If I File For a Chapter 13 Personal Reorganization and Later Lose My Job, Am I Stuck?
Submitted by the Bond & Botes Law Offices - Tuesday, March 5, 2013
In relatively every case, the answer is no. A chapter 13 personal reorganization is a final chance for debtors to pay their debts while still retaining their property. Many times, people choose to take this action when they have fallen behind on their mortgage or car payments and are at danger of losing the property they worked so hard to acquire.
How Long Can I Stay in My House If I Am Giving It Up in Bankruptcy?
Submitted by the Bond & Botes Law Offices - Monday, March 4, 2013
Many of our clients have this particular question with if they are filing bankruptcy and they are giving up or “surrendering” their house in bankruptcy. Our advice to our clients is to stay in the house until the foreclosure sale date. As a general rule, it takes quite a while for most mortgage companies to foreclose on a home. As a result, if our clients move out prior to the foreclosure, then they still may be responsible for utilities, insurance and any city or municipal requirements such as lawn care and maintenance.
The Most Important Rules of Consumer Bankruptcy
Submitted by the Bond & Botes Law Offices - Wednesday, February 27, 2013
The rules governing the filing of a bankruptcy petition under Chapter 13 or Chapter 7 are complex. That is why it is a good idea to hire a qualified attorney that has experience in filing consumer bankruptcy cases to help you navigate this process. Having said that, there are some basic rules you can follow to insure that you will be in compliance with the many requirements under the bankruptcy code. The bankruptcy code r
How Soon After Chapter 7 Bankruptcy Can You Buy a New Car?
Submitted by the Bond & Botes Law Offices - Friday, February 22, 2013
The answer is immediately – really.
Virtually every person that comes to one of our offices seeking assistance with their financial problems is concerned with the impact that a bankruptcy filing will have on their credit. This is, of course, a valid concern. People whom we assist have often been dealing with collectors and credit issues for quite some time. They have put off coming to see us because of their concern about the impact that a bankruptcy filing will have on their credit.
What is a Judicial Lien and Can I Resolve a Judicial Lien by Filing Bankruptcy?
Submitted by the Bond & Botes Law Offices - Thursday, February 21, 2013
When you have a debt that has been reduced to a judgment amount within a state court proceeding, that judgment can be filed with the probate court of the county in which you reside. The result of this filing is that it is now a judgment or judicial lien that will attach to any equity in real property that you currently own or any real property that you may acquire in the future. The ultimate ending is that the debt for this lien must be resolved by payment or some method before you can sell or transfer your currently owned real property or in most cases purchase new real property.
Are Individual Retirement Accounts (IRA’s) Protected When You File Bankruptcy?
Submitted by the Bond & Botes Law Offices - Friday, February 15, 2013
Most of the time an IRA or Roth-IRA is protected or exempt by both Federal and State Exemption Laws. The Tennessee exemption law is found at T.C.A. §26-2-105 and provides that as long as the retirement plan is qualified by the Internal Revenue Code the funds are exempt from any and all claims of creditors, except the state of Tennessee. The Federal exemption which is found at 11 U.S.C.
Why am I receiving a 1099 on a debt that was included in my bankruptcy?
Submitted by the Bond & Botes Law Offices - Thursday, February 14, 2013
The IRS requires lenders to report cancelled debts. When a lender cancels a debt, the amount cancelled is deemed income to the individual taxpayer who received the benefit of the cancellation. Thus, an individual taxpayer would have to pay taxes on the income (amount of the cancelled debt). This is NOT TRUE, however, if the individual discharged the debt in bankruptcy.
There are two different types of 1099 forms that you may receive after filing for bankruptcy, they are:
Will I be able to keep my tax refund each year if I file a Chapter 13 bankruptcy?
Submitted by the Bond & Botes Law Offices - Wednesday, February 13, 2013
Chapter 13 is considered the debt consolidation chapter of the bankruptcy code for individuals with regular income. As such, a debtor is paying back creditors over an extended period of time through a three or five year repayment plan. Debtors are often concerned about whether they will be required to turn over their tax refunds each year during this Chapter 13 repayment plan. The short answer is maybe.
Alabama Deceptive Trade Practices Act
Submitted by the Bond & Botes Law Offices - Monday, February 11, 2013
Alabama has a good consumer law for any consumer to use if he or she has been wronged by a business. Alabama statute section 8-19-1 provides for the Alabama Deceptive Trade Practices Act. This law states, as its legislative intent under section 8-19-2, that “the public health, welfare and interest require a strong and effective consumer protection program to protect the interest of both the consuming public and legitimate business person.”
What Can a Consumer or Small Business Learn from The Jefferson County Alabama Bankruptcy Proceedings
Submitted by the Bond & Botes Law Offices - Friday, February 8, 2013
Jefferson County, named in honor of Thomas Jefferson, was established on December 13, 1819, by the Alabama Legislature. It currently has more residents than any other county in the State of Alabama. At the time the 2010 census was conducted, the county’s population was 658,466.