Bankruptcy

Understanding the Chapters of 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…

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Repeat Bankruptcy Filings Up in 2012: Bankruptcies Getting Longer

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…

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Student Loan Debt – Where Do We Go From Here?

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…

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Filing for Bankruptcy: What Happens After the First Form

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…

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In Bankruptcy – Honesty is the best policy

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. …

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Shopping Spree Could Complicate Bankruptcy

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…

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