Bankruptcy Articles and Information

If you are buried in debt and feel like it will be impossible for you to ever dig your way out, filing for bankruptcy may the answer. The purpose of the law is to provide people who have fallen deeply in debt to have a fresh financial start in life. The reasons for needing to file for bankruptcy are not important.

There are different types of bankruptcy. The main ones used by individuals are Chapter 7 and Chapter 13. Each one serves a different purpose and has its own set of filing and discharge rules. No matter which chapter you use, on the day you file your bankruptcy petition, all debt collection by all creditors must immediately stop. A bankruptcy attorney will evaluate your financial situation and the type of debt you have and help you decide which bankruptcy chapter is the one that best meets your needs.

Helping Friends at Thanksgiving

Posted on November 25th, 2015 by Bradford Botes

For most of us Thanksgiving Week brings the smell of turkey roasting in the oven, time away from work and school, family gatherings and, of course, football! At Bond & Botes, we look forward to these things and are thankful for the many clients that we have been able to serve in the past year. We take great pride in being able to provide our clients with quality representation and compassion as they are going through tough times. We are also mindful that many people will spend the Thanksgiving Holiday alone and or under the heavy weight of depression and…Read   More

Are you struggling financially from trying to protect a son, daughter, sibling or parent from drug addiction?  If so, you are not alone.  As the holidays approach, I am excited about seeing my family.  However, I am a sister and sister-in-law of recovering drug addicts and existing drug users.  The holidays can be very hard for those of us who have family members who are drug addicts.  The empty chairs are painful to see and the shell of a loved one suffering from addiction is hard to be around.  I have fallen to many traps of drug users: I have…Read   More

Can filing bankruptcy help me get my driver’s license back? Maybe. First, it depends on why your driver’s license has been suspended or revoked. Have you been involved in an automobile accident where you did not have insurance and were ruled at fault?  If so, it is likely the opposing party is trying to collect the expenses incurred on their claim from you either individually or via their insurance company. An unpaid debt like this can end up in a suspension of your driver’s license until the debt is paid in full and usually ends up with a civil lawsuit…Read   More

In very recent years, Federal laws have been enacted to provide enhanced protection for certain exempt funds from Garnishment of your bank account.  It had become commonplace for banks, upon receiving a garnishment order from a judgment creditor (person or entity you owe), to freeze the account of the judgment debtor (you) without regard to whether the account contained exempt federal funds such as Social Security.  The result of this practice left many retirees with no income and unable to meet their basic needs. Deposits from Government Agencies Under these new laws, an electronic tag must be added to automatic…Read   More

When you file for Chapter 13 or Chapter 7 bankruptcy, you must list all of your creditors. While it is a requirement, it is also in your best interests to do so in order to take full advantage of your case. Quite often, new clients don’t know who all of their creditors are, and do not know how to find them. Here are a few things you can do to be sure that your list is complete. Compile List of Known Creditors First and foremost, write down the creditors that you actually do know. Next, collect all of the bills…Read   More

The answer is no!  A motion for relief from the automatic stay is filed when a debtor falls behind on the post-petition payments on a direct paid debt.  A foreclosure can be stopped by the filing of a Chapter 13 bankruptcy.  A Chapter 13 plan includes the past due payments, fees and other costs to be paid through the Chapter 13 with the debtor starting back the regular contractual payment with the payment due after the case is filed.  Upon filing, the debtor is given the protection afforded by the automatic stay in bankruptcy. Example of Motion for Relief For…Read   More

What is a Bank Levy?

Posted on November 9th, 2015 by Cynthia Lawson

A bank levy is when a creditor has obtained a judgment against you for a debt and then serves that judgment on your bank.  The bank is then required to freeze all money not exempted and send those funds to the creditor. Many states allow certain amounts and types of funds in the bank account to be exempted or protected and each state is different. Exempt Property In Tennessee, you can exempt social security, unemployment compensation, Families First benefits, Veteran’s benefits, disability, illness or a pension that vests as a result of a disability, some alimony, and some child support….Read   More

What is a 2004 Exam?

Posted on November 5th, 2015 by Nick Gajewski

In an average Chapter 7 or Chapter 13 bankruptcy case, the person filing the case typically will only need to appear in court one time.  That hearing is called a Meeting of Creditors.  On that day, you and your attorney will meet with the bankruptcy Trustee, and he or she will have questions for you about your home finances and about your bankruptcy case.  The meeting gets its name from the fact that your creditors can also attend the meeting to listen to the answers you give to the Trustee’s questions.  When the Trustee is finished, your creditors also have…Read   More

When I first started practicing bankruptcy law, one of my colleagues said to me “Bankruptcy is the most paperwork oriented area of the law.” I have never forgotten that statement. One reason is that the law requires just about any and all financial information about a person who is seeking bankruptcy relief. Your bankruptcy attorney will ask you many questions about your debts, your income, your expenses, your assets, your liabilities, your potential assets and more. It is very important to be open and honest with your attorney so that they assist you in filing a successful bankruptcy case. 1….Read   More

Beware of New Bankruptcy Scam

Posted on October 23rd, 2015 by Joshua Lawhorn

Recently in Vermont, several debtors in active bankruptcy cases were targeted by a scam. The victims received a call demanding that they wire money or a warrant would be issued for their arrest. While this scam isn’t completely new, the one in Vermont had a disturbing twist. The scammers were able to use software that made it appear that the call came from the debtors’ attorney’s office. The calls were made after hours so the victims were not able to contact their attorney to confirm that the call was legitimate. Unfortunately, several of the scam calls were successful. While I…Read   More