Articles Tagged with Chapter 7

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Bankruptcy Lawyer Bryan W. Stone answers the question: “What is Chapter 11 Bankruptcy?”

Though he may wish it weren’t so, the reality is that one of the many things President Trump is known for is the comfort and frequency with which he avails himself of the country’s bankruptcy system. Having filed for corporate bankruptcy protection multiple times (though there’s some dispute, most experts peg the number at 6), Trump certainly knows his way around the Bankruptcy Code. Given his penchant for filing for bankruptcy protection, many have been surprised that one of increases in his recently proposed budget targets others who seek to do the same by increasing bankruptcy filing fees.

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

If you’re considering filing for bankruptcy you likely have a number of questions running through your head. Unfortunately, the process is often seen as opaque and this lack of clarity can scare people off who might really stand to benefit. In the interest of full disclosure, lets spend a few moments walking through some common questions about the limits of bankruptcy.

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

A recent article by Money Magazine walked through some of the most common myths associated with the bankruptcy process, exposing them as the fictions they really are. Though deciding to file bankruptcy can be difficult under the best of circumstances, it’s made unnecessarily harder due to commonly held misconceptions. These myths can intimidate and frighten people away from a process that might actually prove helpful, freeing them from mountains of burdensome debt. Now, let’s demystify some of these myths.

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Bankruptcy Lawyer Bryan W. Stone answers the question: “What is Chapter 11 Bankruptcy?”

When you think of the world of professional athletes and their net worth, the term “bankruptcy” is probably not one that comes to mind. Between the multi-million dollar salaries and lucrative endorsement deals, it is hard to imagine that someone raking in that kind of dough would be able to spend it all, let alone need to seek bankruptcy protection. So when NHL player Jack Johnson announced that he was filing for bankruptcy in 2014, claiming more than $10 million in debt, it stunned those within the hockey world. The lenders reported that interest from those loans had accrued his total amount owed to $21 million.

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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.

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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.

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

If you’re considering filing for bankruptcy, particularly a liquidation bankruptcy under Chapter 7, you are likely eager to understand exactly what property you will be able to hold onto throughout the process. One item you may not think about, but that can prove to be very important, is legal settlements/awards in a personal injury case. It may not occur to you that these could be forfeited in bankruptcy, but depending on your circumstances that is absolutely possible. To learn more about what happens to money won in a personal injury claim, keep reading.

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Bankruptcy Lawyer Bryan W. Stone answers the question: “Can I get rid of student loans by declaring bankruptcy?”

The reason most people feel forced to consider filing for bankruptcy is because their debts increase to unsustainable levels. Whether it’s a few large debts or many small ones, the total amount owed becomes too much to keep up with, requiring you to consider filing for bankruptcy. The hope is that bankruptcy wipes these debts away, allowing you to start fresh with a clean slate. Though that’s the goal, it’s unfortunately not always the reality. The reason is that some debts can’t be easily escaped and can instead follow you despite filing for bankruptcy protection. To learn more about which debts are hardest to shake, keep reading.

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

Knowing whether or not to file for bankruptcy can be a difficult decision. You will likely need to weigh a variety of factors, including your income, future prospects, total assets, total debts and the impact that filing can have on your life, in both the short term and over the long haul. Another question that many people consider is how filing for bankruptcy can impact their ability to operate as usual, including staying in their house and continuing to drive their current vehicles. To learn more about what happens to your car during Chapter 7, keep reading.

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

Are Allegations of Bad Faith Enough to Dismiss a Bankruptcy Case?