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Bankruptcy Lawyer Bryan W. Stone answers the question “What is Chapter 11 Bankruptcy?”
It’s sadly an all too common story these days, a claim of sexual abuse arises in a small town or city and, not too long after that, many more claims emerge, with victims feeling safe enough to come forward with their own stories. Adding insult to injury, these sexual abuse cases have frequently led to bankruptcy filings, with the churches responsible for paying the verdicts seeking ways to help avoid the potentially crushing financial burden of dozens of million dollar payouts.
Charlotte Bankruptcy Lawyer Bryan W. Stone of Arnold & Smith, PLLC answers the question “Should I file bankruptcy ?”
When financially faltering individuals weigh their options, in addition to considering what they may gain through bankruptcy, they should develop a clear understanding about the ills bankruptcy will not cure.
In a Chapter 7 bankruptcy, the bankruptcy trustee—a person appointed by the Bankruptcy Court to oversee a bankruptcy—will marshal the debtor’s assets, or take title to the debtor’s property. That means, in general, that whatever a debtor owns, the debtor surrenders to the bankruptcy trustee. The trustee then uses these “assets,” if any, to pay off debts.
Chapter 7 bankruptcies may seem appealing to individuals in financial dire straits because the perception is that the proceedings will erase all of an individual’s debts, enabling the debtor to start afresh after a bankruptcy discharge. Individuals considering a Chapter 7 bankruptcy should know, however, that it is difficult to qualify for this type of bankruptcy, and it is likely that a Chapter 7 debtor will have to enter into a repayment plan to repay “at least a portion” of one’s debts, according to Tushar Mathur of GoBankingRates.com.
If you are considering declaring bankruptcy under Chapter 7, give me a call today and we can see whether you qualify.
Charlotte Bankruptcy Lawyer Bryan W. Stone of Arnold & Smith, PLLC answers the question “What is a small business bankruptcy ?”
A forty-six-year-old bankruptcy case illustrates the pitfalls that ensnare even careful craftsmen. Ambiguities on deeds and sales documents connected to the sale of a debtor’s assets in 1969 meant that buyers who thought they owned oil and gas drilling rights… well, didn’t.
The properties at issue in the case were “undeveloped severed oil and gas leases.” These kinds of property interests “are not considered to be in the possession of anyone until they are developed,” according to bankruptcy attorney Vicki R. Harding of Pepper Hamilton LLP.
When one of the successors-in-interest to the purchasers in the 1969 bankruptcy sought to develop the interests, it conducted a title search of its ownership interest and discovered defects in the conveyance documents prepared by a bankruptcy trustee in 1969. The successor-in-interest to the purchaser asked the bankruptcy court to reopen the old bankruptcy case in order to clarify ambiguities in the sales documents.
In one instance, “the conveyance of a lease interest included two different legal descriptions,” while in another, “the denominator used to identify one of the fractional interests was calculated in a manner inconsistent with the way it was calculated for other properties.”