Articles Tagged with bankruptcy law

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: “What are North Carolina’s exemptions?”

Charles Jones may have made his living reselling textbooks, but his resulting bankruptcy case is turning out to be anything but a textbook one.

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

You might be surprised to learn that some countries still have debtors’ prisons. In fact, the United Arab Emirates just announced that its cabinet has approved the final part of a plan to create a bankruptcy law for the country which will help abolish the threat of jail time related to unpaid debts.

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

Erin Andrews was recently in the news for her successful lawsuit against her stalker and a Nashville hotel where a video of her undressing was secretly recorded through her room’s peep hole. Andrews, the famous sports personality, launched her legal claim in an attempt to hold those responsible for causing her harm financially accountable for their actions. When the judgment was handed down for a whopping $55 million, it was clear she had accomplished what she set out to do.

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

Experts in the field of bankruptcy law gathered recently in Arizona to discuss legal changes and how these changes have impacted the majority of debtors. Those gathered at the symposium concluded that the changes that were part of the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) were not only ineffective, but served to make the bankruptcy process more confusing and more expensive for debtors. Ultimately, changes designed to make the process more difficult succeed only in driving away potential filers, helping creditors at the expense of those who may desperately need the relief offered by bankruptcy protection.

Charlotte Bankruptcy Lawyer Bryan W. Stone of Arnold & Smith, PLLC answers the question “Do I need an attorney to file bankruptcy?”

A recent bankruptcy law update noted that there has been a rash of cases filed against creditors and credit reporting agencies in Nevada related to the accuracy of some credit reports post bankruptcy. Specifically, the report indicated that more than 50 such claims under the federal Fair Credit Reporting Act (FCRA) have been filed, claiming that the creditors are violating the law by failing to report accurate information.

Charlotte Bankruptcy Lawyer Bryan W. Stone of Arnold & Smith, PLLC answers the question “What is Chapter 7 Bankruptcy?”

 

Puerto Rico is a territory of the United States, and as such, it wants to treat its debt like Detroit and other stateside municipalities—and like Uncle Sam himself. That is, it wants to spend into oblivion—or to the brink of bankruptcy—and then use bankruptcy or quasi-bankruptcy to bail itself out.

Puerto Rico Charlotte Bankruptcy Lawyer North Carolina Debt AttorneyThe island’s government agencies have amassed public debt to the tune of $73 billion. The woes are so great that political leaders are worried the commonwealth will be unable to meet its short-term debt obligations, which could jeopardize even basic “public-safety responsibilities” to the island’s 3.5 million residents, according to Bloomberg News.

Puerto Rico’s electric-power authority, Prepa, was working on a restructuring plan that could have caused bondholders to sustain substantial losses. Prepa is not the only struggling public utility, however, and Bart Mosley, co-president of Trident Municipal Research in New York, told Bloomberg that the island nation may soon be forced to undertake “something that looks like sovereign debt-restructuring at some point with the general-obligation debt.”

Last summer, the commonwealth passed what was, in essence, a local bankruptcy law, which provided the struggling utilities more leverage in its negotiations with creditors. On Feb. 6 of this year, however, a federal court struck down the law on the basis that it violated the United States Constitution because it allowed a state government to modify municipal debt.

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

 

In relative terms, Japan’s version of Chapter 11 bankruptcy is young. After fifteen years, however, the change in business culture the nascent bankruptcy law has wrought may be helping to shutter some of the world’s longest-running businesses.

Japanese food Charlotte Mecklenburg Debt Attorney Chapter 11 LawyerMany of these businesses, as author William O’Hara told the Wall Street Journal in 1999, “are involved in basic human activities: drink, shipping, construction, food, guns.” O’Hara wrote a book called Centuries of Success that chronicled many of the world’s longest-running businesses.

Due to a unique business culture and relatively stable cultural norms, companies like Kongo Gumi—a construction company that specialized in building temples—operated for centuries. When, as The Atlantic reports, Kongo Gumi ran out of money in 2007 “and was absorbed by a larger company,” the business had been running continuously for 1,429 years.

In January, Minoya Kichibee—a seafood seller that specialized in preparing “salted squid guts using a 350-year-old recipe”—filed for bankruptcy, ending a 465-year continuous run in business. Minoya Kichibee’s bankruptcy followed last year’s shuttering of 533-year-old confectioner Surugaya.

While the rate of business bankruptcies in Japan is nowhere near that of companies in the United States, where, by comparison, only one in four companies founded in 1994 was still in business in 2004, the recent failure of so many of the company’s most venerable firms has some observers looking for answers.

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

 

The craziness in Washington, D.C. is heating up, as one party has foisted onto the floor of the House of Representatives a bill that will be considered under rules suspension. That means the bill will not be amended and will be subject to limited debate.

Bailout money Charlotte Mecklenburg Bankruptcy Attorney North Carolina Chapter 13 LawyerIt is not what you might imagine, however, and far from the advertised “gridlock” that is supposed to have been ensuing in the nation’s capital. The Financial Institution Bankruptcy Act actually enjoys broad, bipartisan support and is co-sponsored by powerful members of both predominant political parties, including Reps. Spencer Bachus (R., Ala.), John Conyers (D., Mich.), and Bob Goodlatte (R., Va.).

Many critics of the 2010 Dodd-Frank Act complained that it enshrined in law the kind of taxpayer bailouts of large companies and financial institutions that were employed on an emergency basis during the Great Recession. The new Act creates a new section of the bankruptcy code, which vests in the bankruptcy courts the authority to oversee bankruptcies involving large financial firms. This authority would appear to supplant the “orderly liquidation authority” created by the Dodd-Frank Act, which critics said enabled bureaucrats to pick and choose among creditors.

The new Act, however, does not eliminate or sap power from the “orderly liquidation authority.”

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