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 […]
Pre-filing indications that your Chapter 13 case will not be successful
The Southern District of Georgia, which includes Richmond, Columbia and Burke County among others, usually ranks near the top of the other federal districts in the percentage of Chapter 13 cases which are filed. There are certain circumstances in which a consumer seeking bankruptcy relief will be required to file a Chapter 13 bankruptcy case, either […]
How to Lose an Asset in Bankruptcy Court Without Even Trying
While the primary goal of filing bankruptcy is to provide relief from debts, an equally important objective is the protection of all of a debtor’s assets. The Bankruptcy Code does allow for exemptions, which enable an honest debtor to protect assets from seizure and sale by a bankruptcy trustee. These exemptions vary from state to […]