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
  • Credit Bureau Changes to Take Effect July 1st

    …. At Bond & Botes, we help people clean up their credit reports through the bankruptcy process. If you have loans or other debts that you’re struggling to repay or want to make sure that your credit report is clean of any negative marks, then I encourage you to make an appointment to speak with one of our experienced attorneys. We have convenient…

    Nick Gajewski/ Bond and Botes- 69 readers -
  • 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…

    Amy Tanner/ Bond and Botes- 20 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 -
  • In the Wake of Hurricanes Harvey and Irma, Beware the Purchase of Flood Damaged Automobiles

    … If you find that you are in possible need of bankruptcy relief and wish to consult with a qualified bankruptcy attorney about your options, please contact one of our locations nearest you in Alabama, Mississippi or Tennessee for a free, confidential consultation. The post In the Wake of Hurricanes Harvey and Irma, Beware the Purchase of Flood Damaged Automobiles appeared first on Bond & Botes. …

    Bond and Botes- 17 readers -
  • What are the Bankruptcy Exemptions in Alabama?

    … A bankruptcy exemption is simply the value of certain property that state or federal law says, a creditor can NOT touch, no matter what. The two (2) types of Bankruptcy Exemptions are Real Property and Personal Property Exemptions. Each state enacts its own exemption laws or a state can decide to have the federal exemption laws apply within its…

    Grant Mcnutt/ Bond and Botes- 17 readers -
  • 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…

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

    …, and will know what assets will be protected before filing a bankruptcy petition. Other Financial Options for Your Credit Card Debt For situations in which bankruptcy is not appropriate, you have other options available for debt relief. You can consolidate your debts by paying off high-interest loans with a single loan at a lower interest rate. In some cases… 17 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 -
  • 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- 16 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- 16 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- 16 readers -
  • Knoxville Debt Relief Legal Advice Clinic for Qualified Consumers

    … and educate individuals about debt issues, bankruptcy and reasons why someone should or should not file bankruptcy. Debt Relief Legal Advice Clinic The first meeting of the DRLAC will be Saturday, July 29 beginning at 9:30 a.m. The clinic will be held at Powell United Methodist Church, 323 W. Emory Road in Powell, TN, and is the first of planned…

    Bond and Botes- 16 readers -
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