimed at reining in debt buyers that purchase consumer debt, often for pennies on the dollar.

This is another step by the CFPB, put in place under the 2010 Dodd-Frank law, to protect credit consumers. We have previously reported that the federal consumer agency intends to regulate payday lenders, and the CFPB has plans to roll out additional initiatives aimed at creditors and first-party collectors later this year.


Read more . . .


Tuesday, July 19, 2016

Consumer Debt on the Mend


How can I improve my FICO score?

In the wake of the financial crisis of 2008, many consumers saw their credit scores fall into the subprime zone with FICO credit scores in a range from 300 to 599. Now, the percentage of subprime borrowers is hovering at 20 percent, which is the lowest level in over 10 years. By comparison, in 2010 that figure peaked at 25.5 percent as mortgages, credit cards and other consumer debts went unpaid, and this prompted banks to tighten lending standards.

There are a number of factors that are contributing to the improvement of credit scores.


Read more . . .


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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.”