Bankruptcy

While chapter 7 bankruptcy is the most common bankruptcy filing for individuals, few people know what the differences between Chapter 7 and Chapter 13 filings. In reality, there are actually four (4) possible bankruptcy filings for individuals: Chapter 7: “Liquidation” As the most common bankruptcy filing, Chapter 7 allows companies, married couples, and individuals liquidate…

Foreclosure – on either a residence home or a vacation home – is always difficult. However, it is important during this emotional time to remember that the law limits a foreclosed homeowner’s ability to make changes or modifications to the property. This is because the effect of foreclosure is to transfer ownership to a bank…

According to statistics recently released by the United States Federal Courts, 30 percent of individuals who filed for Chapter 13 bankruptcy had filed for bankruptcy within the past eight years. Some of the legal implications of a second filing for bankruptcy can be found here. According to the same report, it took between 115 and…

In an ever-tightening job market with interest rates set to begin a long-awaited upward climb, the cost of higher education becomes more and more prohibitive for young adults considering their potential career paths. Student loan programs enable thousands of people every year to attend college when they otherwise would not have been able to do…

When a party files for bankruptcy for the first time, either under Chapter 7 or Chapter 13 of the Bankruptcy Code, they are generally entitled to a legal phenomenon called the “automatic stay.” The stay operates to protect the debtor against debt collection attempts, other creditor activities, and generally any proceedings that relate to debts…

The recent bankruptcy in Detroit also brings to mind Jefferson County’s own problems with solvency. While cities going bankrupt are very rare, statistics from the U.S. Court system indicate that more than 50 percent of people or small businesses will declare bankruptcies over the course of their live(s). These bankruptcies are generally covered under Chapter…

At Parkman White, LLP, our Birmingham bankruptcy attorneys always counsel our clients on the importance of being completely truthful in their bankruptcy petitions.  Few firms in Alabama have the experience we have in not only guiding clients through the bankruptcy process, but also in representing them when they are accused of falsifying their bankruptcy petition. …

The Birmingham bankruptcy attorneys at Parkman White, LLP are often faced with clients that go on a financed shopping spree just prior to contacting us about filing bankruptcy.  Their theory is usually, “Why not go ahead and borrow all I can borrow if I am about to file bankruptcy anyway?”  They convince themselves that they…

There are many types of bankruptcies – up to 6 different types! However, the most common types of personal bankruptcy fall under two chapters: Chapter 7 and Chapter 13.  Chapter 7 Bankruptcy The “fresh start” bankruptcy filing. Chapter 7 is for individuals who cannot pay all of their debts, this makes up most of the…