Articles Posted in Bankruptcy In The News

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Bankruptcy Lawyer Bryan W. Stone answers the question: “Will I lose my property if I file for bankruptcy?”

We all know what bankruptcy is intended for, to help people or companies get back on their feet financially by eliminating burdensome debts. The aim is to essentially wipe the slate clean and, by doing so, give hope for the future. When it comes to individuals and corporations, though it can be hard to finally take the step of filing, it’s good to know that the right to do so always (or almost always) exists. For other entities, particularly states, the debate isn’t about when to file, but whether filing is even legally possible.

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Bankruptcy Lawyer Bryan W. Stone answers the question: “I’m owed money by someone that filed bankruptcy. What can I do now?”

Most people understandably assume that if you own a business, whatever it is, you have the ability to seek bankruptcy protection if the need should arise. After all, the bankruptcy code doesn’t allow for judgments on the societal value of the business, all companies are seen as equally able to seek the protection of the bankruptcy system.

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Bankruptcy Lawyer Bryan W. Stone answers the question: “What is Chapter 11 Bankruptcy?”

One of the commonly understood virtues of filing for bankruptcy is that your pre-bankruptcy liabilities get wiped out. For individuals, this means that credit card debt or medical bills get wiped clean and creditors can’t come back years down the line and demand payment. The same is true for corporations. Those who have emerged from bankruptcy, especially those sold to new buyers after going into bankruptcy, expect a clean slate, something that makes buyers willing to take the risk of buying such companies in the first place.

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Bankruptcy Lawyer Bryan W. Stone answers the question: “What are my alternatives to bankruptcy?”

It’s an issue that almost no one pays attention to until you need it: the smooth functioning of the bankruptcy system. Though it seldom grabs headlines, it’s important nonetheless. Recent reports reveal that a number of bankruptcy judgeships are in danger of being eliminated, something that could wreak havoc across the country as a limited number of judges are forced to contend with a massive amount of complicated bankruptcy cases.

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Bankruptcy Lawyer Bryan W. Stone answers the question: “Can I keep my car if I file bankruptcy?”

Though no one enjoys the process of filing tax returns, the good news for many is that tax time usually involves a tax refund, providing a nice chunk of change that can be used for other things. For some, this means taking money and splurging on a treat or a vacation. For others, it means paying bills. For another group, it means taking the money and using it to pay bankruptcy fees, escaping debt that has proven too big to maneuver.

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Bankruptcy Lawyer Bryan W. Stone answers the question: “What is Chapter 11 Bankruptcy?”

Though he may wish it weren’t so, the reality is that one of the many things President Trump is known for is the comfort and frequency with which he avails himself of the country’s bankruptcy system. Having filed for corporate bankruptcy protection multiple times (though there’s some dispute, most experts peg the number at 6), Trump certainly knows his way around the Bankruptcy Code. Given his penchant for filing for bankruptcy protection, many have been surprised that one of increases in his recently proposed budget targets others who seek to do the same by increasing bankruptcy filing fees.

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Bankruptcy Lawyer Bryan W. Stone answers the question: “Will anyone find out about my bankruptcy?”

It’s a favorite of the media: coverage of financial difficulties for celebrities (and sometimes, semi-celebrities). We love watching them fly high and, so it seems, love watching when they come crashing back down to earth. One issue that is assured to get media attention is when a celeb (or quasi celeb) goes into bankruptcy or, even worse, gets accused of bankruptcy fraud. There are several recent examples, including a few of the “Real Housewives”, the rapper 50 Cent and most recently, Abby Lee Miller, star of the reality TV show “Dance Moms”.

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Bankruptcy Lawyer Bryan W. Stone answers the question: “Can I keep my car if I file bankruptcy?”

Everyone has heard that medical expenses are a major cause of bankruptcy filings, and it makes sense. A sudden medical emergency, especially for those without insurance, can be devastatingly expensive, sometimes costing hundreds of thousands of dollars. Another major factor in bankruptcy is job loss. You lose your income, it isn’t a surprise that you lose your ability to keep up with your bills. But what about parking tickets? Surely parking tickets aren’t a contributor to bankruptcy filings. According to some experts in Chicago, they might be.

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

Most consumers never give much thought to the possibility that a store they shop at or a service they use could just up and disappear. We take for granted that established brands will always be around, when the reality is that companies come and go all the time. When a store is sold or changes names, consumers rarely suffer, as debts owed are almost always honored. The same isn’t true in the case of bankruptcy filings, which can leave consumers out money they mistakenly imagined was secure.

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

In a horrifying bit of news for residents of Michigan, critics say that a state agency may be responsible for forcing hundreds and maybe even thousands of people into unnecessary bankruptcies. Reports indicate that Michigan’s Unemployment Insurance Agency has filed a number of false claims alleging that individuals have been overpaid unemployment benefits. These claims then force otherwise financially stable individuals into bankruptcy, at which point the UIA extracts massive settlements in exchange for eliminating the debt.