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.

We get calls from people almost every day asking how much we charge to file bankruptcy. They have apparently already decided, perhaps upon the advice of a friend or family member, that they need to file bankruptcy and are making their way through a list of law firms asking this question alone to determine who they can pay the least to be the caretaker of their financial future. Now think about this for a moment. The person’s finances are at a point where they feel that they have no option but to file bankruptcy and they are making a decision…Read   More

Many of my clients come to me six months after cashing out their 401(k).  At the time, it seemed to be a good idea to solve a short-term cash crunch.  Unfortunately, cashing in a 401(k) can cause problems in the future.  It is often easy to cash in your 401(k) as long as you can prove you are having a hardship, such as temporary cash-flow problems created by the loss of a job or an emergency home repair.  Sometimes I hear they have simply paid down a credit card or caught up a loan, with no ability to pay the…Read   More

Dischargeability of Recent Debt

Posted on November 30th, 2016 by Nick Gajewski

Now that Thanksgiving and Black Friday are behind us, the Holiday shopping season is in full swing.  Many of you likely made purchases using credit cards or other credit accounts to make gift purchases.  If you’re already in a tight financial situation, keep in mind that the Bankruptcy Code has provisions built in that prevent a person from discharging debts that have been recently incurred. Luxury Goods May Be Non-Dischargeable First, debts owed to a single creditor for more than $500 for luxury goods or services incurred on or within 90 days of filing a case are presumed to be…Read   More

We are quickly approaching the beginning of a new year. Many people see the new year as a new beginning and a time to make a fresh start or seek some sort of improvement from the past year. Many folks may decide to consider looking for a home and taking out a mortgage in the coming year. Before seeking a mortgage loan, it is smart to review your credit history and make any improvements you can in order to help yourself get the credit you want or need. Check Your Credit Report One thing that I encourage every consumer to…Read   More

Happy Thanksgiving!

Posted on November 24th, 2016 by Gail Donaldson

Thanksgiving is a time to spend with family, have delicious food, hunting for deer and watching football in the south.  We have so many things to be thankful for this year and we hope you and your family’s Thanksgiving is filled with lots of love and fun memories this year. Thanksgiving is also the trigger for holiday shopping across the country.  As you prepare for this week’s Black Friday, please keep these tips in mind so January is not filled with a shopper’s hangover! Research your local ads for discounts and coupons. Know the store hours of each place you…Read   More

Bond & Botes, P.C., is pleased to announce the winner of our undergraduate Financial Hardship Scholarship for 2016. Monica D. Penny, a 2016 graduate of Brewbaker Technology Magnet High School, is starting her collegiate academic journey at Alabama State University, Montgomery. The $2,000 Bond & Botes scholarship will go toward Penny’s first-year tuition. The law firm honored Penny’s academic achievements in an award ceremony on Oct. 21 at the Bond, Botes, Shinn & Donaldson, P.C., office in Montgomery. Attorney Bradford W. Botes extended congratulations from all the firm’s attorneys and staff members. “You have really worked hard to achieve all…Read   More

One of the requirements when filing a bankruptcy is to complete a version of Bankruptcy Form 122 which is known as the “Chapter 7 Means Test Calculation” or the “Chapter 13 Calculation of Your Disposable Income.”  Debtors enter their income and expense information on this form.  The information is partially from the debtor’s records such as pay-stubs and some of the information used is from the Census Bureau and the Internal Revenue Service. Family Median Income State family Median Income figures come from the Census Bureau.  The United States Census Bureau conducts surveys to determine a median income per household…Read   More

  My family and I recently returned from a mission trip to the country of Belize. My daughter’s school has a mission’s club to which she belongs and it was a wish of hers that our entire family be part this experience. This was the third time she has made the trip to Belize, twice with her school and once on a medical missions trip with our church. I have never felt the calling for missions but after attending several of the planning meetings and at her and her classmate’s urging, my wife and I felt God wanted us to…Read   More

Happy Veterans Day!

Posted on November 11th, 2016 by Amy Tanner

The election is over! Whether or not your candidate prevailed, I think one thing most of us will agree on, no matter who currently fills our top position of power, is that America is a great country because we have our many freedoms! Our military has fought for those freedoms and today we Honor our Veterans! Who is a Veteran? Who exactly do we Honor today? All members of our military past, present and future deserve honor, but as today is set aside for Veterans who are they? Each of us may picture something different when we think of a…Read   More

Statistics show that consumers spend more money during the 3 months before New Year’s than any time of the year.  It makes perfect sense as these 3 months include Halloween, Thanksgiving and Christmas.  Costumes, parties and entertainment, presents and travel are at a yearly high.  Unfortunately for many, much of that purchasing is done on credit.  Credit, usually at high interest rates, leads to major financial difficulties in the future. Tips to Help Save During the Holidays Here are a few tips to help you save during the Holidays, so next year doesn’t have to be stressful. Talk with your…Read   More