Articles Tagged with Bankruptcy

Bankruptcy Lawyer Bryan W. Stone answers the question: “How do I find a bankruptcy attorney in Charlotte?”

In times of financial distress, the automatic stay granted during bankruptcy can be a lifesaver. Debtors seeking relief from the stress of mounting bills should retain an experienced Charlotte consumer bankruptcy lawyer who can help guide them through the bankruptcy process.

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?”

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 are my alternatives to bankruptcy?”

We like to think that when someone takes the big step of filing for bankruptcy, they do so only when it’s absolutely necessary. The bankruptcy process was created to offer relief to individuals struggling with burdensome debt loads, not to be abused by those simply trying to stall creditors. Though the vast majority of those who file for bankruptcy protection do so as a last resort to avoid financial disaster, there are some who take advantage of aspects of the system for their own benefit.

Bankruptcy Lawyer Bryan W. Stone answers the question: “Will I lose my property if I file for bankruptcy?”

We all know what bankruptcy is intended for, to help people or companies get back on their feet financially by eliminating burdensome debts. The aim is to essentially wipe the slate clean and, by doing so, give hope for the future. When it comes to individuals and corporations, though it can be hard to finally take the step of filing, it’s good to know that the right to do so always (or almost always) exists. For other entities, particularly states, the debate isn’t about when to file, but whether filing is even legally possible.

Bankruptcy Lawyer Bryan W. Stone answers the question: “What are my alternatives to bankruptcy?”

Anyone who follows the news even a little bit has likely run across an article discussing either the merits or failings of the Affordable Care Act. Some blame the measure (also referred to as “Obamacare”) for rapidly rising health care costs. Others say the ACA should be heralded for bringing affordable health care coverage to millions of Americans. Though Republicans have now taken a concrete step to move closer to repealing and replacing the ACA, the Senate remains an obstacle and the fate of the Act is uncertain.

Bankruptcy Lawyer Bryan W. Stone answers the question: “I’m owed money by someone that filed bankruptcy. What can I do now?”

Most people understandably assume that if you own a business, whatever it is, you have the ability to seek bankruptcy protection if the need should arise. After all, the bankruptcy code doesn’t allow for judgments on the societal value of the business, all companies are seen as equally able to seek the protection of the bankruptcy system.