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
  • Life in the Sweatbox

    … This week, I read an article on by Pamela Foohey who is a professor of law at Indiana University Maurer School of Law. The article discusses an upcoming law review article in the Notre Dame Law Review, Life in the Sweatbox, about the struggles consumers endure before filing bankruptcy. What Is The Sweatbox? The “Sweatbox…

    Bond and Botes- 5 readers -
  • Signs that Bankruptcy Might be the Right Choice for You

    … A recent article on outlined 15 signs of serious debt trouble. If you recognize these signs with your financial struggles, it might be a good idea to meet with a bankruptcy attorney to discuss your financial options. What Are the Signs? Are your credit card balance increasing and/or your income decreasing? Are you paying just…

    Mary Pool/ Bond and Botes- 6 readers -
  • How Procrastination Is Your Worst Enemy

    … outlined above can, in almost all circumstances, be wholly avoided if you seek help timely and take timely action to protect yourself and your property. The bankruptcy laws are written to address these situations and the process is not as scary as you may imagine. All you need is to reach out to a caring and compassionate debt relief attorney who can…

    Ed Woods/ Bond and Botes- 9 readers -
  • 2018 Financial Hardship Bond & Botes Scholarship Open for Applications

    … Did you know that the average student loan debt amount is over $37,000? To cover this increasingly expensive amount, you’ll will likely need some sort of financial aid. Each year, many new graduates leave college excited to begin their journey in the workforce or to continue their education at the Master’s level. Too often, though, these young…

    Bradford Botes/ Bond and Botes- 9 readers -
  • Millennials and the Debt Problem

    … According to a recent Forbes article, Millennials may not be doing so badly when it comes to handling their finances. That’s interesting news considering about one-third of Americans—77 million people—have a report of a debt in collections. Further, the average adult owes around $5,178. Despite a poor economic outlook since Millennials began…

    Bond and Botes- 9 readers -
  • Property Transfers and Bankruptcy

    … The transfer or sale of property is one of the most common topics I discuss with potential clients. I’d like to take the opportunity to discuss this issue in this blog and hopefully provide answers to some common questions. What Property Transfer Includes When an individual files for bankruptcy relief, he or she is require to disclose…

    Nick Gajewski/ Bond and Botes- 12 readers -
  • F-35A’s Coming to Montgomery

    … program, I was excited for the possibilities for the future of Montgomery. Any time there is a new industry to a community, there will be opportunities for an economic impact. The 187th Fighter Wing will receive the latest fighter jet to replace its F-16 jets. The Air Force expects the F-35A’s to begin arriving in early 2023. The decision came…

    Gail Donaldson/ Bond and Botes- 11 readers -
  • What to Do If You’ve Been Served with a Lawsuit

    … against your bank account….well….that’s when it’s really hard to stay calm. Can Filing For Bankruptcy Help? Let’s face it. Life is busy and we all think there is plenty of time, but two weeks goes by in a flash and if no answer is filed or action taken, it’s virtually impossible to “undo” a default judgment. Many people do not want to file…

    Bond and Botes- 11 readers -
  • Bankruptcy During Tax Time—Can You Keep Your Refund?

    …Bankruptcy During Tax Time—Can You Keep Your Refund? For many taxpayers, an annual refund is an important part of financial planning for the entire year. This can make it difficult to plan for bankruptcy. Tax refunds can be an asset subject to the liquidation powers of the bankruptcy court. However: with careful planning, a tax refund can… 12 readers -
  • Using Chapter 13 Bankruptcy to Prevent Foreclosure

    … Bankruptcy can meet your financial goals in many different ways. To access the debt relief tools that are right for them, however, debtors must identify the specific problems they wish to address. An experienced Missouri bankruptcy attorney can help debtors find the most effective measures for meeting their financial goals. How Foreclosure Works… 10 readers -
  • From Sudden Wealth to Bankruptcy: How and Why?

    … bankruptcy within three to five years than the average American. Whether we come into sudden wealth through winning the lottery or through a large inheritance, studies show that it does not necessarily make you happier or healthier. According to economist Jay L. Zagorsky, “studies found that instead of getting people out of financial trouble, winning…

    Bond and Botes- 15 readers -
  • Are You A Part of the $1 Trillion Debt?

    … Three days ago, Yahoo News reported on Americans’ love of their plastic. According to the story, the Federal Reserve reported that consumer credit card balances jumped 13% in November of last year. That means that Americans’ credit card debt now exceeds $1 trillion. How much is that? Well, let’s say you had $1 trillion in cash money in your…

    Ed Woods/ Bond and Botes- 14 readers -
  • Financial Resolutions for the New Year

    … of debt to begin your financial goals, please contact one of our offices to set up a free consultation with an attorney. Filing for bankruptcy might be the kick start you need to get on your way to make your financial resolutions a reality. The post Financial Resolutions for the New Year appeared first on Bond & Botes. …

    Kathryn Davis/ Bond and Botes- 10 readers -
  • Is the New “Payday Loan” Lending Model Still Predatory?

    … in American today? Or, is it just another example of lobbyist paying to play in Washington, D.C.? If you are considering a filing for bankruptcy relief but are concerned about what the rules require and how they may affect you, please contact one of our locations nearest you in Alabama, Mississippi or Tennessee. We offer free, confidential consultations with our licensed attorneys. The post Is the New “Payday Loan” Lending Model Still Predatory? appeared first on Bond & Botes. …

    Bond and Botes- 11 readers -
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