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.
In my line of work, I see people frequently who are under an extreme amount of financial stress. These people handle the stress in one of two ways, there are those who could care less if collectors are calling but just want to get their finances under control and then there are others who are scared and stressed that they have collectors calling because they don’t have the income to pay the debts. It is how one views the stress that determines whether that stress will have an impact on their health. Stress and the Impact on Your Health Last…Read More
While the process of filing and successfully completing a bankruptcy case can be difficult and complicated, it is usually fairly simple and straightforward to qualify for bankruptcy. At Bond and Botes, Bankruptcy is our specialty. So when I’m meeting a prospective client, I can usually determine what types of case a person is eligible for after a short conversation. In consumer bankruptcy, a person can file for relief under either Chapter 7 or Chapter 13. Assuming you’re eligible for both types of case, which should you file? About Chapter 7 Bankruptcy Chapter 7 is the most common type of case…Read More
I recently read an interesting article in a national news magazine about strategies for dealing with co-signed debt. The article contained ideas for extracting yourself from that situation. These strategies included obtaining a release from the co-signed debt, refinancing or consolidating the debt, and selling the collateral, if any, securing the debt. If the primary borrower has stopped paying the debt, you may want to explore these strategies to limit or eliminate your own liability to pay the debt. How to Limit Your Liability to Pay the Debt These strategies can be effective in dealing with co-signed debt but normally…Read More
Americans are still looking for deals even 10 years after the financial crisis. The CNBC article written by Lauren Thomas and Lauren Hirsch highlights how lifestyles have changed since the 2008 recession. Retail and the Recession At the time the recession hit coincided with when many Millennials entered the workforce. The unemployment rate reached a high of 9.5% at once point, jobs were hard to come by even as a college grad, and student loan payments came due. Many Millennials had to look for deals and discounts and do without a lot of non-necessities. It was in 2008 and the years…Read More
This is probably the most common question I get asked by potential clients. Everyone seems to think that there is some rule saying “you can’t use credit for 7 years after bankruptcy.” The idea that bankruptcy destroys your credit for nearly a decade is an urban legend. At some point in the past it may have been true, and I suspect that is where the belief originated. These days, however, recovery from a bankruptcy case is a much quicker process. How Can I Recover? The change is thanks in large part to an amendment to the Bankruptcy Code called BAPCPA. …Read More
If you are looking for ways to pay down debt or find money to make a large purchase, you may be sitting on a gold mine at your house. Besides the obvious categories, such as furniture and toys, there are several other categories of items where you can make money fast from your own home and they are: Clothes/Shoes: if you have lots of clothes/shoes around your house that are no longer being used, those items are great for resale at consignment shops or online. If you use a local consignment shop, you would receive approximately 50% for every item…Read More
Bankruptcy is certainly complicated; it is a mixture of both Federal and state statutes, local laws and rules and exemptions. But as complicated and confusing as bankruptcy is and can be, it is not brain surgery. But for one person, bankruptcy proved to be not only more complicated than brain surgery, but also far costlier. The Neurosurgeon’s Bankruptcy A former Montana and Wyoming neurosurgeon has been sentenced to two years in federal prison for trying to hide assets when he filed for bankruptcy after being sued for malpractice. According to a report in the Billings Gazette, John Schneider was sentenced…Read More
What Is the Debt Relief Clinic? A little over a year ago, U.S. Bankruptcy Judge, Suzanne Bauknight, introduced our bankruptcy bar to a program to help those in need of debt relief. She had been told of similar programs operating in other areas of the country. In partnership with Legal Aid of East Tennessee and the Knoxville Bar Association, she launched a pro bono debt relief clinic. The clinic is held on Saturday mornings quarterly. What Happens During the Clinic At each clinic, Judge Bauknight does an overview of bankruptcy law and debtors rights. Then, the Judge leaves and members…Read More
The U.S. Department of Housing and Urban Development (HUD) has accused Facebook of enabling housing discrimination. According to HUD, Facebook allows property owners and landlords to discriminate against prospective tenants and buyers on the basis of race, color, religion, familial status, national origin, disability or other factors. Accusations Against Facebook In its complaint, HUD alleges that Facebook allows advertisers to purposefully exclude certain people from seeing housing advertisements based on factors that violate the Fair Housing Act. According to HUD’s complaint, Facebook enables advertisers to, among other things: display housing ads either only to men or women; not show ads…Read More
I recently read an article in the New York Times about the incidence of bankruptcy filings among older Americans. I know from my own practice that I’ve seen more older clients in recent years than I did early in my career. Maybe this is a result of what the article discussed, or maybe not. At any rate, it’s an interesting topic. Bankruptcy Filings Among Older Americans According to the article, the rate of bankruptcy filings among those 65 or older has tripled since 1991, the year I first entered law practice. The article mentions several possible causes. Among these are…Read More