Charlotte Bankruptcy attorney Bryan W. Stone answers the question: “What is Chapter 7 Bankruptcy?”
Does the word “bankruptcy” have a decidedly negative connotation in your mind? Lawmakers with the European Union seem to think so and they have decided to take action to remedy the problem.
You might be wondering what the EU intends to do to take the stigma out of filing for bankruptcy. EU officials say that they want to change the word bankruptcy, replacing it with the not quite so loaded “debt adjustment.” According to a news release from the European Parliament, the term bankruptcy is seen as a pejorative and does not reflect the reality that many times bankruptcies are simple financial reorganizations. The feeling is that debt adjustment is a more neutral phrase that better describes what takes place during a bankruptcy filing.
One supporter of the name change says that bankruptcy has taken on such a negative connotation that many banks and other lenders will refuse to grant money to those who have filed for bankruptcy protection in the past. The hope is that by changing the name, lenders might be more willing to take a chance on a loan for those filing for a debt adjustment. By taking some of the sting out of the word itself, many hope that debtors will receive more of a second chance.
Others have criticized the proposed name change, accusing the European Parliament of acting as language police. A conservative member of the parliament from the United Kingdom said that the idea reveals, “how intellectually bankrupt – sorry, debt adjusted – the European Union has become.” Critics point out that the word bankruptcy has been in existence for more than 500 years and that it is absurd to think a decree could eliminate its widespread usage.
The reality is that no matter what it is referred to technically, people will still formulate their own thoughts and feelings regarding bankruptcy. Though no one is ever eager to file for bankruptcy protection, it is sometimes necessary to wipe the financial slate clean and start over fresh. It may not be the favored method of solving financial issues, but it’s nice to know that it’s an option if need be.
If you find yourself needing the services of a Charlotte, North Carolina bankruptcy attorney, please call the skilled lawyers at Arnold & Smith, PLLC today at (704) 370-2828 or find more resources here. As professionals who are experienced in the bankruptcy arena, 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. Originally from Macon Georgia, Mr. Stone attended the University of Georgia for a BBA in Banking and Finance and went on to Wake Forest to earn his law degree. After law school Mr. Stone relocated to Charlotte where he has become quite involved in many local organizations. He is currently the Chair of “Bravo!” the young professionals organization of Opera Carolina, he also founded the UGA Alumni Association of Charlotte. In his spare time he enjoys perfecting his BBQ skills for the annual “Q-City BBQ Championships” and playing softball with the Mecklenburg County Bar Softball League.
“A European Union Official Wants to Ban the Word ‘Bankruptcy’ and Instead Use a More Politically Correct Term,” by Sharona Schwartz, published at TheBlaze.com.
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