Articles Tagged with filing for bankruptcy

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Bankruptcy Lawyer Bryan W. Stone answers the question: “Can I get rid of student loans by declaring bankruptcy?”

In the United States, the cost of higher education is ever increasing. If you combine that with the difficulty of obtaining a reasonably salaried job after graduation, it is no surprise that student loan debt plagues graduates long after they graduate. An estimate of student loan debt currently owed in the U.S. is over $1.4 trillion dollars. Individuals with student loan debt may eventually fall prey to financial hardships. If an individual is struggling to pay bills and make ends meet, he or she may consider filing for bankruptcy. Student loan debt is often one of the largest debts a person can try to discharge in bankruptcy. However, it is extremely difficult for student loan debt to be discharged. There are specific and limited circumstances in which student loan debt will be discharged in a bankruptcy proceeding.

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

When you think of the world of professional athletes and their net worth, the term “bankruptcy” is probably not one that comes to mind. Between the multi-million dollar salaries and lucrative endorsement deals, it is hard to imagine that someone raking in that kind of dough would be able to spend it all, let alone need to seek bankruptcy protection. So when NHL player Jack Johnson announced that he was filing for bankruptcy in 2014, claiming more than $10 million in debt, it stunned those within the hockey world. The lenders reported that interest from those loans had accrued his total amount owed to $21 million.

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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 get rid of student loans by declaring bankruptcy?”

The reason most people feel forced to consider filing for bankruptcy is because their debts increase to unsustainable levels. Whether it’s a few large debts or many small ones, the total amount owed becomes too much to keep up with, requiring you to consider filing for bankruptcy. The hope is that bankruptcy wipes these debts away, allowing you to start fresh with a clean slate. Though that’s the goal, it’s unfortunately not always the reality. The reason is that some debts can’t be easily escaped and can instead follow you despite filing for bankruptcy protection. To learn more about which debts are hardest to shake, keep reading.

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Bankruptcy Lawyer Bryan W. Stone answers the question: “What are North Carolina’s exemptions?”

In the various stories we discuss on this blog, we frequently include warnings against hiding assets when filing for bankruptcy. One particular case this summer provides an illustration of precisely why doing so can land you in hot water—and prison.

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Bankruptcy Lawyer Bryan W. Stone answers the question: “Should I file bankruptcy?”

If you’re considering filing for bankruptcy you have likely come to understand just how many technicalities and rules are part of the process. The system can often appear as if it were designed to be purposely complicated to dissuade people from filing in the first place. One aspect of the process you may not be familiar with is the “proof of claim” filed by creditors. To find out more about what a proof of claim is, keep reading.

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Bankruptcy Lawyer Bryan W. Stone answers the question: “Can I buy a home after bankruptcy?”

If you are married you have gotten to experience firsthand how intertwined your life can be with another person. This is true on both a personal and financial level and (as any married person will attest) it can be both good and bad. If one person experiences a financial success, either a promotion or a bonus or makes some smart investment decisions, both will usually share in the reward. The same is also true for financial missteps, with both parties often suffering equally when financial disaster occurs. If you are married and experiencing financial stress and are considering filing for bankruptcy, you may assume that you and your partner must jointly file. However, you can consider bankruptcy on either a joint or individual basis. To find out more about filing bankruptcy while married, keep reading.

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

Most people fear that filing for bankruptcy brings your life (or at least the financial aspects of your life) to a grinding halt. While bankruptcy is certainly an important financial decision that carries the possibility of significant impact, life moves on as it’s supposed to. In fact, the bankruptcy system is designed to ensure that people are able to carry on; carry on with their lives, their jobs and their financial affairs.