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Alabama State Bar Association Regulations require the following: “No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers.” 11 U.S.C. 528 of the U.S. Bankruptcy Code requires the following: “We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.”
How To Rebuild Your Credit After Bankruptcy
by Padgett & RobertsonMany people are hesitant to file for bankruptcy because of the negative connotations associated with bankruptcy declarations. Many people are under the impression that bankruptcy showing up on your credit report for up to ten years is going to adversely impact their ability to ever obtain a strong credit score. But the fact remains that […]
Credit Card Debt Still A Challenge Despite Dip In Spending
by Padgett & RobertsonSince the start of the pandemic, the average amount of credit card debt most families have is dropping. But for families in financial distress, credit card debt remains a substantial burden. Filing for bankruptcy can relieve that burden, but exactly how depends on the type of bankruptcy filed. Historic Drop In Credit Card Debt According to data […]
4 Things You Need To Know About Bankruptcy And Divorce
by Padgett & RobertsonThere are few things in life that impact your finances more than your marital status. Who and when you marry can impact your earning potential for the rest of your life. Sharing household expenses can improve your quality of life. Getting a divorce can completely wreck things. In fact, divorce is one of the leading […]
Bankruptcies Decrease Despite Economic Downturn
by Padgett & RobertsonMany people assumed that the financial downturn caused by the COVID-19 pandemic would force a lot of people into bankruptcy. However, statistics released by the Administrative Office of the U.S. Courts show a significant drop in the number of people filing for bankruptcy in 2020 compared to 2019. Annual bankruptcy filings in calendar year 2020 totaled 544,463, […]
How Long Will A Bankruptcy Stay On My Credit Report?
by Padgett & RobertsonWe talk about bankruptcies as a way to get a fresh start. You can wipe the slate clean and begin all over again. For the most part this is true, but there is one long-term impact of bankruptcy you should be aware of. Filing for bankruptcy will negatively impact your credit score, and that negative impact […]
Seller Beware: Just Because The Market Is Hot Doesn’t Mean Bankruptcy Filers Should Sell Their Property
by Padgett & RobertsonThe real estate market in Alabama is hot right now. Tight inventory and low-interest rates make it a seller’s market. While it may be tempting to sell off any property you have in order to take advantage of the good prices sellers are getting, anyone who has recently filed for bankruptcy or is considering filing, […]
A Meeting Of Creditors
by Padgett & RobertsonA group of bees is called a swarm. A group of rhinoceroses is called a crash. A group of hyenas is called a cackle. We’re not sure if there is an official term for a group of creditors, but we suggest “a headache.” In all seriousness, getting a filer’s creditors together is part of every bankruptcy […]
Are Student Loans Dischargeable in Bankruptcy?
by Padgett & RobertsonIn 2020, student loan debt across the United States hit a whopping $1.56 trillion. Yes, trillion. This 1.56 trillion-dollar burden is borne by 45 million Americans. The only consumer debt category higher than student loans is mortgages. Credit card and automotive debt are dwarfed by student loan debt. The class of 2018 graduated with an […]
5 Possible Alternatives to Foreclosure on Your House
by Padgett & RobertsonBeing delinquent on your mortgage is a scary time. You’re faced with potentially losing your home at a time when stability is what you need. In 2008, U.S. mortgage foreclosures spiked as a result of overextended lending and poor credit standards. Currently, millions of Americans are struggling to make their mortgage payments due to the […]
Bankruptcy Is Not A Moral Failure
by Padgett & RobertsonWhen P.T. Barnum, the king of curiosities and co-founder of the self-proclaimed “Greatest Show on Earth,” went bankrupt, Ralph Waldo Emerson wrote that it showed the gods to be “visible again.” Emerson and many others were pleased that Barnum was in financial trouble because they disapproved of his money-making tactics. Emerson’s attempt to tie Barnum’s […]