Bankruptcy Chapters

People who use the bankruptcy laws most successfully are generally those with the best attitudes and the proper perspectives. As one writer asked, “Is the glass half empty, half full, or twice as large as it needs to be?” Bankruptcy can be a negative, a positive, or simply the right response to your financial problem.

The bankruptcy process can have many positive results for a person with the right perspective. Below are a few examples:

1. Bankruptcy generally discharges most or all of your unsecured debts, such as medical bills or credit card balances. Once your debt is discharged, you are no longer under a legal obligation to pay.

2. Bankruptcy immediately and automatically stops all collection action, and provides time to reorganize your finances. This “automatic stay” applies to lawsuits, foreclosures, garnishments, pending repossessions, telephone harassment, etc. In some cases a bankruptcy filing may even force a creditor to return a repossessed vehicle.

3. A bankruptcy filing also prevents a utility company from turning off your gas or electric services. If these necessary services have been cut off, the bankruptcy requires the utility company to restore service.

4.

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Tags: Bankruptcy

Imagine for a second a U.S. president loses an election, decides he’s just not ready to give up his power yet, and concludes that he’ll remain president for another four years, whether the American people want him or not. How do you think that would go over with the voters? Not so well, I would guess. In fact, he might have to board up the White House’s doors and windows to deal with the resulting revolt.

Well, if you think about it, that’s essentially what’s going on right now with the board of directors system in this country. According to Business Week, more than 200 board members at public U.S. companies over the past three years have received less than 50% of the shareholder vote at elections, yet all but a few retained their seats. Two-thirds of the S&P 1,500 doesn’t even require that board members garner the approval of a majority of shareholders in order to keep their positions. But how could that possibly be?

I have long maintained the need for an overhaul of this antiquated corporate mechanism, and what other proof is needed for this contention’s validity than the outright refusal of board members to adhere to the wishes of the people they represent. So, why do th

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Defense cutbacks are now certain.  (At least as certain as anything is in this world.)

Lots of people whose jobs seem safe now will soon be out of work.

Will you lose your job and get behind on your debts?  Please dont jeopardize your security clearanceand your future.  Please dont put off filing bankruptcy.

Thats the lesson of the thousand people with security clearances Ive helped. And the lesson of the half dozen who lost their security clearances because they filed bankruptcy too late.

Most people think bankruptcy destroys your security clearance.  That is false.  The worst thing for your security clearance is irresponsibility.

It is irresponsible to get into debt you cant pay.

But if you have debt you cant pay, the responsible thing to do is clean it up.  The irresponsible thing is to ignore it.   The irresponsible thing is to drag out the problem.

This is not just me talking.  The legal office of the Air Force Academy says the same thing.  (Thanks to the Air Force Academy for putting this valuable information in writing.  So much in the secu

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Tags: Cutbacks, Defense Cutbacks

The U.S. economy needs a stimulus.  Many American households would be better served by filing bankruptcy to free-up some income to support their family, rather than waiting for Congress or the banks to help move us forward.

It doesnt sound right, does it?  You file bankruptcy to help the economy?

But right now, President Obama is pursuing a continuation of a payroll tax cut which works out to approx. 2% from the average persons paycheck.  Thats roughly $1,000 a year of extra income left in the median households paycheck.  Nothing to sneeze at of course.  And in middle and lower income families, that money will be spent to help keep everyone afloat stimulating the economy!

But I can do better than the President for quite a few of those families.   The median family currently spends twice that much in consumer, non-mortgage debt service.   So the median households bankruptcy filing, all other things being equal, has a decent chance of freeing up even more money each day and each year than the payroll tax holiday will. Instead

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Tags: Bankruptcy

Recent figures from the Administrative Office of the U.S. Courts reveal that total bankruptcies filed in the U.S. in the year ending June 2011 decreased by 2.7 percent.

In addition, the figures detail the decreases in each individual chapter of bankruptcy.  Chapter 13 bankruptcies declined by the smallest amount  in the year ending June 2011 with a 2 percent decrease.  Chapter 7 filings decreased by 4 percent, Chapter 13 filings decreased by 9 percent, and Chapter 11 filings decreased by 11 percent.

75 out of 94 districts in the U.S. experienced decreases in bankruptcy filings.  Districts that saw increases in bankruptcy filings included the Southern District of Florida and the Central Districts of California and Utah.

If you or someone you know wants to learn more about Chapter 13 bankruptcy eligibility in Birmingham, contact the Birmingham Chapter 13 bankruptcy lawyers of Greenway Law, LLC at 205-324-4000 and set up an appointment to speak with one of our attorneys today.

Tags: 2011, Ending June, Ending June 2011, June 2011