Articles Posted in Bankruptcy Effects

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Bankruptcy Lawyer Bryan W. Stone answers the question: “What is Chapter 7 Bankruptcy?”

If you are considering filing for bankruptcy, chances are you’re in the midst of some serious financial difficulties. No one would consider going through such a process unless they were truly struggling to make ends meet. Those who are experiencing such financial problems likely have taken other steps to shore up their finances before ever getting to the stage of contemplating bankruptcy. That means they may already be receiving other financial assistance, in the form of housing vouchers, disability payments or food stamps. So what does filing bankruptcy do to these other sources of support?

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Bankruptcy Lawyer Bryan W. Stone answers the question: “What are the pros and cons of bankruptcy?”

A recent article by Money Magazine walked through some of the most common myths associated with the bankruptcy process, exposing them as the fictions they really are. Though deciding to file bankruptcy can be difficult under the best of circumstances, it’s made unnecessarily harder due to commonly held misconceptions. These myths can intimidate and frighten people away from a process that might actually prove helpful, freeing them from mountains of burdensome debt. Now, let’s demystify some of these myths.

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Bankruptcy Lawyer Bryan W. Stone answers the question: “Should I file bankruptcy?”

Something many people worry about when considering whether or not to file for bankruptcy is the potential impact the bankruptcy could have on their employment prospects. The reality is that some employers run credit checks and the fear is that this could reveal the bankruptcy and end up costing you a job. To find out more about how filing for bankruptcy can impact your employment prospects, keep reading.

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Bankruptcy Lawyer Bryan W. Stone answers the question: “Should I file bankruptcy?”

You might be surprised to learn that some countries still have debtors’ prisons. In fact, the United Arab Emirates just announced that its cabinet has approved the final part of a plan to create a bankruptcy law for the country which will help abolish the threat of jail time related to unpaid debts.

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Bankruptcy Lawyer Bryan W. Stone answers the question: “Can I buy a home after bankruptcy?”

If you are married you have gotten to experience firsthand how intertwined your life can be with another person. This is true on both a personal and financial level and (as any married person will attest) it can be both good and bad. If one person experiences a financial success, either a promotion or a bonus or makes some smart investment decisions, both will usually share in the reward. The same is also true for financial missteps, with both parties often suffering equally when financial disaster occurs. If you are married and experiencing financial stress and are considering filing for bankruptcy, you may assume that you and your partner must jointly file. However, you can consider bankruptcy on either a joint or individual basis. To find out more about filing bankruptcy while married, keep reading.

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Bankruptcy Lawyer Bryan W. Stone answers the question “Are my 401k and IRA protected in bankruptcy?”

Deciding to file for bankruptcy protection is an important decision for anyone and requires careful consideration, as there are many factors at play. This is especially true for senior citizens who have some unique concerns and can be impacted in different ways than younger individuals with decades left to work and earn money. To learn more about bankruptcy and how it can impact senior citizens, keep reading.

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Bankruptcy Lawyer Bryan Stone answers the question “How do I file for bankruptcy?”

Deciding to file for bankruptcy can be an incredibly hard decision-making process. You’re likely stressed about paying bills, worried by repeated calls from creditors and maybe even embarrassed about the difficult financial situation you find yourself in. Don’t be. Thousands of people file for bankruptcy each and every year and that doesn’t make them bad people, just people who have been dealt a bad hand and find themselves owing more than they’re taking in.

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Bankruptcy Lawyer Bryan W. Stone answers the question “Can I get credit after filing personal bankruptcy?”

Bankruptcy can be a confusing process given the often-technical terms used by creditors and bankruptcy courts. Even understanding what has happened to your debt, whether you need to repay or not, can be difficult to determine in some cases. To find out more about various terms used to describe the status of debt, keep reading.

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Charlotte Bankruptcy Lawyer Bryan W. Stone of Arnold & Smith, PLLC answers the question “Will anyone find out about my bankruptcy?”

 

No one doubts that bankruptcy is a big deal. But when that big deal is finally in your rear-view mirror, how big of a deal is the fact that you have gone through bankruptcy to a potential employer?

Job Fair Charlotte Debt Lawyer Mecklenburg Bankruptcy AttorneyIt can be a very big deal, depending on the employer. Most employers ask applicants if they have ever declared bankruptcy. Even if they do not ask, however, employers will probably find out anyways. Bankruptcies are reflected on credit reports, and many services that provide background checks on prospective employees display data related to bankruptcy filings.

And it’s not always the bankruptcy, in and of itself, that is most damaging to a prospective employee’s chances at landing a job. Oftentimes the credit report itself—evincing the battle scars of financial troubles that led (or almost led) to bankruptcy—is enough to screen your application out. Bad credit scores and numerous delinquencies may indicate a theft risk to some employers. Others may reason that if you cannot keep up with your own day-to-day finances, you will not be able to keep up with the day-to-day vagaries of the position for which you are applying.

While it is not legal for employers to reject an applicant just because one has declared bankruptcy, it is perfectly legal to reject an applicant on the basis of a poor credit score or poor credit history.

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Charlotte Bankruptcy Lawyer Bryan W. Stone of Arnold & Smith, PLLC answers the question “Can I keep my house if I file bankruptcy?”

 

New York State’s Court of Appeals ruled on Thursday that rent-stabilized leases are a public benefit and therefore cannot be seized as assets of persons who are going through bankruptcy.

Court of Appeals NY Charlotte Mecklenburg Bankruptcy Lawyer North Carolina Debt AttorneyRent-stabilized leases allow millions of tenants in New York City and elsewhere to make rental payments based on their income as opposed to market-based rental prices. In many cases, state or municipal authorities make up the difference, rendering payment to landlords who agree to certain terms and conditions regarding protections for rent-stabilized tenants.

The case in New York arose when an 80-year-old widow named Mary Veronica Santiago filed for bankruptcy after amassing—in relative terms—a small credit card debt. In essence, Mrs. Santiago’s lease was “grandfathered” by a succession of landlords, who allowed her to continue to pay $703 per month to rent the apartment where she has lived for over 50 years.

During that time, the market value of renting the apartment rose as high as three to four-thousand dollars per month. Mrs. Santiago qualified for one of New York’s rent stability programs, and her rental agreement was subject to its terms.

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