Gregory Starkey, Attorney at Law

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July 2013 Archives

Understanding the tax effects of personal bankruptcy

Nowadays with the sluggish economy, high unemployment, and stagnant wages, many individuals find themselves facing financial challenges. When one loses his job, has his income cut, or faces health problems, paying off debt can become difficult or, in many cases, impossible. Fortunately, these individuals may be able to find debt relief through bankruptcy. Yet, deciding whether to file bankruptcy or not, and if so what type of bankruptcy, may require a close analysis of how the bankruptcy will affect the filer's taxes.

Car-title loans pose threat to financial health

With the economy still struggling to recover, many Alabamans have found themselves facing financial challenges. A change in income or unemployment can leave these individuals in a bind for money, and may lead them to take drastic measures. While some of these measures are viable options to help these individuals get back on their feet, others are more likely to drive the individual deeper into financial trouble.

Overwhelming debt causes solar company to file for bankruptcy

It can be extremely difficult to build a business from the ground up. Typically, the process requires obtaining investors and taking on enormous amounts of debt with hopes that the business' success will pay off in the long run. Sometimes this risk is rewarded and a business succeeds. But other times, kinks in the system, problems with investors, a slow economy, or issues with creditors cause the business to fail. As seen by a recent case, when the business is struggling with debt and unable to pay it off, a bankruptcy may be in its best interest.

New credit card debt expected to rise for the rest of the year

Credit cards; most of us have used one at some point in our lives. Yet, with an economy stagnated by low wages and high unemployment many Americans find themselves relying on the plastic cards just to get by day-to-day. Unfortunately, making the minimum payments on these cards when their interest rates are so high can leave an individual drowning in debt. And the problem is expected to grow worse for more Americans the rest of 2013.

Woman pulls gun when man tries to repossess her car

Nowadays, most people need a car. Whether it is to get to work, school or to visit family, many people live too far away from public transportation to utilize it or feel that owning a vehicle is simply more efficient. With the high price of cars, a lot of these individuals take out an auto loan to cover the purchase price. Most of the time, the payments are made on time and all is well. But when a person has a string of missed payments the threat of repossession can be enough to push them over the edge.