Articles Tagged with North Carolina

Bankruptcy attorney Ben Tobey answering the question: What is the difference between a Chapter 7 and a Chapter 13 bankruptcy?

In life, Americans will inevitably face challenges and obstacles as they attempt to build wealth and secure a financial future for themselves and their families. For some, these obstacles are overcome by some combination of tact, familial support, and luck. For others, however, these obstacles become too much of a burden. This is when discussions of filing for bankruptcy begin to enter the equation.

Bankruptcy attorney Ben Tobey answering the question: When is it better to file bankruptcy instead of working with my creditors to settle my debts?

Throughout recent history, the American perception around filing for bankruptcy is changing.  While the decision to file for Chapter 7 or 13 bankruptcy is not one that should be taken lightly, the general stigma surrounding the decision is not as prevalent as it once was, and many Americans today understand that bankruptcy can be a strategic way to reorganize debt and give citizens a fresh start on their financial journey.

Bankruptcy attorney Ben Tobey answering the question: Can i transfer nonexempt property out of my name before filing bankruptcy to protect it?

Whether we like to admit it or not, we Americans live in a capitalist society. Our culture values wealth and property accumulation, and our nation’s financial sector has created multiple different tools and avenues to help citizens build wealth. While debt instruments such as credit cards and loans exist to help us grow our finances, if we are not responsible or fall victim to circumstances we may end up looking for an experienced bankruptcy attorney.

Bankruptcy attorney Ben Tobey answering the question: Can i transfer nonexempt property out of my name before filing bankruptcy to protect it?

For many debtors, filing for bankruptcy is their only option to get much-needed relief from debt. However, many are hesitant to file because they do not know what happens after filing for bankruptcy.

Bankruptcy attorney Ben Tobey answering the question: Will a bankruptcy filing stop a foreclosure?

Over 65 million Americans receive social security benefits to make both ends meet. If your financial struggles persist and there is a dark cloud of debt hanging over your head, you might consider filing Chapter 7 bankruptcy.

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.

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.

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

We all know what bankruptcy is intended for, to help people or companies get back on their feet financially by eliminating burdensome debts. The aim is to essentially wipe the slate clean and, by doing so, give hope for the future. When it comes to individuals and corporations, though it can be hard to finally take the step of filing, it’s good to know that the right to do so always (or almost always) exists. For other entities, particularly states, the debate isn’t about when to file, but whether filing is even legally possible.

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

Anyone who follows the news even a little bit has likely run across an article discussing either the merits or failings of the Affordable Care Act. Some blame the measure (also referred to as “Obamacare”) for rapidly rising health care costs. Others say the ACA should be heralded for bringing affordable health care coverage to millions of Americans. Though Republicans have now taken a concrete step to move closer to repealing and replacing the ACA, the Senate remains an obstacle and the fate of the Act is uncertain.

Bankruptcy Lawyer Bryan W. Stone answers the question: “I’m owed money by someone that filed bankruptcy. What can I do now?”

Most people understandably assume that if you own a business, whatever it is, you have the ability to seek bankruptcy protection if the need should arise. After all, the bankruptcy code doesn’t allow for judgments on the societal value of the business, all companies are seen as equally able to seek the protection of the bankruptcy system.

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