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Articles Tagged with credit reports

Charlotte Bankruptcy Lawyer Bryan W. Stone of Arnold & Smith, PLLC answers the question “Do I need an attorney to file bankruptcy?”

A recent bankruptcy law update noted that there has been a rash of cases filed against creditors and credit reporting agencies in Nevada related to the accuracy of some credit reports post bankruptcy. Specifically, the report indicated that more than 50 such claims under the federal Fair Credit Reporting Act (FCRA) have been filed, claiming that the creditors are violating the law by failing to report accurate information.

Charlotte Bankruptcy Lawyer Bryan W. Stone of Arnold & Smith, PLLC answers the question “Can I get credit after filing personal bankruptcy?”

Two large banks in the United States are taking steps to delete negative credit marks from credit reports of consumers whose debts with the banks or their affiliates have been discharged in bankruptcy.

Charlotte Bankruptcy Lawyer Bryan W. Stone of Arnold & Smith, PLLC answers the question “Will anyone find out about my bankruptcy?”

 

No one doubts that bankruptcy is a big deal. But when that big deal is finally in your rear-view mirror, how big of a deal is the fact that you have gone through bankruptcy to a potential employer?

Job Fair Charlotte Debt Lawyer Mecklenburg Bankruptcy AttorneyIt can be a very big deal, depending on the employer. Most employers ask applicants if they have ever declared bankruptcy. Even if they do not ask, however, employers will probably find out anyways. Bankruptcies are reflected on credit reports, and many services that provide background checks on prospective employees display data related to bankruptcy filings.

And it’s not always the bankruptcy, in and of itself, that is most damaging to a prospective employee’s chances at landing a job. Oftentimes the credit report itself—evincing the battle scars of financial troubles that led (or almost led) to bankruptcy—is enough to screen your application out. Bad credit scores and numerous delinquencies may indicate a theft risk to some employers. Others may reason that if you cannot keep up with your own day-to-day finances, you will not be able to keep up with the day-to-day vagaries of the position for which you are applying.

While it is not legal for employers to reject an applicant just because one has declared bankruptcy, it is perfectly legal to reject an applicant on the basis of a poor credit score or poor credit history.

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

 

Anyone who has passed through the bankruptcy process and received a bankruptcy discharge notice in the mail may experience an understandable sense of joy and relief. It is over. Or is it?

House Auction Charlotte Bankruptcy Lawyer Mecklenburg Chapter 7 AttorneyAt the risk of sounding like a lawyer, whether “it” is “over” depends upon what one means by “it’ and what one means by “over.” In the world of bankruptcy, very little is ever really over, and even the bankruptcy discharge—while an important formality—does not end any actions that are still pending in a bankruptcy.

A bankruptcy, at its essence, is less like a lawsuit and more like probate—gathering the assets of a dead person and using them to pay off the person’s debts. The difference is the person is not dead; the person is you, and sometimes the best recourse you have against creditors is to sue. In bankruptcy, your trustee may sue creditors for a variety of reasons, and your trustee may answer and defend against creditors or others who sue you, for whatever reason. These cases can drag on long after a person has received one’s bankruptcy discharge.

A bankruptcy discharge does not, as many believe, wipe the proverbial slate clean, so if clearing yourself of any and all debts is what you define as having “it” over and done, then you may misunderstand the effect of a bankruptcy discharge.

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

 

Humberto Soto thought the $6,411 Chase credit card debt he incurred before his 2012 bankruptcy had been discharged, but when the 51-year-old former hospital worker tried to rent an apartment in January, a housing agency ran his credit and spotted the debt.

Zombie Debts Charlotte Chapter 7 Lawyer North Carolina Bankruptcy AttorneySoto called JPMorgan Chase, who held the debt. Chase told Soto he either had to pay or else lose the apartment. Soto called his lawyer, who called the housing agency. Soto got the apartment, and he did not have to pay Chase.

Soto’s experience is playing out by the thousand across the United States, with large financial institutions failing to extinguish debts that federal judges have ordered discharged in bankruptcy courts. By keeping the debts alive, banks are “essentially forcing borrowers to make payments on bills that they do not legally owe,” according to the New York Times. The Times calls the not-dead-yet debts “zombie” debts.

The banks say they comply with all federal laws regarding debt collection and sale of debt holdings, but lawyers in the United States Trustee Program are investigating Chase, Bank of America, Citigroup and General Electric’s financing arm, alleging that the institutions are effectively holding consumer credit reports hostage until borrowers pay—even borrowers whose debts have been discharged through bankruptcy.

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