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
    • Subprime Mortgage Crisis Part Two

      We all remember the subprime mortgage crisis, right? Well, here we go again. At least it’s a possibility according to William Poole, senior fellow at the Cato Institute and former CEO of the Federal Reserve Bank of St. Louis. In an op-ed published by CNN, Poole argues that the Federal Open Market Committee (FOMC), a branch of the Federal Reserve that determines the direction of ...

      Bond and Botes- 14 readers -
    • Will Filing Bankruptcy Effect Your Immigration Status?

      The Federal US Bankruptcy Code section 525 (a) prevents the government from discriminating against a person for filing a bankruptcy petition. This section establishes the following (in part): “a governmental unit may not deny, revoke, suspend, or refuse to renew a license, permit, charter, franchise, or other similar grant to, condition such a grant to, discriminate with respec ...

      Bond and Botes- 14 readers -
    • Good Ways to Spend Your Tax Refunds

      Did you receive a tax refund this year? How did you spend it? The average refund this year is approximately $3,000.00. A recent article from CNBC offers advice on how we should spend our refund. They offered a list of nine ways to get the most out of your 2016 tax refund. How To Get the Most Out of Your Tax Refund Pay off your high interest rate credit card and loans.

      Bond and Botes- 11 readers -
  • Time for a Financial Spring Cleaning!

    … the knowledge you need to make good financial decisions for the rest of the year. One of the most difficult parts of filing a bankruptcy case is facing the whole problem at once. So this year, in addition to spending time to cut the grass or dust the house, use some time to go over your budget. If you aren’t happy with your finances or if you realize…

    Nick Gajewski/ Bond and Botes- 2 readers -
  • What are Living Trusts?

    … The word Trust is defined as a firm belief in the reliability, truth, ability or strength of someone or something. Common synonyms are confidence, belief, faith, certainty, assurance and reliance. The type of Trust (Living Trust) I am going to be discussing today falls into the something category. There are only two (2) types of Trusts, either…

    Grant Mcnutt/ Bond and Botes- 6 readers -
  • How a Bankruptcy Started With a T-Shirt!

    … for Bankruptcy Here are some common reasons clients end up in my office: Credit Cards. Like my client today, it can start out small and the next thing you know it can double out of control if you missed a payment or only pay the minimum payment. The late charges and interest continue to grow into an amount you can no longer manage month to month…

    Gail Donaldson/ Bond and Botes- 9 readers -
  • Paycheck to Paycheck is No Way to Live

    … an unexpected crisis strikes. Either way, you may get relief from a heavy debt load (and a lot of stress relief too!) by considering a debt consolidation plan under Chapter 13. This usually involves proposing an affordable plan of repayment over a period of time not exceeding five (5) years. Such a plan must be approved by a bankruptcy judge and it also…

    Ed Woods/ Bond and Botes- 9 readers -
  • Is There a Link Between Mortality Rates and Financial Strain?

    … am sure many others who heard this story. I realize that bankruptcy has a negative connotation for some people but suicide is not the answer. A bankruptcy consultation is free at our firm and with most bankruptcy law offices so there are no consequences in just going in to talk with an experienced bankruptcy attorney. If you are feeling there…

    Mary Pool/ Bond and Botes- 10 readers -
  • Twenty Years And Counting!

    … Normally, I blog about current events or about how we can help consumers can get real relief from financial pressures under the law. In today’s post, I digress to recognize one of our own. Recently, we celebrated the twenty year anniversary of our friend and trusted employee, Leann Wilkinson. Where has the time gone? Her official title is Office…

    Ed Woods/ Bond and Botes- 10 readers -
  • How Fast is a Bankruptcy Case?

    … This topic is another of the questions I answer on an almost daily basis. Everyone wants to know how quickly a bankruptcy case takes effect and how quickly it will be done. As far as court procedures go, bankruptcy is relatively speedy. Bankruptcy Provides Quick Relief The first thing to know is that starting a bankruptcy case is very fast. From…

    Nick Gajewski/ Bond and Botes- 14 readers -
  • Spotlight: Volunteer Lawyers Program of Madison County

    …% of the federal poverty guidelines. The MCVLP does not accept criminal cases, traffic court issues, or fee-generating cases. Some examples of cases it does accept are divorce, bankruptcy, consumer, small claims, and guardianships, to name a few. The MCVLP holds clinics and has a variety of projects going on to connect clients with an attorney for either…

    Kathryn Davis/ Bond and Botes- 9 readers -
  • Recent Study Shows Slight Decrease in Alabama Medical Debt

    … debt as of 2015. In Alabama, the percentage is 30 percent compared to the national rate of 23.8 percent. Past Due Medical Debt in Alabama In 2012, Alabama had 33.3 percent so the study shows there has been a decrease. The study does not speculate on why the level of debt dropped but did point out another study conducted in 2016 that looked…

    Gail Donaldson/ Bond and Botes- 9 readers -
  • Small Nebraska County In Big Financial Trouble

    … farmers are struggling with low commodity prices. As a result, the county may be forced to seek relief in the bankruptcy court. However, there are many questions concerning how a bankruptcy filing would play out for this small county. Unless the large jury verdict is thrown out or cut down on appeal, bankruptcy for the county may be inevitable…

    Ed Woods/ Bond and Botes- 13 readers -
  • Knoxville Veterans’ Legal Clinic

    … Our Knoxville office, Bond, Botes & Lawson, recently began participating in a Veterans’ Legal Clinic. The Veteran’s Legal Clinic is a joint project sponsored by the Knoxville Bar Association, Legal Aid of East Tennessee, Knox County Public Defender’s Community Law Office, the University of Tennessee College of Law and the local VA office. Its…

    Bond and Botes- 12 readers -
  • First-time Homebuyers in Parts of Knox County Eligible for Down Payment Assistance.

    … The Tennessee Housing Development Agency (TDHA) introduced a new $60 Million program designed to help the 55 hardest areas throughout the state that have struggled to recover from the 2008 housing crash. According to a report in the Knoxville News Sentinel, seven of those areas lie in or around Knox County, Tennessee, with one area extending…

    Bond and Botes- 14 readers -
  • Hiding Credit Cards and Bank Accounts

    … Do you have a secret bank account or credit card? Have you hidden purchases from your significant other? An article on CNBC this week says a recent survey by the website found just over one quarter of the approximately 1,000 people they surveyed had a secret bank account and/or credit card. The survey found that older Americans were…

    Bond and Botes- 14 readers -
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