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.
Nobody is eager to file bankruptcy, and for some people struggling with debt there are other viable alternatives. For most people, doing nothing and hoping for the best is not a viable alternative. Still, it’s one that far too many people choose. While facing financial troubles head on can be difficult and stressful, doing nothing only aggravates those problems. For most people, unaddressed financial issues ultimately reach a point at which they cannot be ignored. In some cases, that means serious crises like foreclosure, wage garnishment that doesn’t leave enough for necessities, or repossession of a vehicle necessary for work….Read More
There’s no question that bankruptcy is a negative on your credit report. A Chapter 7 bankruptcy case stays on your credit history for 10 years, and a Chapter 13 case for seven. It will come as no surprise that most creditors don’t love to see bankruptcy when they’re reviewing your credit report. That said, the impact of a bankruptcy filing on credit scores differs significantly depending on your starting point—an important piece of the puzzle that is often overlooked when people offer generalized advice about bankruptcy and credit. Filing for Bankruptcy with a High Credit Score Although the general statement…Read More
I can’t imagine that there are many people in North Alabama who aren’t familiar with attorney Cliff Hill. Cliff was a network news anchor for several years prior to attending law school and his law school journey was not an easy one. He would leave the news station immediately after the evening newscast and then go to law school in Birmingham five days per week. This went on for several years. Talk about dedication to the law! Cliff is one of those people who studied virtually every aspect of the law and is very conversant on a broad spectrum of…Read More
Technically, any individual can file for Chapter 7 bankruptcy unless the debtor, in the preceding 180 days, either: Had a bankruptcy petition dismissed because he or she willfully failed to appear in court or to comply with orders of the court, or Voluntarily dismissed a bankruptcy case after secured creditors sought leave of the court to recover collateral A bankruptcy filing will also typically be dismissed if the debtor has not completed the required credit counseling in advance of filing and submitted a certificate of completion with the bankruptcy petition. Of course, when people ask whether they can file Chapter…Read More
As bankruptcy rates among American farmers continue to rise, a bill was recently introduced in the Senate that would make some changes to Chapter 12 of the U.S. Bankruptcy Code. The Family Farmer Relief Act of 2019 is designed with the intention to help family farmers reorganize after falling on hard times. Chapter 12 is the section of the bankruptcy code that is specifically for family farmers and fishermen. Congress established Chapter 12 of the Bankruptcy Code in 1986. Chapter 12 removes many barriers that debtors would face under Chapter 11 or Chapter 13. For instance, Chapter 12 is less…Read More
Hospitals are usually one of the last places a person wants to visit. It’s usually a relief when a patient leaves and returns home. That is until the medical bill arrives in the mail a few weeks later. Medical bills rarely end up being an amount the patient expects, as it is virtually impossible to know what the final amount will be until the bill arrives. This is not surprising considering how confusing in/out of network insurance coverage is by itself, let alone the varying prices in miscellaneous charges. Annual healthcare costs today average around $10,739 per person, but that…Read More
As our firm continues to grow, we constantly look to recruit new talent to help us better serve our clients and reach out to even more families and individuals in financial distress. I am very pleased to announce that a new attorney has joined with us in our quest. Wes McKenzie is a native Mississippian who is committed to serving the legal needs of his fellow Mississippians. In 2008, Wes earned his undergraduate degree in Business Administration with an emphasis in Marketing from the University of Mississippi. In 2013, he earned his Doctor of Jurisprudence from the Mississippi College School…Read More
A few months ago I wrote about What Happens to Real Estate when you surrender it in a Bankruptcy. Now, I want to discuss what happens to personal property like vehicles, mobile homes, furniture, and other household items when you surrender them in a bankruptcy. What are Secured Creditors? Let’s start with Secured Creditors. These are creditors who hold liens of some kind against your property. With personal property, the most common types of liens may be a lien on a vehicle title, a purchase money security interest or a security interest under the Uniform Commercial Code (UCC). Basically, if…Read More
Recently, the Clarion Ledger newspaper in Jackson, Mississippi reported the results of a Wallethub.com study. Wallethub.com is a personal finance website. The study used information from TransUnion to compile the average credit scores of the residents of several towns and cities across America. According to the article, the average credit score across the nation is right at 700. Scores range from a low of 300 to a high of 850. A score of 650 or higher is usually considered good credit. How Did Mississippi Cities Score? Some Mississippi cities posted healthy scores. Madison, Mississippi scored 745 putting that city on…Read More
Are you in a financial position to save 90% of your income? CNBC’s Kathleen Elkins published a story this weekend, “NFL player who saves nearly 90% of his income teaches a money class at Penn called ‘Life 101.’” New York Giants linebacker, Brandon Copeland, has developed a savings plan where he is able to live on 10% of income and save 90%. Copeland realizes that his time playing professional football will end long before retirement age, and he needs a way to still make it financially. He has dabbled in some side businesses like flipping houses and opening a real…Read More