ASSETS THAT MANY PEOPLE DON’T REALIZE THAT YOU CAN PROTECT IN A BANKRUPTCY CASE
When a bankruptcy petition is filed, the debtor is required to identify and disclose all of their assets. This includes physical assets such as real estate, automobiles, and personal property. However, it also includes many intangible assets such as retirement plans, IRAs, claims for money or damages, insurance policies, and many other non—physical assets. One […]
CONSIDERING BANKRUPTCY AND RECEIVING AN INCOME TAX REFUND? SUGGESTIONS FOR POTENTIAL BANKRUPTCY FILERS
As the economic effects of the Covid-19 pandemic continue to ripple across our economy, more and more consumers will face the prospect of a bankruptcy filing. While the long-awaited vaccine gives hope for many consumers, it also means that many lenders and creditors will resume their normal collection activity, including foreclosures, repossessions and garnishments. As […]
Covid Update – Why Consumer Bankruptcy Filings Have Decreased Since March 2020
Decrease in Bankruptcy Filings In the five months since “Covid” and the “Coronavirus” have become household words, the American economy experienced more turbulence than at any time since the Great Recession. Business bankruptcies for small, medium, and even multinational corporations have spiked considerably since March 2020. Many of these businesses, especially in the retail industry, […]
Signs that Your Small Business Might Be Headed for Bankruptcy
Small business owners are traditionally more reluctant than most to consider bankruptcy. Understandably, their business is not just a source of income, but usually represents a considerable investment in personal time, money and resources.[1] As a result, small business owners are most likely to ignore the warning signs that their business is struggling. The economic […]
Ten Mistakes Financially Stable Consumers Make Which Can Lead to Bankruptcy
The common misconception of the debtor in bankruptcy is an individual who was reckless in borrowing, and irresponsible in paying back their debts. While mismanagement and over-extension are present as causes in some bankruptcy cases, even the most well-intentioned consumers who have built up their credit and amassed a tidy savings can still wind up […]
Why Your Credit History is Important to Potential Employers
As hiring has evolved, potential employers are reviewing much more information in deciding whether or not to hire prospective employees. Potential employers are no longer content to review a resume, and contact references. They will also review social media history, social/club affiliations, and credit history. Why is credit history important to a prospective employer? There […]
BANKRUPTCY BY THE NUMBERS: FILINGS BY ZIP CODE
The fundamental causes of financial distress are virtually immune to a person’s place and life. Divorce, health issues, and unemployment can affect anybody at any time. No wage or income class is exempt from these problems, regardless of how well prepared those individuals may be. With this in mind, our firm has analyzed certain trends […]
Recent Bankruptcy Court Observations – Part 2
In the September 2018 edition of the American Bankruptcy Institute Journal, Ed Flynn writes an interesting article regarding “The Changing Profile of Chapter 7 Filers”.[i] By reviewing filing data on more than 650,000 Chapter 7 cases that were filed over a 10 year period of time, he was able to identify trends among Chapter 7 […]
Bankruptcy Internet services – avoid at all cost!
Recent observations by our firm of cases in the Augusta Division Bankruptcy Court, as well as information obtained from across the nation, have revealed increase in consumers who access the bankruptcy courts by way of Internet bankruptcy services. These services are run more like a business than an actual law firm, seeking to market bankruptcy […]
Pro Se Bankruptcy Filings Increase in the Southern District of Georgia
Since the beginning of 2018, our firm has noticed a significant increase in the number of pro se bankruptcy cases. Unfortunately, many of these cases are dismissed within the first 60 days for failure to adhere to the filing requirements imposed by the bankruptcy code. This would include failure to obtain pre-bankruptcy credit counseling, as […]