Articles Tagged with Union County

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Bankruptcy Lawyer Bryan W. Stone answers the question: “What are the pros and cons of bankruptcy?”

Bankruptcy is an option for Americans to discharge their debts and set themselves up to have a better financial future. We live in a world in which a person’s credit history can dictate some important parts of their lives. Credit scores impact your ability to rent an apartment, buy a house, and even secure a credit card to have in the event of an emergency. Filing for bankruptcy will affect a person’s credit score; there is no way to avoid it. However, a misconception surrounding bankruptcy is that there is no way to rebuild credit after filing for bankruptcy or that the process takes too long. There are ways to rebuild your credit in an efficient and timely manner.

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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.

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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.