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

In any lawyer/client relationship, you have to feel comfortable with your representation. Bankruptcy is a stressful and complicated process. You should have no difficulty in asking your attorney questions, requesting explanations, and needing to go over your options during the course of your case. Strategy and filing deadlines are important in bankruptcy. For instance, the decision to file under Chapter 7 or Chapter 13 for individuals will determine the time-frame, which debts are discharged, and what kinds of property they will be able to keep.

Bankruptcy Lawyer Bryan W. Stone answers the question: “Do I need an attorney to file bankruptcy?”

It the vast majority of cases, people who are considering filing for bankruptcy are experiencing significant financial problems. After all, bankruptcy is intended to benefit people who have fallen behind on their debts and are unable to meet their financial obligations. As a result, most bankruptcy filers are trying to save money at every opportunity that presents itself, and many people wonder if they even need to retain an attorney in order to file.

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

Many people who are experiencing financial trouble have difficulty keeping up with many of their monthly obligations, including their mortgage payments. When a homeowner gets sufficiently behind on his or her mortgage, the mortgage lender may pursue foreclosure, which is the legal process through which a piece of real estate is repossessed. Once repossessed, the property is generally sold at auction so that the lender can mitigate the losses it has incurred. Fortunately for homeowners, there are often many ways in which filing for bankruptcy can help them keep their homes and lower their total monthly debt burden. For specific advice regarding your situation, call one of our highly experienced Charlotte bankruptcy attorneys today.

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

Bankruptcy is an option for Americans to discharge their debts and set themselves up to have a better financial future. We live in a world in which a person’s credit history can dictate some important parts of their lives. Credit scores impact your ability to rent an apartment, buy a house, and even secure a credit card to have in the event of an emergency. Filing for bankruptcy will affect a person’s credit score; there is no way to avoid it. However, a misconception surrounding bankruptcy is that there is no way to rebuild credit after filing for bankruptcy or that the process takes too long. There are ways to rebuild your credit in an efficient and timely manner.

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

Sears, Roebuck & Company, commonly known just as Sears, was founded following the Civil War. Since then, the company has grown and expanded, becoming a popular place for people to shop all across America. Sears has sold a wide variety of items through stores and catalogs, such as clothes, toys, appliances, and even tombstones. As time went on, more and more competition popped up, taking away some of Sears’ clientele. Stores like Walmart and Home Depot became difficult to compete with given their low prices. Additionally, online retailers like Amazon significantly cut into Sears’ customer base. With all of this competition and its decline in sales, Sears has filed for Chapter 11 bankruptcy, according to the New York Times.

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

Heritage Home Group, a High Point furniture manufacturer, has filed for Chapter 11 Bankruptcy, according to Business North Carolina. Heritage Home Group filed a Chapter 11 petition with the hope of restructuring the company. They also want to sell their brands, including Thomasville, Broyhill, Hickory Chair, and Maitland-Smith. The decision to file bankruptcy is the result of $280 million in debt that the company is facing. Sales were down 27% from the previous year’s sales. The company does anticipate any changes in their operation while the restructuring takes place.

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

The need to file for bankruptcy can arise for anyone. It does not matter your age, occupation, marital status, or any other qualification you might think of. There might be certain categories of people who are more likely to file for bankruptcy, but there is no guaranteed way to predict who will file for bankruptcy. While you cannot completely predict who might be at risk for needing to file bankruptcy, there are trends that can be observed. The New York Times reports that the number of older Americans who are filing bankruptcy is “booming.”

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

The popular children’s toy store, Toys R Us has decided to close all of its United States store and liquidize assets after failing to survive the bankruptcy it filed last year. In 2017, Toys R Us filed a Chapter 11 bankruptcy in an effort to get a handle on almost $5 billion in debt. The company filed for Chapter 11 in September of 2017. The holiday shopping season was not as successful for Toys R Us as the company would have hoped, and they were unable to follow their debt plan and survive bankruptcy. As such, the company switched their bankruptcy to a Chapter 7 liquidation option instead, according to USA Today.

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

A Chapter 7 bankruptcy that was filed in 2003 has finally ended 15 years later. The Great Northern Paper Co. filed for Chapter 7 bankruptcy in 2003 and Chief Judge Peter Cary of the United States Bankruptcy Court for the District of Maine has ordered that the proceeding be closed within 30 days, according to Bangor Daily News. The trustee submitted a certification that the assets of the estate were accounted for and requested that the court discharge the company from other debts and duties.