Articles Tagged with bankruptcy process

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

Most people choose to file bankruptcy because they need to lessen their debt burden. A Chapter 13 bankruptcy is one good way of doing that, with the court overseeing an agreement between the debtor and creditors on a repayment plan. The creditors agree to cooperate because it is better to get something in a repayment plan than nothing should the filer instead pursue a Chapter 7 bankruptcy. Debtors like Chapter 13s because they can restructure their debts and hopefully pay less over the course of the plan than what’s owed.

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

A federal judge in New Jersey just reminded us of the power the Internal Revenue Service can retain over us all, even in bankruptcy. The judge recently threw out a defunct law firm’s lawsuit that accused the IRS and Treasury Department of illegally trying to collect taxes during a bankruptcy proceeding. Although the person bringing the lawsuit was an attorney, he apparently lacked the sufficient bankruptcy law experience to successfully protest the IRS’s oversteps, highlighting the dense and difficult nature of the bankruptcy process.

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.

Bankruptcy Lawyer Bryan W. Stone answers the question: “Can I buy a home after bankruptcy?”

Everyone knows that bankruptcy is a difficult process. One of the many difficult aspects of the bankruptcy process is deciding how to handle some of your personal property and corresponding debts. Vehicles are especially tricky given that you may not be able to afford the payments on the car, but may also fear being unable to make ends meet without it.

Bankruptcy Lawyer Bryan W. Stone answers the question “Can I buy a home after bankruptcy?”

Last month Ann Nevins, a bankruptcy judge in Connecticut, ordered Curtis Jackson (also known as 50 Cent) to explain why he had been posting images on social media sites which appeared to showcase the life of a wealthy rapper rather than someone in the midst of a bankruptcy filing. Judge Nevins criticized the pictures as disrespectful to the court and to the bankruptcy process. Beyond making a mockery of the dire straits most people find themselves in when seeking bankruptcy protection, 50 Cent was also facing potentially serious trouble if it was discovered that he had been hiding assets from the bankruptcy court, a crime.

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

A recent article in the Detroit News discussed the case of an attorney who had to advise a client not to file for bankruptcy despite a massive $400,000 mountain of debt. The reason? Because the man had recently inherited an IRA from his deceased mother. According to a recent U.S. Supreme Court case, the money contained in the IRA would not be protected during the bankruptcy process and would instead be forfeited to pay off creditors. Given the certain loss of the money, the man decided to avoid filing and continue struggling under an impossible debt burden.

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

One of the most important aspects of the bankruptcy process, at least for those eager to end the harassing calls from collectors, is the automatic stay. The automatic stay serves as an immediate (though temporary) stop to the vast majority of debt collections. Though the automatic stay is powerful and can be a welcome relief to many bankruptcy filers, there are limits to what it can do. To find out more about the automatic stay, keep reading.

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

There’s been a recent push by some legislators to further reform the bankruptcy process. The argument is that the system has too many loopholes that can be exploited by those eager to game the system. Though the overwhelming majority of bankruptcy filers are honest and only move forward with seeking bankruptcy protection as a last resort, it is true that occasional bad apples can be used to spoil the bunch. One example of a bad apple is a man from Florida who spent more than a decade using the bankruptcy system to live rent free by continually putting off foreclosure attempts.

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

Most people are familiar with the basic outlines of the bankruptcy process: debtor files for bankruptcy protection, debts are either forgiven or restructured, creditors are given a chance to offer input, bankruptcy is discharged. Though this is how many such bankruptcies go, it isn’t always the case. In fact, when most people think of bankruptcy they are often talking about the voluntary bankruptcy approach, not realizing that there’s another option known as involuntary bankruptcy. To find out more about the involuntary bankruptcy process, keep reading.

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

At its most basic level, the bankruptcy process exists so that if a company or individual finds itself upside down, owing more to creditors than can reasonably be repaid, there is hope. Hope that the debts can be eliminated or reduced. Hope that the company can be restructured. Hope of starting over fresh. Though this hope would seem to exist for any business owner in the U.S., a recent court decision out of Colorado made clear that this hope will not extend to marijuana-related businesses.

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