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
    • What are Some Bankruptcy Myths?

      I love my law firm of Bond and Botes, my law partners, my law associates, my employees and the practice of Consumer Bankruptcy very much. It is a great thing to love what you do and who you do it with and I am so blessed to get to do just that every day. I also love my clients and solving the financial problems they bring to our offices at Bond and Botes each day.

      Grant Mcnutt/ Bond and Botes- 17 readers -
    • Bankruptcy and Credit Card Debt

      Body Many people think bankruptcy is an overwhelming process with painful consequences. Many debtors are reluctant to even consider it as an option. While bankruptcy comes with some downsides, and it is certainly not appropriate for every financial situation, it does provide a fresh financial start. 16 readers -
    • Steps to Take to Overcome Bankruptcy

      Entrepreneur magazine published an article last year about how entrepreneurs rebound from filing bankruptcy and move forward with their lives. After reading the article I believe the recommendations are solid for individuals who have filed or are considering filing. My Thoughts on the Recommendations Face your financial problems head on.

      Robert Reese/ Bond and Botes- 12 readers -
  • Building Your Credit for the New Year

    … will reflect positively. At Bond & Botes, we focus on helping people find a solution to financial difficulties. Filing for bankruptcy relief is often one of the quickest and most effective ways of cleaning up bad credit or delinquent accounts that are hurting your chances for future good credit. We offer free initial consultations with our…

    Nick Gajewski/ Bond and Botes- 9 readers -
  • West Coast Homeless Population Booms, Causing National Increase

    … According to the U.S. Department of Housing and Urban Development’s annual Point in Time report released this month, the U.S. homeless population increased for the first time since 2010. The report showed that during counts taken in January, nearly 554,000 homeless people are living in the U.S. That number is up nearly 1% from 2016…

    Kathryn Davis/ Bond and Botes- 7 readers -
  • Is Your Debt Load Piling Up?

    … According to the International Monetary Fund (IMF), individuals and companies are piling on debt at levels last seen just prior to the financial crisis a few years back. The IMF reports that borrowing in the “non-financial sector” has surpassed the pre-crisis high. The “non-financial sector” is composed of governments, non-financial companies…

    Ed Woods/ Bond and Botes- 10 readers -
  • Financial Problems and the Holidays

    … to help you prepare if you are contemplating bankruptcy in the next few months. The Do’s and Don’ts Do: Use some of your federal income tax refund First, many people find it helpful to file bankruptcy around the time they get their federal income tax refund. They use the money they get back to pay the fees associated with bankruptcy. Now, would be a good…

    Bond and Botes- 8 readers -
  • Freedom Debt Relief Accused of Deceiving Customers

    … a free consultation. We are knowledgeable, local attorneys who go over all of your options. We also help to settle your debts, budget and file for bankruptcy. Our attorneys have helped many consumers in Alabama, Tennessee and Mississippi over the last 25 years. The post Freedom Debt Relief Accused of Deceiving Customers appeared first on Bond & Botes. …

    Cynthia Lawson/ Bond and Botes- 11 readers -
  • Changes to Reverse Mortgages (HECM’s)

    … In a prior blog post, I discussed what a Reverse Mortgage is. I also went into detail about some of the basic rules to qualify for one, where you get them, and cautioned about the negative aspects of them. The U.S. Department of Housing and Urban Development recently changed some of the guidelines to implement policies issued under the Reverse…

    Bond and Botes- 13 readers -
  • What Is an Unsecured Debt?

    … with collection. Collection can include garnishment of your bank account or wages or execution on your home, vehicles or other personal property for a sale at an auction by the sheriff. Feeling Overwhelmed by Unsecured Debt? Bankruptcy will stop a lawsuit in its tracks. If you aren’t happy with your finances or if you realize that your bills are getting…

    Grant Mcnutt/ Bond and Botes- 11 readers -
  • Mark Your Calendars Payday Lenders: New Rules Expected to Take Effect in 2019 (Maybe)

    … to cliche, we will wait and see who wins the day: large companies or the consumer. If you’ve run into a problem with a payday lender, your best bet would be to contact an experienced bankruptcy attorney to discuss your options. The attorneys at Bond & Botes, P.C. have years of experience dealing with a wide variety of loans and debt. Contact one…

    Bond and Botes- 12 readers -
  • Bankruptcy “Reform” a Dozen Years Later

    … Today marks the 12th anniversary of the implementation of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA). The BAPCPA, bought and paid for by the banks and credit card companies, represented the biggest overhaul of the bankruptcy system in our country in almost 30 years. At the time the legislation was passed, I…

    Bradford Botes/ Bond and Botes- 17 readers -
  • Americans Struggling to Make Ends Meet

    … A new report by the Consumer Financial Protection Bureau show that about one in five Americans struggle to pay for life’s basic needs to include food, shelter and medical care. It further states that while roughly one-third of consumers have a hard time making ends meet. The research asked respondents 10 questions that were answered on a scale…

    Gail Donaldson/ Bond and Botes- 14 readers -
  • Brad Botes Named A Best Lawyer In America

    … Our friend and partner, Brad Botes, has been named a Best Lawyer in America. Read about it here . We all know Brad as a man of prodigious talent and his repertoire is extensive; however, tooting his own horn apparently exceeds that talent and repertoire. Therefore, let me offer my humble assistance. This prestigious honor is based upon peer…

    Ed Woods/ Bond and Botes- 15 readers -
  • Are Overpayment of Unemployment Benefits Discharged in Bankruptcy?

    … Overpayment of Unemployment Benefits are subject to discharge in both chapter 7 and chapter 13 bankruptcies. The overpayment of unemployment benefits are not given special protections, even if they are owed to the state. An unemployment overpayment is not a debt that is listed as exempt from discharge. Filing for bankruptcy can provide…

    Cynthia Lawson/ Bond and Botes- 13 readers -
  • What are the Bankruptcy Exemptions in Tennessee

    … Under bankruptcy law, debtors are permitted to claim exemptions. Exemptions allow a debtor to exempt or remove property from the bankruptcy estate to protect it making it unavailable to the trustee or creditors for liquidation. Each state has its own exemption laws; however, there are times when it is appropriate to use federal exemptions…

    Bond and Botes- 13 readers -
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