Our office continues to operate during our regular business hours, which are 8:30 am - 5:30 pm, Monday through Friday, but you can call the office 24 hours a day. We continue to follow all recommendations and requirements of the State of Emergency Stay at Home Order. Consultations are available via telephone or by video conference. The safety of our clients and employees is of the utmost importance and, therefore, in-person meetings are not available at this time except for emergencies or absolutely essential legal services.
Bankruptcy Lawyer Bryan W. Stone answers the question: “Can I keep my house if I file bankruptcy?”
Many debtors are concerned about how filing for bankruptcy would affect their chances of buying a house. Contrary to popular belief, assuming you would otherwise qualify, you will not have to wait a decade after a bankruptcy filing before you can buy a house. However, there are several things to do when purchasing a home post-bankruptcy.
Bankruptcy Lawyer Bryan W. Stone answers the question: “Does my spouse have to file bankruptcy if I do?”
Divorce and separation are common reasons why people file for bankruptcy, according to a 2019 study. Can one spouse file for bankruptcy without the other in North Carolina? Can you choose between a joint and individual bankruptcy filing if you are married?
Bankruptcy Lawyer Bryan W. Stone answers the question: “Does Bankruptcy stop foreclosure?”
Financial literacy is such a big part of life, yet most of us do not have the required financial tools to maneuver our way through significant transactions. If you dream of buying a home, but suspect you have some economic issues, the solution may be to do so with a financial counselor to help you get ahead.
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: “What is Chapter 13 bankruptcy?”
If you’re considering filing for bankruptcy one of things you’re likely concerned about is the impact filing can have on your credit report and thus on your financial future. Filing now may be the right thing to do, but you also likely have plans for down the road that you don’t want to see go up in flames thanks to the bankruptcy. Some are curious to know whether one type of bankruptcy is better for your future credit score than another. To learn more, keep reading.
Bankruptcy Lawyer Bryan W. Stone answers the question “Do I need an attorney to file bankruptcy?”
Many people with good credit may consider naming someone else as an authorized user on a credit card or other credit account, an attempt to build up the score of the other person. One question that many have is how this process works and, more specifically, how much information will carry over from one person’s credit history to the authorized user. Does good information come with the bad? How about past credit problems, such as a bankruptcy? To find out more, keep reading.
Charlotte Bankruptcy Lawyer Bryan W. Stone of Arnold & Smith, PLLC answers the question “Do I need an attorney to file bankruptcy?”
Everyone knows that bankruptcy is a last resort. To file will cost money you money, take time and wreak havoc on your credit score, making it all but impossible to secure new loans or open new lines of credit in the short-term. Given these consequences, it wouldn’t make sense to consider filing for bankruptcy unless you had exhausted all other options.
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?
At 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.
Charlotte Bankruptcy Lawyer Bryan W. Stone of Arnold & Smith, PLLC answers the question “Can I get credit after filing personal bankruptcy?”
What is the first thing a person should do after bankruptcy? Get a credit card!
Not really, but you should at least think about opening some new credit lines, according to Gene Melchionne, a Connecticut-based bankruptcy attorney. Think about credit, but “Don’t go crazy trying to get new credit right away,” Melchionne advises.
The nice thing about emerging from bankruptcy, Melchionne says, is that you no longer have to worry about the debts that were dragging down your budget before bankruptcy. On the other hand, your credit score is in the gutter, and you need to take on some credit in order to start to bring the score up.
Melchionne suggests starting with a small credit limit and monitoring credit card use closely to make sure you can pay off the entire balance each month.
Charlotte Bankruptcy Lawyer Bryan W. Stone of Arnold & Smith, PLLC answers the question “What are the pros and cons of bankruptcy ?”
How bad does a credit score have to be to be bad?
The short answer is it depends, but let’s begin with the basics: What is credit? Credit, in short, is you. You don’t have any money, but you need it. So you go to someone who has money: a lender. You ask the lender for money, and in return, you promise to pay the money back, with interest. Interest means you will pay the lender a little extra when you repay the money loaned to you. This sweetens the deal for the lender and induces the lender to loan you money.
The lender you ask for a loan doesn’t know you, so how can the lender be sure you will repay the money? To answer this question, the lender turns to one of three (or all three) consumer credit reporting companies. These companies are called Equifax, Experian and TransUnion. They gather all kinds of information about ordinary (and extraordinary) Americans like you. They know whether you’ve paid your bills (or not), whether you’ve repaid loans (or not), whether your payments were on time or late, whether you’ve gone through bankruptcy and whether a house you own has ever been foreclosed upon.
After all that information is compiled, these companies—called credit bureaus—assign a number to you between 300 and 850, with 300 being the worst and 850 being the best. Someone with a score in the 700s has “good credit.” That means the person has a history of paying bills and repaying debts. The person is a good candidate for a loan. Lenders may be less inclined to give loans to people with bad credit because their credit history may show they have taken out loans and been unable to repay them.