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personal bankruptcy

  • We Take Personal Bankruptcy....Personally!

    The Loris Law Firm, with offices conveniently located in Mobile, Robertsdale and Selma, Alabama, only handles Consumer Bankruptcy cases. Week in, week out, we help struggling familes solve their financial problems, keep their family's homes, stop wage garnishments, repossessions and the harassing phone calls and letters.

    Since 1993, the Loris Law Firm has filed over 10,000 Bankruptcy cases to become one of the largest Bankruptcy Firms in the State of Alabama. We are very proud of the fact that most of our cases have come from Referrals from our former Clients and other Attorneys.

    If you are over-whelmed by Debts and are looking for Financial Relief, let us help you. We specialize in the following types of Bankruptcy cases:

    Chapter 7 Bankruptcy

    • Chapter 7 Bankruptcy - This type of Bankruptcy is sometimes referred to as a “Straight Bankruptcy”. In a Chapter 7 Bankruptcy, you may be asked to turn over your non-exempt property over to a trustee who then converts them into cash to pay off your unsecured debts, such as credit card debts, medical bills, and other unsecured loans. Your unsecured debts are completely discharged (wiped out) and you get a "Fresh Financial Start".

      Chapter 13 Debt Consolidation

    • Chapter 13 Debt Consolidation - This type of Bankruptcy is sometimes referred to as the “Wage-Earner Plan.” You would file a Chapter 13 Debt Consolidation if you want to keep your non-exempt property and work on paying your debts over a period of time at a fraction of what you pay today. You qualify for Chapter 13 Debt Consolidation if you have predictable and sufficient amount of income to pay reasonable living expenses and some amount of money left over to pay off your debts.
       “Let us Solve Your Financial Problems and Give You Peace of Mind”

    Contact our office TODAY to schedule your FREE consultation to discuss your financial concerns with our Law Office.

    Mobile & Eastern Shore (251) 432-3100

    Central Baldwin (251) 945-3100

    All Other Areas (800) 576-3328

    Free Initial Consultation

    Weekend and Evening Appointments Available for Your Convenience

  • Jamie Loris - Loris Law FirmJamie Loris
    email: This email address is being protected from spambots. You need JavaScript enabled to view it.
    Personal Extension: (251) 281-1386

    As a Bankruptcy Attorney at the Loris Law Firm, my mission is to learn and understand my Clients’ needs and the external factors affecting them so that I can aggressively and professionally represent them throughout the legal process. I clearly communicate my legal knowledge and experience, thereby enabling my Clients to make well-informed decision for themselves.

    My approach is to provide a personalized Attorney-Client relationship based on each Client’s unique concerns and requirements. My philosophy is based on the commitment to provide experienced advice to my Clients. I am dedicated to full value for every dollar invested in legal services. My Clients can expect prompt personal service and uncompromising, quality legal representation delivered in a cost-effective manner.

    At the Loris Law Firm, I am constantly seeking to improve my performance in order to be prepared for the challenges facing my Clients. I keep pace with the latest innovations in the delivery of legal services by continually investing in training and technology. My work environment is based on diligent work effort, community involvement and a commitment to the legal profession.

    Areas of Practice:

    100% Consumer Bankruptcy Law

    Bar Admissions:

    Alabama State Bar, 1993
    U.S. Bankruptcy Court, Northern District of Alabama, 1993
    U.S. Bankruptcy Court, Southern District of Alabama, 1996
    U.S. Bankruptcy Court, Southern District of Mississippi, 1997

    Birmingham School of Law, Birmingham, Alabama, 1993
        Juris Doctorate

    University of Southern Mississippi, Hattiesburg, MS, 1985

    Professional Associations and Memberships:
    Mobile Bar Association, Bankruptcy Section, Past Chairman
    Alabama State Bar, Bankruptcy & Commercial Law Section
    American Bankruptcy Institute, Consumer Bankruptcy Committee
    NACBA (National Association of Consumer Bankruptcy Attorneys)                                                                                              

    Pro Bono Activities:    
    South Alabama Volunteer Lawyers Program

    Community Services:
    University of Southern Mississippi Alumni Association, Mobile Chapter, Past President.

    Mr. Loris was honored in being named the recepient of the prestigous USM Outstanding Alumni Service Award during Homecoming, 2009.

    Mr. Loris has apperared over 25 times as the Guest Expert on NBC's Local-15 Lawcallin Mobile on the topic of Bankruptcy Law.

    Mr. Loris is married to the former Amber Pearce of Satsuma and they have five children together, Cullen, Theresa, Hayden, Carley and John. In his spare time, he enjoys Southern Miss athletics, Atlanta Braves baseball and has been a die-hard New Orleans Saints season ticket holder for over 20 years....Who Dat!

  • The Mass Torts Section will investigate any medication or device claim involving catastrophic injury or death. The following are some of the drugs and devices the section is currently working on:


    The FDA has approved updated warning labels for Actos, a prescription medication used to treat Type 2 diabetes. The updated label states that Actos usage for more than one year may cause bladder cancer. Actos, manufactured by Takeda, has been under FDA review since September 2010. In June 2011, the FDA issued a warning for Actos, while at the same time, drug regulators in France and Germany suspended use of the drug. We are currently investigating claims involving usage of Actos, Actoplus Met, Actoplus Met XR, Duetact and bladder cancer.


    SSRI-antidepressants such as Celexa, Lexapro, Luvox, Paxil, Prozac and Zoloft are prescribed to treat depression. Studies over the last several years have shown an increased risk of heart birth defects in children born to mothers who took SSRI-antidepressants in the first trimester. Most of the cardiac defects observed in these studies were atrial or ventricular septal defects, conditions in which the wall between the right and left sides of the heart does not completely develop. We are currently investigating claims of birth defects involving children whose mother was taking an SSRI, Wellbutrin or Effexor during pregnancy.

    Byetta®, Januvia®, Janumet® and Victoza®

    These drugs are used to treat Type 2 diabetes. They have been prescribed to millions of people in the United States. Since approving the medications, the FDA has issued several warnings about links between them to complications related to pancreatic diseases. Recent studies have linked these two drugs to acute pancreatitis and pancreatic cancer. We are currently investigating claims of pancreatitis, pancreatic cancer and thyroid cancer.


    Fosamax® (alendronate sodium), manufactured by Merck, is in a class of drugs called bisphosphonates. Fosamax® is commonly used in tablet form to prevent and treat osteoporosis in post-menopausal women. Fosamax has been linked to low-energy femur fractures in people taking Fosamax for three or more years. Criteria: Documented use of Fosamax® for three years or longer with diagnosed low energy femur fractures.


    GraunFlo® and NaturaLyte® are products used in the dialysis process. On June 27, 2012, the FDA issued a Class 1 recall of GranuFlo® and NaturaLyte®. A Class 1 recall is the most serious FDA recall, reserved for situations in which the FDA deems “there is a reasonable probability that the use of or exposure to a violative product will cause serious adverse health consequences or death.” Use of these dialysis products has been linked to an increase in the risk of cardiopulmonary arrest and sudden cardiac death. The manufacturer, Fresnius Medical Care, was aware of the dangers and injuries associated with these products but failed to warn patients and doctors until 2012. We are currently investigating death claims as well as claims of heart attack, cardiopulmonary arrest or any other serious injury.


    Lipitor, a statin drug to treat high cholesterol, was approved by the FDA in 1996 and is one the best-selling prescription medications in the world. Recent studies have found a possible link between Lipitor and the risk of developing Type 2 diabetes. A University of Massachusetts study found a potential link in postmenopausal women, particularly those who had a Body Mass Index (BMI) less than 25. Of the 153,840 women evaluated, more than 10,000 had developed Type 2 diabetes by the end of the study.
    Criteria: Injured is female; took Lipitor consistently for at least 2 months; Injured was diagnosed with diabetes while taking Lipitor, or within 6 months of last dosage of Lipitor; Body Mass Index (BMI) of 30 or less at time of diabetes diagnosis; Injured has no or limited family history of diabetes.

    Metal-on-Metal Hip Replacements

    Metal-on-Metal hip replacement manufacturers have been under heavy scrutiny over the past few years regarding the dangers of their metal on metal hip devices. The main hip devices under scrutiny are:
    (1) Johnson & Johnson/DePuy: ASR Total Hip Replacement and ASR Resurfacing System hip (Recalled on August 24, 2010);
    (2) Johnson & Johnson / DePuy: Pinnacle metal-on-metal hip;
    (3) Zimmer: Durom Cup hip;
    (4) Stryker: Rejuvenate and ABG II Stems (Recalled on July 4, 2012);
    (5) Biomet: M2a and 38 Diameter hips,
    (6) Wright: (a) Conserve, (b) Dynasty, (c) Lineage and (d) Profemur (femur fracture) hips; and
    (7) Smith and Nephew: R3 Liner hips (Recalled on June 1, 2012).
    Metal-on-metal hip patients from the above manufactures have similarly reported problems after their initial implant surgery resulting in revision surgery. All have reported a variety of symptoms, including pain, swelling and problems walking. These symptoms are normal for patients following a hip replacement, but can be a sign that something is wrong if they continue or come back frequently. Additionally, metal debris spreading in the hip area has been reported due to the metal on metal friction involved from the metal components moving together.
    We would like to review any cases involving individuals who have had any of the above metal on metal hip devices implanted and all individuals unsure of the type of hip device implanted if the person has had revision surgery, or the person is experiencing hip pain, hip swelling or difficulty walking.

    Mirena® IUD

    Mirena® is an IUD that was originally approved by the FDA as an intrauterine contraceptive. It was later approved as a treatment for heavy menstrual bleeding. It works by slowly releasing a low dose of levonorgestrel (a synthetic progestin hormone) directly into the uterus. Serious adverse side effects and potentially life-threatening complications have been reported following the implantation of the device. These complications include organ perforation, migration of the IUD to outside the uterus, expulsion of the IUD, and embedment in the uterus, among others.


    Paxil® (paroxetine) is an anti-depressant manufactured by GlaxoSmithKline. Recently Public Health Advisories have been issued for Paxil® regarding an increased risk of heart birth defects, persistent pulmonary hypertension (PPHN), omphalocele (an abnormality in newborns in which the infant's intestine or other abdominal organs protrude from the navel) or craniosynostosis (connections between sutures-skull bones, prematurely close during the first year of life, which causes an abnormally shaped skull) in children born to mothers exposed to Paxil®.
    We are investigating claims for children born with birth defects to a mother who has documented use of Paxil® during pregnancy.

    Power Morcellator

    The Power Morcellator is a surgical instrument used to divide and remove masses during hysterectomies, fibroid removal and other laparoscopic surgeries. The device is inserted through small incisions and removes tissue after aggressively cutting and shredding it. The device can put women at increased risk for a number of deadly uterine cancers. According to FDA analysis, 1 in 350 women undergoing surgical treatment for fibroids has an unsuspected uterine sarcoma that cannot be reliably detected before surgery. During power morcellation, there is a chance pieces of tissue may be left behind. If the tissue is malignant, cancer may be spread. The FDA issued a safety alert in April 2014 discouraging the use of these devices in uterine and fibroid removal procedures.


    Risperdal® is an atypical antipsychotic drug used to treat schizophrenia and certain problems caused by bipolar disorder and has been linked to the development of gynecomastia in boys and young men. Gynecomastia is a condition that causes boys to grow breasts.

    Stevens- Johnson Syndrome

    Stevens-Johnson syndrome is an immune complex hypersensitivity reaction that can be caused from an infection or immune response to drugs. It is a severe expression of a simple rash known as erythema multiforme. SJS is also known as erythema multiforme major. It affects all ages and genders including pediatric populations. The most severe form of SJS is toxic epidermal necrolysis (TENS). SJS occurs twice as often in men as in women. Most cases of SJS appear in children and young adults under age 30. Females with SJS are twice as likely as males to develop TENS, and have an even higher chance if taking a category of drugs known as NSAIDs, non-steroidal anti-inflammatory drugs.

    Talcum Powder

    Johnson and Johnson has known for decades that its talcum products, such as Shower to Shower and Baby Powder, can cause ovarian cancer. But J & J has failed to warn women of the risk of using these products in the genital area. A Harvard medical doctor says that he has studied the link between talc and cancer for 30 years and believes talc is the likely cause for as many as 2,200 cases of ovarian cancer each year.

    Testosterone Replacement Therapy

    Testosterone Replacement Therapy products for men have been linked to an increased risk of death, heart attack and stroke. Researchers found men who used testosterone therapy were 30 percent more likely to have a heart attack, stroke, or die after three years of use. Furthermore, men who started the study with clear, unobstructed coronary arteries were just as likely to have a heart attack, stroke or die as men who entered the study with established coronary artery disease. Testosterone therapy, such as the prescription topical treatments Androgel, Testim and Axiron, are used to help boost testosterone levels in men who have a deficiency of the male hormone. Symptoms of low testosterone include decreased libido and low energy. We are currently investigating claims of heart attack, stroke, DVT, pulmonary embolism and prostate cancer.

    Transvaginal Mesh

    The FDA has issued an updated safety communication warning doctors, health care professionals and patients that the placement of surgical mesh through the vagina to treat pelvic organ prolapse and stress urinary incontinence may present greater risk for the patient than other non-mesh procedures. This is also called transvaginal mesh. According to the FDA, reported complications from the transvaginal placement of the mesh include erosion of the mesh into the vaginal tissue, organ perforation, pain, infection, painful intercourse and urinary and fecal incontinence. Often women require surgery to remove the mesh. In some cases, this can require multiple procedures without successful removing all of the mesh. Currently, we are investigating cases involving mesh manufactured by American Medical Systems, Bard, Boston Scientific, Caldera, Coloplast and Johnson & Johnson.


    A preliminary study indicates that erectile dysfunction drug Viagra® (sildenafil) may increase the risk of developing melanoma, the deadliest form of skin cancer. The study, published in the JAMA Internal Medicine journal, analyzed data from nearly 26,000 men, 6 percent of whom had taken Viagra. The men who used Viagra at some point in their lives had about double the risk of melanoma compared to men who had never taken the drug. Men who were currently taking Viagra were at an 84 percent greater risk of developing Melanoma. We are currently looking at cases involving men who are taking or have taken Viagra and were diagnosed with melanoma.


    Approved by the FDA in 2011, Xarelto® is one of the newest blood thinners on the market. It is manufactured by Janssen Pharmaceutical (a subsidiary of Johnson & Johnson) and co-marketed by Bayer Healthcare. It is prescribed to prevent blood clots in patients suffering from atrial fibrillation, pulmonary embolism, deep vein thrombosis, stroke and patients who have recently undergone hip or knee replacement surgery. Since its approval, it has been linked to hundreds of injuries and deaths. We are currently investigating claims of GI bleeding, hemorrhagic strokes or any other serious or fatal bleeding involving Xarelto®.

    Zimmer NexGen Knee Replacements

    Since 2003, more than 150,000 Zimmer NexGen Flex-Knee implants have been sold. Several different components used as part of the Zimmer NexGen Flex-Knee replacement system have been associated with increased risk of complications, including pain, swelling, loosening of component parts, and the need for follow-up/revision surgery. Several prominent surgeons want a Zimmer NexGen knee replacement recall to be issued. At a March 2010 conference of the American Academy of Orthopedic Surgeons, two knee surgeons presented data suggesting that the Zimmer NexGen Flex-Knee failure rate could be as high as 9%, and that the actual number of complications that require revision surgery could be even higher. The lead author of the study, Dr. Richard Berger, described the failure rate of the Zimmer NexGen CR-Flex Porous Femoral Component as “unacceptably high.”
    We would like to review any cases involving individuals who have had a Zimmer NexGen knee device implanted, or individuals unsure of the type of knee device implanted, if that individual has had revision surgery.

    Mobile & Eastern Shore (251) 432-3100

    Central Baldwin (251) 945-3100

    All Other Areas (800) 576-3328

    Free Initial Consultation

  • Facts about filing Chapter 13 Debt Consolidation:

    Filing Chapter 13 means that you will pay back a certain percentage of your debt in a Court approved payment plan over a 36, 48 or 60 month period.  Chapter 13 is preferred by Debtors who have excess equity in their assets, such as a home or a car, that is over the allowed exemption ($15,000 for your home, $7500 for your personal property per person in Alabama) which they wish to keep.  This is possible because under Chapter 13, a Debtor proposes to propose a plan over a period of up to 3-5 years during which the Debtor can catch up past due mortgage arrearage on the home, reduce car payments, pay back taxes and child support.

    Chapter 13 is different from Chapter 7 since the Debtor can remain in possession of his past due house, automobile and child support payments.  Also unlike Chapter 7, the Debtor does not receive an immediate discharge of his debts.  He must complete the payments required under the plan before he receives his discharge.  Once filed, Chapter 13 protects the Debtor from Lawsuits, Foreclosures, Repossessions and Garnishments.  Chapter 13 also allows the Attorney to reduce the payments on loans such as automobile and furniture loans by modifying the payment and interest rate over the life of the plan. The discharge is also considerably more extensive (more debts such as taxes and child support are eliminated) than the discharge under Chapter 7. The filing of a Chapter 13 can stay on your credit report for up to 7 years.  The filing fee to file a Chapter 13 is $310.  Another advantage in hiring the Loris Law Firm is that the attorney fees are set and paid by the Bankruptcy Trustee. We are comfortable being paid through the plan, so we do not require any attorney fees up front, as most other law firms do!

    Facts about filing Chapter 7 Straight Bankruptcy:

    Filing Chapter 7 means that all of your unsecured debts are completely wiped out, except for specific types of debts (some types of taxes, secured debts, child support, criminal restitution and gambling debts).

    Chapter 7 Debtors have little or no non-exempt property to be distributed.  Chapter 7 is appropriate for people that have a lot of unsecured debt, such as credit cards and medical bills, or in situations where they wish to surrender and walk away from a house or automobile and receive a "Fresh Start".  Filing a Chapter 7 case is a quick process and the Debtor usually receives a discharge within 90 days after the petition is filed.  The filing of a Chapter 7 can stay on your credit report for up to 10 years.  The filing fee to file Chapter 7 is $335.  We set our attorney's fees during the free initial consultation,  depending on how complicated the Chapter 7 case is and how much debt is discharged. 

    The Loris Law Firm is one of the few law firms in the State of Alabama that allows monthly payments plans on Chapter 7 Cases!

    We understand times are tough, we will work with you in every way possible to set up a monthly payment plan that meets your budget, so that you can receive your "Fresh Start"!


    If you have questions regarding your current debt situation, do not hesitate to call any one of our three Alabama offices or submit your online information request today. Our discussions and your information are held in strict confidence.

    Mobile & Eastern Shore (251) 432-3100

    Central Baldwin (251) 945-3100

    All Other Areas (800) 576-3328

    Free Initial Consultation

    The Loris Law Firm 

  • Jamie Loris is a regular guest on NBC Local-15's Law Call in Mobile, Alabama discussing the issues surrounding Personal Bankruptcy. We have captured a large number of the Q and A segments on Law Call and provided them for your information in the following videos.

  • bannerb
    Mobile | Selma | Robertsdale | Alabama
    Consumer Bankruptcy Attorneys

    Chapter 13 Debt Consolidation - One Low Montly Plan Payment

    Chapter 7 Straight Bankruptcy - Fresh Financial Start You Deserve and Need

    In these uncertain and stressful economic times, it is important as ever to have a Voice that can answer your financial questions, let the Loris Law Firm be that Voice...We are only a phone call away!  Call Us TODAY and Sleep Better TONIGHT!

    "We Help Good People Through Bad Times™"

    Are you tired of creditor's harassing phone calls and letters?  Is your car about to be repossessed?  Is your family's home up for foreclosure?  Is your paycheck about to be garnished?  Are you sick of high credit card interest rates and minimum monthly interest payments?   Are you living paycheck to paycheck?  Are you robbing Peter to pay Paul?  Do you want a fresh financial start and rebuild your credit?  If you are thinking about filing Bankruptcy, then you’ve come to the right Law Firm....The Loris Law Firm. I often tell my clients, that other than a Cancer Doctor, I'm usually the last person they want to be meeting with, but once you get past the initial denial, after you've wasted thousands of dollars trying to stay afloat, NOW is the time to take control of the Rest of Your Life....Financially as well as Mentally! Do something TODAY to take the first positive step and get started, Help is only a phone call away. Don't let another day go by... being tired, miserable, afraid to answer the phone and worried about which creditor is on the other end. 

    Filing Bankruptcy provides automatic protection against creditors and allows for a Fresh Financial Start. It can also help relieve your financial stress by eliminating credit card debts, medical bills, and other unsecured debts. At the Loris Law Firm,  with offices conveniently located in Mobile, Robertsdale and Selma, Alabama, we dedicate our entire practice to Consumer Bankruptcy Law. Since 1993, our Law Firm has helped over ten thousand of your family, friends and co-workers with the following types of cases:

    • Chapter 7 Straight Bankruptcy
    • Chapter 13 Debt Consolidation

    "We Are One of the Largest Filers of Consumer Bankruptcies in Southwest Alabama"

    With over 24 years of Bankruptcy Law experience, our Firm’s policy has always been to treat each and every Client that walks through our door with the utmost level of respect and courtesy, just like we would expect to be treated.  We understand you are going through financially and mentally tough times and sleepless nights. We will sit down with you to review your situation, explain to you the different types of Bankruptcy options, discuss the pros and cons of each option, and answer all of your questions and concerns in a respectful, courteous and confidential manner.        

    "In 2018, approximately 72% of our new clients came from the Referrals and Recommendations from our own satisfied Clients and other Attorneys!"

    We are extremely proud of that fact... that most of our cases come from referrals from our former Clients and other Lawyers in our community, which is almost unheard of in today's legal climate!We don't advertise on TV. The biggest compliment a lawyer can receive is when his current and former satisfied Clients and his fellow Attorneys entrust their valued friends, family members and co-workers to us...Trusted Word of Mouth Referrals!... That when they know someone in dire financial straits, they know which local attorney to trust.  

                           Don't Take Chances with Your Family's Financial Future.

    "Let Us Solve Your Financial Problems and Give You Peace of Mind"

    Call us TODAY and Sleep Better TONIGHT to discuss your financial concerns and questions with our friendly staff and knowledgeable team of Chapter 7 Bankruptcy and Chapter 13 Debt Consolidation Lawyers.

    • FREE Initial and Confidential Consultation
    • Saturday and Evening Appointments Available for Your Convenience!

    "We want to be Your Law Firm for Life.....not just this one case!" 

     At the Loris Law Firm, we want to be your legal portal, Bankruptcy or not, for all of your legal services, whether you have a Personal Injury, Car Wreck, Social Security Disabilty, Divorce/Family Law or Criminal Law case. We have a referral network of the best attorneys in your area that we send our Clients to. When one of our Attorneys calls on your behalf to refer your case, you are not just some random person off the street, but one of our esteemed referrals and we will make sure your case gets the attention it deserves and that you get your questions answered and get you the help that you need.

    "Honest and Trustworthy Evaluation of Your Financial Picture"

    Whether Bankruptcy is the right option for you, we will and can help you! If filing Bankruptcy is currently not in your best interest, we'll honestly tell you and we'll offer you guidance outside the Bankruptcy Court and steer you in the right direction to Solve your Financial Problems.

    Personal Bankruptcy | Chapter 13 Debt Consolidation | Chapter 7 Straight Bankruptcy

  • ftc logo 430If you've maxed out your credit cards and are getting deeper in debt, chances are you're feeling overwhelmed. How are you ever going to pay down the debt? Now imagine hearing about a company that promises to reduce – or even erase – your debt for pennies on the dollar. Sounds like the answer to your problems, right?

    The Federal Trade Commission (FTC), the nation's consumer protection agency, says slow down, and consider how you can get out of the red without spending a whole lot of green.

    Debt Settlement Companies

    Debt settlement programs typically are offered by for-profit companies, and involve the company negotiating with your creditors to allow you to pay a “settlement” to resolve your debt. The settlement is another word for a lump sum that's less than the full amount you owe. To make that lump sum payment, the program asks that you set aside a specific amount of money every month in savings. Debt settlement companies usually ask that you transfer this amount every month into an escrow-like account to accumulate enough savings to pay off a settlement that is reached eventually. Further, these programs often encourage or instruct their clients to stop making any monthly payments to their creditors.

  • financial trouble

    After more than four decades as a commercial litigator, Ward Benshoof was shocked at what he learned two years ago while handling a post-judgment debt-collection case. What had been accepted as evidence seemed to have no more substance than the shadow of smoke. And as he later learned, it also was not evidence at all.

    His pro bono client’s life had been seized up in such fear that she pawned her wedding ring to feed the maw of a default judgment against her in Los Angeles County Superior Court, obtained by one of the nation’s biggest debt buyers.

    It was too late to undo the judgment, but Benshoof sued the debt buyer, alleging that its repeated phone calls to the woman were harassing and illegal. The company turned over phone recordings in discovery that showed the calls weren’t as heated as the woman thought.

  • credit scoreYou won’t be surprised to find bankruptcy on the list of credit killers you want to avoid. When you choose to file for bankruptcy protection from your creditors, the impact to your credit scores will be devastating and long-lasting. The temptation of walking away from overwhelming debt may sound appealing, but it is important to only use bankruptcy as the absolute last resort.

    How Bankruptcy Impacts Credit Scores

    Bankruptcies will have a negative impact on two different sections of your credit reports. First, it will show up in the public record section of your three credit reports.  In addition to the public record, each debt that was included in the bankruptcy will be noted as such on your credit reports. Each account will be considered a serious derogatory.

    Read More

  • credit repair

    While everyone understands the value of improving your credit scores, there is no single strategy to improving it quickly. If you want to raise your credit score by more than 100 points, you have to understand what is causing your credit scores to be lower in the first place. Here are three strategies that may help to point you in the right direction in your quest toward credit score improvement and help you raise your credit score.

    Read more

  • payday loans

    Too many borrowers seeking a short-term cash fix are saddled with loans they cannot afford and sink into long-term debt," said CFPB Director Richard Cordray. "By putting in place mainstream, common-sense lending standards, our proposal would prevent lenders from succeeding by setting up borrowers to fail.

    The CFPB research showed that median fee on a payday loan is $15 per $100 borrowed with a median loan term of 14 days, resulting in an annual percentage rate of 391 percent on a loan with a median amount of $350. Those fees generated $3.6 billion in fee revenue in 2015 for the estimated 15,766 payday loan stores across the U.S.

    Lenders would still have the option to loan up to $500 to consumers without a full-payment test but only to consumers without any outstanding short-term loans. Long-term loans would also be available but the interest rate would be capped at 28 percent and the application fee could be no more than $20.

    Read the entire artice: AL.com

  • paydayIf you're falling behind on your debts, beware: You don't want to end up one of the millions of Americans who get their pay garnished.
    To avoid being hit, call your creditor or the firm collecting the debt and try to negotiate a payment plan, said Robert Hobbs, senior fellow at the National Consumer Law Center.

    Explain the details of your financial situation and propose an amount that you can realistically pay each month.
    If that doesn't work and the creditor decides it wants to seize your wages, it generally needs to get a court order first. That means you have the right to appeal.

    Look at the judgment and make sure everything is correct.

    Read the rest of the article here.

  • As this article cites, two different studies have shown that it is possible to find relief from a large student loan burden but it is not a given. Like with many issues considered in personal bankruptcy the best first course of action is to sit down with a Bankruptcy Attorney and discuss the debt and your specific circumstances.

    Conventional wisdom once held that it was almost impossible for debtors to get off the hook for student loans, even after they declared bankruptcy. That thinking was challenged by a 2012 paper in the American Bankruptcy Law Journal that showed that a high percentage of those who sought a release from their student debt were successful. A decision handed down last month in U.S. District Court in Alabama shows that success rates aside, the standards for winning a discharge (legalese for having your loan obligation canceled) are plenty high.

    In the Alabama case (subscription required), the U.S. Department of Education sought to overturn a bankruptcy court's decision to discharge $82,000 in student loans made to a former Auburn University sociology major currently working in business development at a staffing company. In its appeal, the government argued that the lower court erred in determining that the debtor met the standard of "undue hardship" needed to discharge student loans.

    For the most part, bankruptcy courts have adopted something called the Brunner test for such cases, requiring a debtor to meet three requirements: The student loans must prevent her from maintaining a "minimal" standard of living, she needs to demonstrate a good-faith effort to maximize income and limit expenses, and she must show that her hardship is likely to continue for a "significant portion of the repayment period."

    Read the rest of the article on Bloomberg