Articles Tagged with creditors

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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.

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

The U.S. Supreme Court issued an important decision late last month regarding the ability of some creditors to try and claw back money owed to them by corporations that end up going broke. The ruling overturns a defense used by many companies to shield certain payments made prior to the bankruptcy from being subject to claims by creditors. The decision is important going forward as it is expected to have a significant impact on cases involving complicated financial transfers that had previously been protected from careful scrutiny or claw back by bankruptcy trustees. To learn more about the recent case, keep reading.

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Bankruptcy Lawyer Bryan W. Stone answers the question: “What are my alternatives to bankruptcy?”

We like to think that when someone takes the big step of filing for bankruptcy, they do so only when it’s absolutely necessary. The bankruptcy process was created to offer relief to individuals struggling with burdensome debt loads, not to be abused by those simply trying to stall creditors. Though the vast majority of those who file for bankruptcy protection do so as a last resort to avoid financial disaster, there are some who take advantage of aspects of the system for their own benefit.

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Bankruptcy Lawyer Bryan W. Stone answers the question: “What is a bankruptcy discharge ?”

Early this month the U.S. Supreme Court heard arguments on a case that The New York Times reported has the bankruptcy world “on edge” because it could upend the standard practice that ranks lenders, employees and other creditors in order of priority when they try to recover what they are owed after a company files for bankruptcy.

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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 keep my house if I file bankruptcy?”

Thanks to the concepts of equity and the Homestead Exemption, keeping your home during and after a bankruptcy is not only possible, but a popular option for individuals who file for bankruptcy protection. However, if you choose to stay in your home after bankruptcy it is important to understand the concept of reaffirming a mortgage and its pros and cons. Your mortgage lender will almost certainly ask you to reaffirm, and having a grip on what reaffirming is, its pros and cons, and what it ultimately means for you can better inform your decision.

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

When Teresa Giudice’s name has appeared in the press for the last half-decade, it has usually not been uplifting press for the former “Real Housewives of New Jersey” star. Bankruptcy fraud convictions, millions owed in debt and a stint in the federal penitentiary have dampened the celebrity she once enjoyed as a reality star, and the hits just keep on coming.

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Charlotte Bankruptcy Lawyer Bryan W. Stone of Arnold & Smith, PLLC answers the question “What are my alternatives to bankruptcy ?”

As we discussed on Tuesday, the rapper 50 Cent (also known as Curtis James Jackson III), has found himself in legal hot water after the bankruptcy judge presiding over his case caught wind of recent social media posts that seem to indicate the rapper is worth far more than his stage name implies. In a series of Instagram and Twitter updates, 50 Cent posted photographs of himself sleeping with, standing next to and spelling words out of giant stacks of money.

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Bankruptcy Lawyer Bryan W. Stone answers the question: “What are my alternatives to bankruptcy ?”

The rapper 50 Cent has been in the news since he filed for bankruptcy last year, claiming that two separate court-ordered judgments and other high expenses pushed him into bankruptcy. However, his bankruptcy case took an interesting turn this [week] after the bankruptcy judge ordered him to appear and explain numerous photos he has been posting on Instagram of himself surrounded by $100 bills and stacks of money.

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Bankruptcy Lawyer Bryan Stone answers the question “How do I file for bankruptcy?”

Deciding to file for bankruptcy can be an incredibly hard decision-making process. You’re likely stressed about paying bills, worried by repeated calls from creditors and maybe even embarrassed about the difficult financial situation you find yourself in. Don’t be. Thousands of people file for bankruptcy each and every year and that doesn’t make them bad people, just people who have been dealt a bad hand and find themselves owing more than they’re taking in.