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
  • 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 -
  • 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 -
  • 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 -
  • 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- 7 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- 7 readers -
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