Articles Tagged with liabilities

Published on:

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

Heritage Home Group, a High Point furniture manufacturer, has filed for Chapter 11 Bankruptcy, according to Business North Carolina. Heritage Home Group filed a Chapter 11 petition with the hope of restructuring the company. They also want to sell their brands, including Thomasville, Broyhill, Hickory Chair, and Maitland-Smith. The decision to file bankruptcy is the result of $280 million in debt that the company is facing. Sales were down 27% from the previous year’s sales. The company does anticipate any changes in their operation while the restructuring takes place.

Published on:

Bankruptcy Lawyer Bryan W. Stone answers the question: “Can I get credit after filing personal bankruptcy?”

When a person files for bankruptcy protection one of the first things he or she must do is submit a list of assets and liabilities. The liabilities are obviously important because these are the debts that the petitioner is trying to get out from under. The assets, at least for the creditors and the bankruptcy trustee, are just as important. It’s the assets that can be sold and used to repay creditors and it’s crucial that the list be accurate and complete. In fact, the law requires debtors to list all assets and any failure to do so, assuming it’s deliberate, can result in serious criminal penalties.

Published on:

Charlotte Bankruptcy Lawyer Bryan W. Stone of Arnold & Smith, PLLC answers the question “What is Chapter 11 Bankruptcy?”

A suburb of Louisville, Kentucky announced that it was seeking Chapter 9 bankruptcy protection this week, an attempt to save the city from mounting interest and fees associated with a judgment it is unable to pay. City administrators say they are using the bankruptcy as a chance to buy time, suspending payments to creditors, in the hopes of creating a new plan and readjusting debts to a more manageable level.