Articles Tagged with Chapter 13 bankruptcy

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 keep my house if I file bankruptcy?”

We’ve previously discussed the impact that filing bankruptcy can have on some items of personal property, including things like houses and cars. As we mentioned, what and how much you’re able to hold on to typically depends on the type of bankruptcy filed, the value of the items in question and what the bankruptcy exemption rules say on the subject. Another item many people are curious about is jewelry. Whether it’s a family heirloom or a wedding ring, these items can have special sentimental value and the prospect of having to part with them can be very upsetting. To learn more about how jewelry is dealt with in bankruptcy, keep reading.

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

The bankruptcy process can seem opaque. Few people understand how filing for bankruptcy works and it can be hard to get reliable information from those who do know. This lack of information can have the unfortunate side effect of discouraging people who might otherwise benefit from bankruptcy from pursuing it. In an attempt to help demystify the whole process, let’s explore an aspect of the bankruptcy system that is likely unfamiliar to most people: the bankruptcy trustee.

Bankruptcy Lawyer Bryan W. Stone answers the question: “What is a small business bankruptcy ?”

No, the top executives for the bankrupted Sports Authority do not have the authority to give themselves $2.85 million in bonuses, the company’s U.S. bankruptcy judge has ruled.

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

For would-be homeowners who are struggling to secure a loan, seller financing can be an alternate path to home ownership. It can seem like a no-brainer for individuals with spotty credit histories eager to have a house to call their own: monthly mortgage payments directly to the old owner in exchange for the keys to your new home! The bank is cut out as the middleman!

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 is Chapter 13 bankruptcy?”

Most people see filing for bankruptcy protection as a chance to start clean and are often excited to finally begin putting their financial troubles behind them. Many people would assume that once the bankruptcy court accepts your petition and puts you on a path towards discharge, the hard work is behind you. Unfortunately, that is not always the case, especially for those filing for Chapter 13 bankruptcy protection.

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

Everyone knows that financial problems and marital problems often go hand-in-hand. If you’re suffering from both issues and are considering bankruptcy, you may be confused about the best way to move forward. On the one hand, you could file for bankruptcy jointly, pre-divorce, and get the financial issues dealt with prior to the divorce. On the other, you could wait to turn the page on your relationship before digging into financial trouble. Which approach is best? As is so often the case, it depends on a variety of factors. To learn more, keep reading.

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.

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

Since the downturn in the housing market in recent years, there is an interesting trend that shows increasing numbers of people choosing to surrender their homes during Chapter 13 bankruptcy when they are not required to do so.  Like the depressed housing market, this trend does not show signs of going anywhere but is definitely outside traditional bankruptcy norms. However, for people considering bankruptcy in North Carolina and the few other “non-recourse” mortgage states, surrendering your primary home in bankruptcy can discharge you of the entire mortgage amount regardless of how much it goes for at foreclosure.