Bankruptcy Lawyer Bryan W. Stone answers the question: “What is Chapter 11 Bankruptcy?”
No one thinks bankruptcy is ideal, whether we’re talking on the personal or corporate level. In the case of a commercial bankruptcy, many people wonder what is the best way to go, either Chapter 7 or Chapter 11. Though neither represents the best possible outcome, filing for bankruptcy doesn’t have to be a disaster either and it’s worth weighing your options about which path forward offers the most benefits.
Bankruptcy Lawyer Bryan W. Stone answers the question: “Can I get credit after filing personal bankruptcy?”
If you pay much attention to the news you’ve likely heard about Donald Trump and his past financial problems. Though Trump claims he’s a billionaire many times over, his opponents enjoy pointing out his repeated financial distress. The claim from rivals is that the man has filed for bankruptcy four times before. The argument often made is that because he presided over so many bankruptcies of his own, he shouldn’t be trusted to watch out for the financial security of a country far larger and more complex than any of his businesses.
Charlotte Bankruptcy Lawyer Bryan W. Stone of Arnold & Smith, PLLC answers the question “What is Chapter 11 Bankruptcy?”
The recent Republican presidential debate drew millions of viewers and nabbed headlines for a variety of reasons. One of those is because of a question that Donald Trump was asked about bankruptcy. Though many felt the question was intended to embarrass the notoriously egomaniacal businessman, Trump responded in a way that many experts agree with, by pointing out that those who seek legal protection from creditors should not be demonized or lampooned for having done so.
Charlotte Bankruptcy Lawyer Bryan W. Stone of Arnold & Smith, PLLC answers the question “Do I need an attorney to file bankruptcy?”
Many people believe that the path to financial ruin ends at bankruptcy. Many people, however, do not understand what it means to be bankrupt, other than the fact that one’s debts far outpace one’s ability to ever repay them. If you’ve read this blog before, then you know that I think people can view bankruptcy as a chance for a new beginning, not as an end.
One of the most common misconceptions about bankruptcy is that it is, in financial terms, the end. It is not, and having the right frame of mind about things often changes things—even lives—for the better.
If I could give people who are in financial straits and facing potential bankruptcy one piece of advice, it would be this: embrace change. Change is the constant that fuels the energy of our universe and, on a much smaller scale, it could save you from financial ruin. If you are close to financial ruin and considering bankruptcy, then whatever you were doing to get where you are landed you in a place of financial hardship. Decisions were made along the way that hurt you. Life packed its share of punches. You didn’t deserve those.
Maybe you did, but if it is any consolation, your pain is shared, and it has been shared by some of the wealthiest corporations in the world. Five billion-dollar companies that either walked right to the edge of bankruptcy or went through it—Harley-Davidson, Lego, Apple, General Motors and Ford—have shown that change is the only constant, and embracing it may be the ticket out of financial straits.