Charlotte Bankruptcy Lawyer Bryan W. Stone of Arnold & Smith, PLLC answers the question “Can I get credit after filing personal bankruptcy?”
Bad habits push people into bankruptcy. Gamblers gamble away their earnings, addicts squander their fortunes on drugs or sex. Misfortune plays its cards—unexpected medical bills, uninsured property damage, loss of employment.
Sometimes, however, the cause of a bankruptcy is more elusive. Elusiveness is often defined by its nearness to the human heart, and few things are closer to the human heart than spending. People make money to spend money. People must spend money to live; they must pay their bills.
But sometimes people spend money when they shouldn’t, and they buy things they can’t afford.
Now former Detroit Lions defensive lineman Luther Elliss is reaching out to rookies in the National Football League whose beginning salaries will range from the hundreds-of-thousands to millions of dollars. He is trying to stop them from traveling the same, difficult path he travelled. For Elliss, a two-time Pro Bowl player who made $11 million playing for the Lions, that path included bankruptcy.
Elliss said he never had drug problems, and he didn’t like to gamble. He just liked to spend, and he spent big on the wrong things. Elliss said young people—especially successful young people—feel they are invincible. When top-notch performers make bad choices with money, Elliss said, they are reluctant to seek out help. “Nobody wants to admit that they’re not Superman, that there’s no Kryptonite out there,” he said.
Elliss said his own pride came in the way of seeking help when he fell into financial straits. By the time he sought help, it was too late. He said the key for young people is to seek out help as soon as they fall into trouble. Sorting out a financial mess—even one of your own making, Elliss said—is not the type of thing “to do on your own.”
So how do you know when it is time to seek out help? The most basic sign that trouble is on your financial horizon is missing payments. If you can’t keep up with bills as they come due, you may have too much debt. You have, to be short, spent too much, and now you can’t keep up. Your credit cards are maxed out, you can’t repay loans you’ve taken out, debt collectors are calling and you don’t know when you are going to get paid again.
These storm clouds will clear, but it may take time and it may involve some significant effort on your part. Thankfully, our laws provide for relief. The Bankruptcy Code provides for an orderly process through which debtors can work through their financial straits and eventually discharge them. We can help you through the entire process, from beginning to end.
If you find yourself needing the services of a Charlotte, North Carolina bankruptcy attorney, please call the skilled lawyers at Arnold & Smith, PLLC find additional resources here. As professionals who are experienced at handling all kinds of bankruptcy matters, our attorneys will provide you with the best advice for your particular situation.
About the Author
Bryan Stone is a Partner with Arnold & Smith, PLLC, where he focuses his practice on all aspects of bankruptcy, including: Chapter 7, Chapter 11, Chapter 13, home loan modifications and landlord-tenant issues.
A native of Macon, Georgia, Mr. Stone attended the University of Georgia, where he earned a BBA in Banking and Finance, and Wake Forest University School of Law, where he obtained his law degree.
Following law school, Mr. Stone relocated to Charlotte, where he currently serves as Chair of “Bravo!” – a young professionals organization associated with Opera Carolina – and founded the University of Georgia Alumni Association of Charlotte.
In his spare time, Mr. Stone enjoys perfecting his barbeque skills for the annual “Q-City BBQ Championship” and playing softball in the Mecklenburg County Bar softball league.
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