Bradford Botes
Usury involves the practice of making high interest loans which take advantage of the borrower. They are unfair loans that unjustly enrich the lender. Throughout history, these type loans have been deemed to be unethical or immoral. The Bible itself condemns taking interest from the poor. Exodus 22:25 History of Usurious Loans In the early days of our nation, usurious loans were illegal. Most states had laws that set a limit on interest at 6%. But in the early 1900s, a move towards “deregulation” caused many states to weaken or do away all together with usury laws. By the middle…Read More
Over the past 12 years, the amount of debt carried by the average undergrad has doubled. In 2005, the average median student debt upon graduation ranged from $11,750 to $27,757, depending on the school and state. A student graduating in 2018 is face with over $37,000 in loans, nearly twice the amount of a student in 2005. In addition, the average student loan payment has increased from $227 to $393. The following Acts have directly affected student loan lending rates and the amounts being borrowed: February 8, 2006 – HERA: The Higher Education Reconciliation Act of 2005 President George Bush…Read More
Having now practiced bankruptcy law for over thirty years, I find that I am often the “old guy” amongst gatherings of bankruptcy practitioners. It is sometimes hard to figure out how this happened so quickly. It seems like such a short time ago that I was getting started in the legal field. I remember clearly the early days of practice when virtually everything I did was new to me. When Mark Bond and I started our practice, we first had to lease space, hire help and determine how we were going to pay the bills. I now find myself on…Read More
Many of our bankruptcy clients own homes or condominiums in developments where they have an obligation to pay Homeowner’s Association dues (HOA dues). HOA dues are essentially a commitment that runs with the property to share the costs of common, or mutual, expenses. These expenses may include costs for maintaining sidewalks, landscaping, community pools or other amenities shared by all owners in the community. If the HOA dues are not paid, neighborhood covenants (rules that are tied to the property) will often allow for a lien to be recorded against the delinquent homeowner’s property. When the property is sold or…Read More
Did you know that the average student loan debt amount is over $37,000? To cover this increasingly expensive amount, you’ll will likely need some sort of financial aid. Each year, many new graduates leave college excited to begin their journey in the workforce or to continue their education at the Master’s level. Too often, though, these young people begin their working lives saddled with suffocating amounts of education debt. Some graduates even leave college with more debt than the national average. The attorneys at Bond & Botes, PC — lawyers who provide financial solutions to clients in Alabama, Mississippi, and…Read More
If you have followed the news at all during the last week, you know that the stock market has seen significant turmoil. Cryptocurrency and Commodity markets have seen the same ups and downs. Both social and the traditional media have been abuzz with stories of great financial losses and gains. With all of this going on, I was invited to appear on the Matt & Aunie show Tuesday morning to share my perspective on what the turmoil on Wall Street means to the average consumer on main street. You can listen to a podcast of my appearance here. The Matt & Aunie show is hosted by Matt Murphy and Andrea…Read More
Today marks the 12th anniversary of the implementation of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA). The BAPCPA, bought and paid for by the banks and credit card companies, represented the biggest overhaul of the bankruptcy system in our country in almost 30 years. At the time the legislation was passed, I served on the board of directors of the National Association of Consumer Bankruptcy Attorneys (NACBA). NACBA opposed the legislation fiercely but after seven failed attempts, and immense lobbying expenditures by the credit card industry, congress finally succumbed. The legislation was passed by the Senate…Read More
Bond & Botes, P.C. is proud to announce the winner of our 2017 Financial Hardship Scholarship: Telvin J. Miller. Mr. Miller graduated from Wenonah High School earlier this year and is currently attending the University of South Alabama. The $2,000 Bond & Botes scholarship will help covers some of Telvin’s college tuition costs. About Telvin J. Miller Telvin’s High School experience was no easy feat. He sacrificed a “normal” high school life of spending time with friends for balancing school work, football, a part time job, and helping raise his younger siblings. With these challenges came many achievements. He excelled…Read More
At Bond & Botes, P.C., we work with a variety of people who have fallen on financial hard times and, in some cases, need to file for bankruptcy. Of all the financial problems we encounter, few compare to being caught in the trap of payday lending. We believe that the state of Alabama is not doing enough to protect our citizens from the predatory payday loan industry, and we are working to make our voices heard. We’ve created a petition to demand that our state legislators take concrete action to reform payday loans in our state. What Is a Payday…Read More
Something special happened twenty-five years ago, today. On January 2, 1992, Suzanne Shinn (at that time, she was Suzanne Carlson – more on this later) began work as an attorney with Bond & Botes, P.C. In the quarter century since, she has become a dear friend, confidant, respected advocate, and mentor to many. Suzanne and I have worked together, commiserated together, prayed together, celebrated together, mourned together, and cried together – but more often we have laughed together, and, well, experienced life together. Suzanne was the very first attorney that Mark Bond and I invited to join our firm. Bond…Read More
