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.
The transfer or sale of property is one of the most common topics I discuss with potential clients. I’d like to take the opportunity to discuss this issue in this blog and hopefully provide answers to some common questions. What Property Transfer Includes When an individual files for bankruptcy relief, he or she is require to disclose to the Court the sale or transfer of any real or personal property that occurred within 2 years before the date of filing for bankruptcy. Real property is considered to be any real estate, whether that is vacant land, a house, or a…Read More
Having lived in my adopted hometown for over twenty years now, I have made many friends through the years who have come to Maxwell Air Force Base for Officer Training School (OTS) and the School of Advanced Air and Space Studies (SAASS) from all over the world. When the news came that the U.S. Air Force decided to locate the new F-35A fighter jet program, I was excited for the possibilities for the future of Montgomery. Any time there is a new industry to a community, there will be opportunities for an economic impact. The 187th Fighter Wing will receive…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
Have you been served with a lawsuit recently? If so, the most important thing to do is to stay calm and call for help! Many people do not understand that they may have a very short window of time to act before even more serious consequences may occur. The most common problem we see is that someone may be served with a lawsuit, however, they don’t realize that the time to take action is immediately. Most lawsuits that are filed in Alabama have a short window of fourteen (14) days from the date you were served for an answer to…Read More
I had the privilege of giving a Continuing Legal Education seminar on bankruptcy to Montgomery’s Legal Services of Alabama. Currently, there are no attorneys trained in handling bankruptcy cases in the Montgomery office. Some attorneys have a general idea of how bankruptcy works but were reluctant to take on any cases without current training. A Look Inside the Bankruptcy Training I was asked to take the ten attorneys through a bankruptcy from start to finish. I explained the documents needed to file a case and what red flags to look out for in advising a client about both Chapter 7…Read More
So, you didn’t start off the New Year by winning any of the latest big lottery jackpots. However, two lone winners did. One winner from New Hampshire has yet to claim the $560 million Powerball jackpot. The other 20-year-old winner from Florida claimed his $450 million Mega Millions grand prize. He chose the one lump sum amount of $282 million. When we think of coming into sudden wealth, we think that one of the quickest ways to do so is by winning the lottery. Let’s be honest; if you do play the lottery from time to time, you know your…Read More
Three days ago, Yahoo News reported on Americans’ love of their plastic. According to the story, the Federal Reserve reported that consumer credit card balances jumped 13% in November of last year. That means that Americans’ credit card debt now exceeds $1 trillion. How much is that? Well, let’s say you had $1 trillion in cash money in your basement (lucky you! Right?). If you decided to divide that cash into equal piles of $1 BILLION per pile, you would have 1,000 piles of cash! Or, put another way, if you had $1 trillion, you could spend $1 BILLION per…Read More
Taking control of your finances is extremely liberating. This is the time of the year when people set financial goals for the year. Here are some of the more popular financial resolutions and some tips for meeting your goal. Common Financial Resolutions (And How to Achieve Them) Save More Money If your goal is to save more money this year, there are a couple of ways to make sure you are successful. First, make savings automatic. Go ahead and set part of your paycheck to be deposited straight into a savings account. It is also helpful to set manageable goal. …Read More
The pressure on the payday loan industry resulting from heightened attention on its predatory lending methods is causing a new metamorphosis in the industry. This time, the industry has lured a bi-partisan effort in Congress to assist it. Not much gets done in Congress these days in a bi-partisan fashion, so it is disappointing to see our lawmakers falling victim to this scam and hailing its supposed technological glory. What’s This “New Model”? Payday lenders try to convince folks they are doing our community a favor by lending to people who would otherwise be shut out of traditional lending options….Read More
Making a decision to seek bankruptcy advice is usually something a person puts a lot of thought (and worry and sleepless nights) into beforehand. Finding reputable and knowledgeable counsel is a must to ensure your bankruptcy is successful. You can’t always believe what you read about bankruptcy on the internet. Also, much of what you may find on the internet will not apply to you. Although bankruptcy is Federal Law, each district throughout the country has different local rules. The success or failure of your case can be largely dependent upon those local rules and how well your attorney knows…Read More