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Bankruptcy

Friday, June 26, 2015

Conversion From Chapter 13 to Chapter 7: Who keeps the funds?


I recently decided to convert my consumer bankruptcy case from a Chapter 13 payment plan to a Chapter 7 liquidation. What happens to the unused funds held by the trustee? 


For consumers facing insolvency, there are two options in bankruptcy. The first, known as a Chapter 13 proceeding, allows debtors to enter into a repayment plan with the help of a trustee to oversee the process. In theory, this plan will help protect debtors’ credit, keep most of their secured assets, and experience the satisfaction of debt payoff. The other option, known as a Chapter 7 proceeding, allows debtors facing serious, insurmountable debt the opportunity to break free from the confines of financial pressure and avoid repayment all together through discharge.
Read more . . .


Wednesday, June 10, 2015

Jefferson County Files an Appeal in its Bankruptcy Claim


What is going on with Jefferson County’s Bankruptcy?

When Jefferson County filed for protection under Chapter 9 of the Bankruptcy Code in 2011, they hardly expected the legal challenges would continue as long as they have.  The county owned sewer system that contributed greatly to the county’s financial trouble is the subject of a lawsuit from several customers attempting to block Jefferson County’s exit from bankruptcy.  The county’s bankruptcy plan includes rate hikes for sewer customers each year for the next forty years.


Read more . . .


Friday, May 29, 2015

Alabama Among Leaders of Bankruptcy Filings Per Capita


How many people are filing bankruptcy this year?

A recent study shows that Alabama has the second highest total of bankruptcy filings per resident so far this year, after Tennessee.  0.524% of Alabama residents declared bankruptcy in April.  This was a slight increase from 0.
Read more . . .


Friday, May 22, 2015

Bankruptcy Petitioner Attempts to Block $13.08 Million Auction


Can a bank foreclose on a property when the mortgage documents were forged?

Danny Ray Butler is fighting a thirteen million dollar battle from a federal prison.  Butler filed for an emergency injunction to prevent the sale of 4 parcels of real estate.  He says that the mortgage on four parcels of real estate was forged and that he never signed mortgage papers.
Read more . . .


Thursday, May 21, 2015

Article 9 Repo Sales Gaining Popularity


What are alternatives to Chapter 11 Bankruptcy?

Recently creditors’ seeking to dispose of the assets of a delinquent borrower through Article 9 of the Uniform Commercial Code instead of in Bankruptcy court has become a popular procedure.  To repossess encumbered assets and sell them under the UCC, a creditor only has to perform a lien search, notice the interested parties, and conduct the sale.


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.”