Charlotte Bankruptcy Lawyer Bryan W. Stone of Arnold & Smith, PLLC answers the question “How do I find a bankruptcy attorney in Charlotte?”
As of last November, China owned a record $1,317 trillion dollars of United States government debt. Late night talk show comedians have been cracking jokes at Uncle Sam’s expense for years. The implication from comedians and serious observers alike is that the United States is deep in debt, and China owns a bunch of it.
That may be true, but it turns out Uncle Sam is not alone. As the Chinese economic juggernaut limps through more modest recent growth, its public and private debt woes are becoming more evident. As of June, China’s debt level had reached 251-percent of its Gross Domestic Product. Gross Domestic Product—or GDP—is the sum value of everything a country produces during a given time period. The 251-percent figure means that China is borrowing more than twice the amount of money it is producing.
It is not just the Chinese government that is borrowing. Companies in China owe some $14.2 trillion in outstanding loans—more than any other country in the world. That could be bad news for creditors; the rate of non-performing and delinquent loans is increasing.
One end of the market’s business catastrophe is the other end of the market’s boon, so to speak, and bankruptcy experts who are fresh off stints in giant stateside bankruptcies like those of General Motors, Lehman Bros. and Kmart are positioning assets and resources to capitalize on managing China’s bad debts.
Observers say China’s closely-controlled economy is poised to offload bad debt. That means there will be lots of work for experts in the homegrown American field of loan restructuring and workouts. The head of restructuring services at KPMG China said the scale of the potential market for restructuring services is “mind-boggling.” While experts say big banks in China sold off bad loans during the last bad-debt purging, this time around banks want to hold onto their bad debts, so as not to give away potential profits.
That opens the door to restructuring experts to step in and help banks deal with non-performing or defaulted loans. While opportunities may abound for bankruptcy experts, however, Chinese business culture presents some unique challenges to would-be fixers. Robert Fonow, founder of consulting firm RGI, said there is no culture of “asking for help” in overhauling a stagnant business operation, and even when Chinese companies do employ foreign help, they are reluctant to pay for restructuring and workout services.
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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