Articles Tagged with federal bankruptcy court

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Bankruptcy Lawyer Bryan W. Stone answers the question: “What is Chapter 11 Bankruptcy?”

Sears, Roebuck & Company, commonly known just as Sears, was founded following the Civil War. Since then, the company has grown and expanded, becoming a popular place for people to shop all across America. Sears has sold a wide variety of items through stores and catalogs, such as clothes, toys, appliances, and even tombstones. As time went on, more and more competition popped up, taking away some of Sears’ clientele. Stores like Walmart and Home Depot became difficult to compete with given their low prices. Additionally, online retailers like Amazon significantly cut into Sears’ customer base. With all of this competition and its decline in sales, Sears has filed for Chapter 11 bankruptcy, according to the New York Times.

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Charlotte Bankruptcy Lawyer Bryan W. Stone of Arnold & Smith, PLLC answers the question “Are my 401k and IRA protected in bankruptcy?”

At its most basic level, the bankruptcy process exists so that if a company or individual finds itself upside down, owing more to creditors than can reasonably be repaid, there is hope. Hope that the debts can be eliminated or reduced. Hope that the company can be restructured. Hope of starting over fresh. Though this hope would seem to exist for any business owner in the U.S., a recent court decision out of Colorado made clear that this hope will not extend to marijuana-related businesses.