Articles Posted in Uncategorized

Published on:

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

 

Those who are filing for either Chapter 12 or, far more commonly, Chapter 13 bankruptcy protection, should familiarize themselves with the phrase “best interest of creditors.” To find out more about what this refers to and how it can impact your bankruptcy case, keep reading.

 

Ball of questions Charlotte Debt Lawyer North Carolina Bankrtupcy AttorneyWhich categories of bankruptcy require the best interest of creditors test?

 

The law says that the best interest of creditors test is applied in Chapter 11, Chapter 12 and Chapter 13. That means the test is not applied in Chapter 7 or other liquidation bankruptcy cases.

 

What is the best interest of creditors test?

 

The test, which is also known as the liquidation test, says that unsecured creditors involved in a Chapter 13 case must be paid at least as much money under a potential repayment plan as they would have received if the debtor’s case were liquidated under a Chapter 7 plan.

Continue reading →

Published on:

Charlotte Bankruptcy attorney Bryan W. Stone answers the question: “Does Bankruptcy stop foreclosure?”

 

One of the things most people considering filing for bankruptcy are confused by and concerned with is the meeting of creditors. The name can seem ominous, implying that the debtor is placed on a chair in the center of the room and then picked apart by angry lenders. The reality is, thankfully, far more boring.

 

contemplating woman Charlotte Debt Attorney North Carolina Bankruptcy LawyerWhen does the first meeting of creditors happen?

 

Once you officially file for bankruptcy you will receive a notice from the bankruptcy court informing you that the case has begun. This letter will typically appear about a week after you first file. In the letter, the date and time for the first meeting of creditors will be found. The meeting itself is usually scheduled a few weeks after the letter is delivered, ensuring that the process moves along at a relatively fast pace.

 

What is the meeting about?

 

The meeting of creditors is also known as a 341(a) meeting and it exists so that the bankruptcy court trustee, as well as your creditors, receive an opportunity to ask you questions under oath. This allows creditors to get a more complete understanding of your overall financial picture and clear up any confusion that may exist regarding your bankruptcy filings.

Continue reading →

Published on:

Charlotte Bankruptcy attorney Bryan W. Stone answers the question: “Can I get rid of student loans by declaring bankruptcy?”

 

Those considering filing for bankruptcy protection often feel led to do so after being inundated with calls by credit card companies, medical bill collectors and others coming after your unsecured debts. A common question is whether these unsecured debts can actually be wiped out by filing for bankruptcy. To find out more, keep reading.

 

Boxing Glove Charlotte Bankruptcy Lawyer North Carolina Debt AttorneyWhat is unsecured debt?

 

First things first, it is important to understand exactly what unsecured debt is (and what it is not). At it’s most basic level, unsecured debts are those that are not tied to any physical property, meaning they are not secured by some tangible object. Secured debts include things like mortgages or car payments, which are tied directly to another object that can be taken by lender in the event that payments fall behind.

 

Unsecured loans include things like credit card debt, store cards, gas cards and medical bills. These debts are entered into without collateral and lenders have no property that they can seize should payments fall behind schedule. Other examples include things like student loans, child support arrearages and alimony.

Continue reading →

Published on:

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

 

The Affordable Care Act has been in the news for months and months now and is again the subject of scrutiny after President Obama chose to further delay implementation of a component of the legislation. Though the program is designed to increase insurance coverage for millions of Americans who currently lack insurance or are dangerously underinsured, there’s a debate about whether it will be enough lower the number of bankruptcy filings related to medical debt.

 

Medical Clipboard Charlotte Bankruptcy Lawyer North Carolina Debt AttorneyThe basic goal of the Affordable Care Act is to increase the number of people being covered by health insurance. The hope is that by doing so, the uninsured will more readily seek treatment when ill and that the crushing weight of medical debt can be lessened on millions of families.

 

Though expanding insurance coverage would appear to go a long way to driving down the levels of medical debt, the reality is that many people with medical debt already have insurance. In fact, some studies have found that of those filing for bankruptcy protection, nearly 60 percent had insurance coverage at the time the medical debt was created.

Continue reading →