Articles Tagged with Bankruptcy code

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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: “What are my alternatives to bankruptcy?”

As anyone with student loans knows, educational debt can cause serious financial stress for even the thriftiest of individuals. With the average borrower in 2016 facing some $37,000 in student loans, it can be hard to know how best to tackle such a big pile of debt. Though payment plans and income-based loan forgiveness programs have been helpful, the reality is that many millions of people continue struggling with how to make ends meet and student loans represent a large part of that problem.

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

Most people think that when you file for bankruptcy you only get one shot, pick the right chapter to file under and you’re done. Though it’s true that some people only file under one chapter of the bankruptcy code, it is also true that it is possible to switch at some point in the process. This switching between various chapters is known as converting. To find out more about converting a bankruptcy filing, keep reading.

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Charlotte Bankruptcy Lawyer Bryan W. Stone of Arnold & Smith, PLLC answers the question “Can I keep my house if I file bankruptcy?”

Most people assume that bankruptcy means a blank slate, a chance to start over fresh. While this is true with some categories of debt, it is important to note that a bankruptcy will not wipe away everything. Under the Bankruptcy Code, there are some categories of debt that are exempt form discharge, know as Section 523 exceptions. These exceptions apply to individuals filing Chapters 7, 11, 12 and, with some caveats, Chapter 13 bankruptcies. To find out more about the debts that you may never be able to fully escape, keep reading.

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Charlotte Bankruptcy Lawyer Bryan W. Stone of Arnold & Smith, PLLC answers the question “What is Chapter 11 Bankruptcy?”

The recent Republican presidential debate drew millions of viewers and nabbed headlines for a variety of reasons. One of those is because of a question that Donald Trump was asked about bankruptcy. Though many felt the question was intended to embarrass the notoriously egomaniacal businessman, Trump responded in a way that many experts agree with, by pointing out that those who seek legal protection from creditors should not be demonized or lampooned for having done so.

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Charlotte Bankruptcy Lawyer Bryan W. Stone of Arnold & Smith, PLLC answers the question “What are the pros and cons of bankruptcy ?”

A creditor challenging a California city’s bankruptcy plan says the city and its retirees manipulated the bankruptcy process in an effort to drown out the creditor’s objections to the plan.

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Charlotte Bankruptcy Lawyer Bryan W. Stone of Arnold & Smith, PLLC answers the question “Are my 401k and IRA protected in bankruptcy?”

A District Court’s reversal of a bankruptcy court’s application of Section 548(e) of the Bankruptcy Code to a portion of trust assets has bankruptcy insiders breathing a sigh of relief. As Forbes reports, absent the reversal, bankruptcy trustees would have had broad authority to seek to set aside legitimate trust activities in order to seize trust funds for the benefit of creditors.

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The United States Supreme Court has issued a decision favoring debtors who convert Chapter 13 bankruptcy proceedings into Chapter 7 actions, holding that funds collected by a bankruptcy trustee pursuant to a debtor’s Chapter 13 plan belong to the debtor at the moment the debtor converts a case to a Chapter 7 proceeding.

Change sign Charlotte Chapter 13 Lawyer Mecklenburg Bankruptcy Law FirmThe debtor, Charles Harris, filed for bankruptcy in 2010, seeking protection under Chapter 13 of the Bankruptcy Code. The bankruptcy plan established for Harris enabled him to keep his home and catch up on tardy mortgage payments over time. The “bargain” of a Chapter 13 plan, according to Scotusblog.com, is that a debtor gets to keep one’s assets, but current and future earnings must be used to pay creditors. Chapter 13 repayment plans typically last from three to five years.

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Charlotte Bankruptcy Lawyer Bryan W. Stone of Arnold & Smith, PLLC answers the question “What is Chapter 13 bankruptcy?”

The United States Supreme Court recently heard oral arguments in two bankruptcy cases. While the decisions in the cases—expected later this summer—are not expected to be earth-shaking, the results may affect the manner in which debtors proceed in converting existing Chapter 13 bankruptcies into Chapter 7 actions and in considering the issue of appellate rights when submitting a Chapter 13 reorganization plan.