If you are struggling to pay your auto loan debt, you are not alone. According to the New York Federal Reserve, more than 7 million people in America are seriously delinquent on their auto loan debt through the end of 2018. A serious delinquency is defined as being at least 90 days past due on the loan. Subprime Lenders, High-Risk Borrowers People under age 30 saw the sharpest rise in delinquencies while those over age 30 saw their delinquencies rise more slowly. The rise in delinquencies may be due to the presence of subprime auto lenders in the market. These…Read More
If you have not filed your tax return yet for 2018, you may be in for surprise. According to the IRS, overall all tax refunds have dropped more than 8 percent during the first week of the tax filing season. Some of us are bad at saving and use tax refund to do things they normally cannot afford to do during the year. Tax Cuts and Jobs Act The new Tax Cuts and Jobs Act provides that employers are to withhold less in taxes throughout the year meaning you have more money in each paycheck but less is withheld and…Read More
Our newest Bond and Botes’ law office, Bond, Botes & Wetzel, P.C., is now open in Mobile, Alabama! We are fortunate to have our former law partner,Melissa Wetzel, back with us. Even better, our prospective clients on the Gulf Coast will be very fortunate to have Melissa on their side! I am reminded of my advancing age, unfortunately all too often, by my long term friends, Brad Botes and Greg Gunter. They have known me for a long time and my age came into clear focus, once again, while talking to Melissa on this podcast. Melissa reminded me that we both initially joined the Bond…Read More
It’s that time of the year again. Don’t let the government shutdown fool you—the Internal Revenue Service and its computers are up and running. Whether you’re looking forward to a refund or dreading a tax bill, most of us will be dealing with the IRS in one form or another. No matter which camp you’re in, it’s safe to say that nobody wants to be the subject of a tax audit. How Does the IRS Decide What Returns to Examine? If you’re wondering how the IRS determines which returns to examine, you’re in luck. The Department of the Treasury provides…Read More
A week ago, one of the members in my family called me to tell me that her mortgage company asked her to stop making her mortgage payments so she could qualify for a specific type of mortgage modification. She asked me whether she should do that. The answer is NO. What Will Happen If I Stop Making My Mortgage Payments to Get a Modification? You should not stop making payments and if a mortgage company representative tells you to do so, they are wrong. If you stop making your mortgage payments, it will result in serious negative consequences for you,…Read More
One of the most common concerns my clients have is whether or not filing a bankruptcy case will affect their job. The short answer is this; no, filing a case should not have any impact. The Bankruptcy Code at 11 U.S.C. §525 specifically prohibits employers from discriminating against any person who has filed for bankruptcy relief. Your employer would be breaking a federal law if they fire you or discriminate against you as a result of your bankruptcy. Protection Against Discriminatory Treatment (a) Except as provided in the Perishable Agricultural Commodities Act, 1930, the Packers and Stockyards Act, 1921, and…Read More
What is a Bankruptcy Petition, what are the most common types of Bankruptcy and what happens once your case is filed with the Bankruptcy Court? A Bankruptcy petition is a collection of forms also known as schedules that disclose all of your financial information to the Bankruptcy Court. These forms will list all of your assets (real and personal property), monthly income and expenses and most importantly the liabilities and debts you wish to eliminate. Your bankruptcy case starts when you file the petition with the clerk of the bankruptcy court. What Happens Once My Bankruptcy Petition is Filed? Once…Read More
Here are a few pointers to help you at the start of the Chapter 13 bankruptcy process. 1. Be Patient When I said bankruptcy “process,” I really meant it’s a process. Filing for bankruptcy relief is comparable to filing your taxes. For some people, it can be a relatively swift and easy process, but for the majority of folks, it will take time to gather the necessary documents and information. Once you have provided all the information to your attorney, it will still take some time to get the bankruptcy forms prepared and to review everything for accuracy. A bankruptcy…Read More
Frank Ward is a highly respected and well regarded lawyer who handles cases throughout North Alabama. He is best known for representing individuals who find themselves in the unenviable position of having been charged with Driving Under the Influence (or “DUI”). Simply being charged with a DUI can be detrimental to one’s career and standing in the community so it is best to have a skilled DUI lawyer on your side. Frank focuses on all aspects of DUI law to include driver’s license issues and, down the road, possible expungement under Alabama law. Frank has an extensive background in trial work and really is able…Read More
When discussing bankruptcy, you will often hear references to the “trustee of the case.” The trustee is a court-appointed individual that oversees your bankruptcy case. While many debtors have an initial fear of the trustee, it is generally unwarranted. A trustee is not attempting to sabotage your bankruptcy case. In all likelihood, the trustee would prefer for your case to succeed just as much as you, although your opinions of the most beneficial outcome may differ somewhat. Role of the Trustee Every consumer bankruptcy case that is filed will be assigned to a trustee. Contrary to popular perception, the trustee…Read More
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