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.
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 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 complicated and expensive…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
Both Lee and Barbour counties are located within the Middle District of Alabama. Many lives were affected yesterday by the tornadoes that swept through Lee and Barbour counties. Our thoughts and prayers are with the families and communities affected by the tornadoes for their lives will be forever changed by these tornadoes. As most Alabamians know by now, there were multiple fatalities and injuries suffered by those in our communities yesterday. Currently, in Lee County, some people are still missing after the tornado so please take a moment to pray for those missing and that they will be recovered. Also,…Read More
This month, two completely different companies, Ditech Holding Corporation and Payless, Inc., filed Chapter 11 bankruptcies for the second time in as many years. However, the purpose of the Chapter 11 filing is different for each company. Ditech files for Chapter 11 Ditech Holding Corporation, along with its subsidiaries, including Ditech Financial LLC and Reverse Mortgage Solutions, Inc. has filed for Chapter 11 bankruptcy in the Southern District of New York. Ditech has a plan to restructure its debt and continue to operate. Ditech along with its subsidiaries is an independent servicer and originator of mortgage loans. It is also…Read More
I have been reporting on the #METOO Movement and its collision course with bankruptcy over the last several months. Now, in addition to Mike Isabella from Top Chief and Harvey Weinstein, USA Gymnastics follows in the same footsteps by declaring Chapter 11 bankruptcy in December 2018, in the wake of multiple lawsuits being filed against it. In a sordid affair that began unraveling in 2015, a team doctor employed by USA Gymnastics, Larry Nassar, carried out systematic sexual abuse of underage female gymnasts over many years under the pretense of medical treatment. One by one, victims of Dr. Nassar began…Read More
Proud Parent Introduction The following post is by Emma Donaldson, my oldest daughter. She was home this weekend for her sister’s 13th birthday. As we discussed her college life and what she’s learned, I told her to write a blog post about it! Emma is a sophomore at Auburn University and majoring in Public Relations. She has an interest in marketing too and told me a great deal about marketing via social media and Google this past weekend. It’s so nice to learn from our kids in today’s world but what a great blessing to know that they have learned…Read More