Articles Tagged with Bankruptcy filings

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: “Can I keep my car if I file bankruptcy?”

Everyone has heard that medical expenses are a major cause of bankruptcy filings, and it makes sense. A sudden medical emergency, especially for those without insurance, can be devastatingly expensive, sometimes costing hundreds of thousands of dollars. Another major factor in bankruptcy is job loss. You lose your income, it isn’t a surprise that you lose your ability to keep up with your bills. But what about parking tickets? Surely parking tickets aren’t a contributor to bankruptcy filings. According to some experts in Chicago, they might be.

Bankruptcy Lawyer Bryan W. Stone answers the question: “Can I get credit after filing personal bankruptcy?”

Most consumers never give much thought to the possibility that a store they shop at or a service they use could just up and disappear. We take for granted that established brands will always be around, when the reality is that companies come and go all the time. When a store is sold or changes names, consumers rarely suffer, as debts owed are almost always honored. The same isn’t true in the case of bankruptcy filings, which can leave consumers out money they mistakenly imagined was secure.

Bankruptcy Lawyer Bryan W. Stone answers the question: “What is Chapter 13 bankruptcy?”

A recent article in Bloomberg discussed something that many people may not be aware of: racial bias may play a role in something as mundane as bankruptcy filings. How does race impact bankruptcy? According to several studies, minority groups, specifically African American debtors, are vastly more likely to be steered to Chapter 13 rather than Chapter 7 bankruptcy protection.

Bankruptcy Lawyer Bryan W. Stone answers the question: “What is Chapter 13 bankruptcy?”

One year ago this December, the paperwork that had been in use since the 1980s for people and businesses filing for bankruptcy protection was replaced with forms that were supposed to be clearer and easier to understand.

Bankruptcy Lawyer Bryan W. Stone answers the question: “Can I keep my house if I file bankruptcy?”

Bankruptcy is a process that would seem to occur with the same frequency no matter your state or region. After all, people can have financial problems anywhere. While it’s true that people do run into financial trouble all across the country, the extent to which people encounter such trouble varies depending on your geography. To learn more about what geography tells us about bankruptcy rates, keep reading.

Bankruptcy Lawyer Bryan W. Stone answers the question: “Can I get credit after filing personal bankruptcy?”

There have been new developments in the ongoing saga of Curtis James Jackson III’s bankruptcy. Jackson, AKA 50 Cent, filed for bankruptcy last year after revealing that he owed more than $25 million, the vast majority of which is owed to two creditors. The problems began soon thereafter, with the creditors arguing that Jackson was hiding assets and posing for pictures that indicated he was far from broke.

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

 

Changes to the United States Bankruptcy Code enacted a decade ago were designed to lower the number of bankruptcy filings in the United States. Last year, bankruptcy filings were down about half from a decade ago, but bankruptcy experts wonder if the reforms “have done more harm than good,” according to The Economist.

Man at desk Local Bankruptcy Lawyer Charlotte Debt AttorneyAs a recent paper published by Stefania Albanesi of the New York Federal Reserve and Jaromir Nosal of Columbia University confirms, the decade-old bankruptcy reforms have “led to a permanent drop in the bankruptcy rate.”

However, Princeton assistant professor of Economics Will Dobbie and Jae Song of the Social Security Administration say that tightening bankruptcy rules may suppress the “good microeconomic effects” that easier bankruptcy rules produce. A bankrupt person has more incentive to work, for instance, if large chunks of one’s salary are not seized by creditors.

According to Dobbie and Song, people who were able to avail themselves of bankruptcy protection earned over $6,000 more in average income the year after declaring bankruptcy than those whose petitions were denied. Those whose petitions were denied, Dobbie and Song theorized, were more likely to “slip out of town, change [one’s] job and close down [one’s] bank account.”

Continue reading