Bankruptcy

Bankruptcy is a legal status of a person or other entity that cannot repay the debts it owes to creditors. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.Bankruptcy is not the only legal status that an insolvent person or other entity may have, and the term bankruptcy is therefore not a synonym for insolvency. In some countries, including the United Kingdom, bankruptcy is limited to individuals, and other forms of insolvency proceedings (such as liquidation and administration) are applied to companies. In the United States, bankruptcy is applied more broadly to formal insolvency proceedings.
Posts about Bankruptcy
    • A Record Number of Americans Owe for their Automobile

      How many people do you know who can pay cash for a new car? I bet the answer is not many! The Federal Reserve Bank of New York recently released data showing that a record 107 million Americans owe on a car loan. As recently reported by CNN, that boils down to about 43% of the adult population. Just five years ago, in 2012, only 80 million Americans had auto loans.

      Amy Tanner/ Bond and Botes- 18 readers -
    • Don’t Overlook These When Making a Budget

      Following a Budget is absolutely critical to keeping your finances in check. But, if you keep going over each month, you need to ask yourself why? Here are several places that people spend throughout the year, but often do not realize it until too late. Make sure these items are in your budget on a monthly basis so you are not caught overlooking them and allocating your money improperly.

      Grant Mcnutt/ Bond and Botes- 14 readers -
    • Midland vs. Johnson

      An opinion was issued by the Supreme Court of the United States last week in a case that bankruptcy lawyers, trustees and judges had been anxiously following. The question was whether the act of a creditor filing a ‘stale’ proof of claim in a Chapter 13 bankruptcy violated the Fair Debt Collection Practices Act (FDCPA).

      Dove Bankruptcy Law- 13 readers -
  • What Will Happen to My House and Car If I File for Bankruptcy?

    … There are many things to consider when you are deciding whether to file bankruptcy. One of the most important is what will become of your house and car when you file. In a Chapter 7 bankruptcy, the debtor asks the court to discharge debts because he or she does not have the income to pay these debts. If the debtor has a significant number…

    www.kcarplaw.com- 11 readers -
  • Mortgages and Older Americans

    … A recent CNBC article says according to a 2013 survey of consumer finances by the Federal Reserve, approximately 42% of households with someone age 65 to 74 have a home secured by debt. This number has grown from only 18.5% in 1992 and 32% in 2004. It is expected that this figure will continue to rise because an estimated 10,000 people per day…

    Bond and Botes- 11 readers -
  • Three Lessons to Help Teach Toddlers About Money

    … I have a three-year old toddler and it has been important for me and my husband to find ways to teach her about money and the value of $1. I firmly believe and have personally learned that there is not a one-size-fits-all approach to parenting. In our household, the following rules work for our daughter but you may need to adapt these lessons…

    Mary Pool/ Bond and Botes- 12 readers -
  • Your Rights and Protections After Bankruptcy

    … At Bond & Botes we help people file for Bankruptcy relief, but it’s also important to us that our clients are protected after the case is finished. The whole point of going through a bankruptcy is to receive a “fresh start” for your financial situation. With that in mind, I wanted to use this blog post as an opportunity to discuss some…

    Nick Gajewski/ Bond and Botes- 13 readers -
  • Job Markets Still Struggling In Nine States Post-Recession

    … of income. This is precisely what Chapter 13 debt consolidation is designed to accomplish. Another option may be opting for a new, fresh start. This can usually be accomplished by filing a Chapter 7 bankruptcy case. This type of debt relief can get you set up to go where the jobs are without all the financial baggage from the past. Either way…

    Ed Woods/ Bond and Botes- 9 readers -
  • What is Your Biggest Financial Regret?

    … a lifetime. Over the years what we have realized is that no options equals panic and distress. This generally results in poor decisions regarding finances including pay day and check advance loans, title loans and pawns and other high interest transactions that begin to wreak havoc and may eventually lead to bankruptcy. All of the attorneys at Bond…

    Bond and Botes- 11 readers -
  • Do You Have a Will?

    … According to legal publisher LexisNexis, approximately 45% of those living in the United States have a Will. This is actually a pretty conservative number as other studies show numbers are even lower. Younger people are even less likely to have a Will than older people. I highly recommend everyone to get a Will prepared. Some people have…

    Grant Mcnutt/ Bond and Botes- 8 readers -
  • Beat the Deadlines if You Need Financial Help for College

    … We have a high school senior this year and with graduation festivities around the corner, our focus has been how will be pay for college for our daughter the next four years! Whether your student has applied for scholarship opportunities or not, you need to be aware that there are school-based financial priority deadlines for Alabama’s four-year…

    Gail Donaldson/ Bond and Botes- 17 readers -
  • An 8 Year Car Loan?

    … I attended a meeting last week and I made the comment that I was seeing more and more consumers who have 8 years car loans. The response was, I have never heard of an 8 year car loan. I began to research how often 8 year car loans are offered and the pros and cons of an 8 year vehicle loan. The consensus seems to be that in order to finance a new…

    Cynthia Lawson/ Bond and Botes- 12 readers -
  • U. S. Bank National Association Fined $15 Million For Bankruptcy Violations

    … On April 25th, U. S. Bank National Association (“Bank”) was fined the sum of $15 million by the Office of Comptroller of the Currency (OCC) for violations of the federal bankruptcy laws. This fine must be paid into the United States Treasury. The Bank agreed to pay the fine but did not admit to any wrongdoing. The OCC determined that, between…

    Ed Woods/ Bond and Botes- 15 readers -
  • Should You Borrow From Your 401(k)?

    … with the skills and knowledge to guide you through the pros and cons of borrowing from a 401(k) if you are in a financial hardship. There is not a straight yes or no answer, because it really depends on the situation. It may be that bankruptcy is a good option and you would be better served to leave your 401(k) alone. Our offices offer a free, no obligation consultation if you are having financial difficulties. The post Should You Borrow From Your 401(k)? appeared first on Bond & Botes. …

    Bond and Botes- 12 readers -
  • Getting a Collection Notice Long After Bankruptcy

    … It’s actually amazing to think that after going through a bankruptcy, completing the paperwork and the process, making sure that all creditors and collectors are listed, and receiving a discharge that one might still-years later-get a collection notice from a collection agency about an old debt. Even if someone does not file a bankruptcy…

    Bond and Botes- 13 readers -
  • Pros and Cons of Using a Debt Settlement Company to Get Out of Debt

    … or Bankruptcy” written by my law partner, Brad Botes, for an excellent example of how the debt settlement process works. Cons of Using a Debt Settlement Company Interest, late fees and penalties will still be assessed by the creditor on your account(s) while the negotiation process is taking place. There is no guarantee that the debt settlement…

    Mary Pool/ Bond and Botes- 11 readers -
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