Articles Tagged with Chapter 7

Bankruptcy Lawyer Bryan W. Stone answers the question: “Does my spouse have to file bankruptcy if I do?”

A 2019 study found that divorce or separation is some of the most common reasons for filing for bankruptcy in the United States. Other reasons that drive hundreds of thousands of Americans into bankruptcy each year include unaffordable mortgages or foreclosures, spending beyond one’s means, providing financial help to friends or family members, and student loans.

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

An emergency bankruptcy filing is not very different from what it sounds like. If you need to file for bankruptcy ASAP for whatever reason, an emergency bankruptcy filing might be the right choice.

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

While the economy has recovered somewhat since the “Great Recession” and housing market crash of 2007, millions of Americans are still struggling to pay the bills. For starters, health care costs have drastically risen in the last decade as prescription medication and premiums seem to double in price every few years; fewer Americans own homes now than they did before the housing crash; and the median net worth of families today is just $97,300, which is 30% less than the average in 2007, which was $140,000, according to Vice News. If you are worried about your gloomy financial state of affairs, you should consider talking to an attorney about your best options for getting out of the hole in which you are currently stuck. Filing for bankruptcy could be the right move, or it could seriously jeopardize your future. A Charlotte bankruptcy attorney will be able to provide you with assistance today.

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 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?”

Sears, Roebuck & Company, commonly known just as Sears, was founded following the Civil War. Since then, the company has grown and expanded, becoming a popular place for people to shop all across America. Sears has sold a wide variety of items through stores and catalogs, such as clothes, toys, appliances, and even tombstones. As time went on, more and more competition popped up, taking away some of Sears’ clientele. Stores like Walmart and Home Depot became difficult to compete with given their low prices. Additionally, online retailers like Amazon significantly cut into Sears’ customer base. With all of this competition and its decline in sales, Sears has filed for Chapter 11 bankruptcy, according to the New York Times.

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

A Chapter 7 bankruptcy that was filed in 2003 has finally ended 15 years later. The Great Northern Paper Co. filed for Chapter 7 bankruptcy in 2003 and Chief Judge Peter Cary of the United States Bankruptcy Court for the District of Maine has ordered that the proceeding be closed within 30 days, according to Bangor Daily News. The trustee submitted a certification that the assets of the estate were accounted for and requested that the court discharge the company from other debts and duties.

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.

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.