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.
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
The school season will be back in just a few weeks, and even though here in Alabama it still feels like Summer, the Fall season is fast approaching. It may seem strange to think of home finances at this time of the year, but this season actually provides several benefits when it comes to personal financial planning. I this blog post, I’d like to talk about planning a budget for the coming year. Why Make a Budget Now? The “Back-to-School” season is a great time for working on a household budget plan to help with getting your finances under control. …Read More
On August 9, 1993, I started working fresh out of college with Bond & Botes as the receptionist. I was 22 years old and thought I knew a lot. Little did I know how much I would have to learn. My 22-year old self was eager to learn, unsure about a lot of life’s mysteries, but still trusting of people. Now, twenty-five years later, I want to reflect about what I have learned through the many faces that have walked through our doors at Bond & Botes. Most people have good hearts. I have met so many people through…Read More
Back in 2015 I blogged about the infamous Real Housewives of New Jersey Guidice family and their bankruptcy woes, including the potential loss of their home to foreclosure. Now we have another infamous New Jersey resident facing the same dilemma, rapper Lil Kim. Why Lil Kim Filed for Bankruptcy Kimberly Jones, aka Lil Kim, is said to be one of the most influential rap musicians of the day. However, that moniker has not helped her to avoid bankruptcy court where she has filed a petition pursuant to Chapter 13 of the Bankruptcy Code in an attempt to save her home. …Read More
A recent CNBC article reports that a large percentage of millennials regret buying their home. Currently, about 40% of millennials (ages 21-34) are home owners according to a recent Bank of the West survey. Yet, 68% of them feel buyer’s remorse. This figure is about double the rate of Baby Boomers in the same circumstance. Why Millennials Are Feeling Buyer’s Remorse According to the article, the millennials’ remorse comes from three areas. Overspending The first is overspending on the down payment. According to the Bank of the West’s survey, approximately one-third of the millennials had dipped into their retirement savings…Read More
If you look at my blog posts, I try to concentrate on helping families improve their household budgets. One of the expenses reviewed in your budget should be how much you actually spend on food. Quite frankly, almost all individuals that I meet with regarding bankruptcy always underestimates how much they actually spend on food. In my household budget before I started tracking expenses, I guessed that we were spending about $500 on food before our daughter came along. In reality, after tracking our groceries and dining out expenses, we were spending over double that figure. I had no clue! …Read More
As consumer bankruptcy attorneys, we are regularly asked by our clients how they can begin to rebuild their credit after completing their bankruptcy case. Clients are often under the misunderstanding that their credit is shot for ten years. First let’s clear up that misconception. Where Does This Misunderstanding Come From? A Chapter 7 bankruptcy can remain on your credit report under the public record section of the report for up to 10 years from the date the case is filed. A Chapter 13 bankruptcy can remain on your credit report for 7 years from the date the case is filed. …Read More
I saw an interesting article in Business Insider yesterday. The article contained the median salaries for all Americans between the ages of 18 and 70. Of course, the “median” is the figure at which one-half of all salaries are below and the other one-half of salaries are above. The younger ages had the lowest figures. For example, those between the ages of 18 and 25 had a median salary of $16,700 to $32,100. On the other end of the scale, those between ages 63 and 70 had a median salary of $55,200 and $67,000. The article used data from the…Read More
One of the most common questions I get is “how do I improve my credit score?”. Megan Leonhardt has a recent article on CNBC.com offering tips on what affects a credit score and ways to improve a credit score. How Credit Scores Are Calculated Some key factors in calculating your credit score are: Any missed payments Any personal bankruptcies Any high credit card balances Improving Your Credit Score To improve your credit score, she suggests the fastest way is to make timely payments on your debts. You can also focus on first paying off debts that have already gone to collections…Read More
Discounts as Whole Food Markets On Wednesday, July 27th, Amazon Prime members will begin receiving an additional perk… discounts at Whole Food Markets and Whole Foods 365 stores. Amazon Prime members will receive an additional 10% discount on most sale items and Prime member-only deals at Whole Foods. Also, Amazon is expanding its Prime Now grocery delivery program to additional cities throughout 2018. Currently, Prime Now delivery is available in Atlanta, Austin, Baltimore, Boston, Cincinnati, Dallas, Denver, Los Angeles, Philadelphia, Richmond, Sacramento, San Diego, San Francisco and Virginia Beach. Additional benefits as an Amazon Prime Member Most Amazon Prime members…Read More