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Articles Tagged with US Bankruptcy Court

Bankruptcy Lawyer Bryan W. Stone answers the question: “What is a small business bankruptcy ?”

A cross-continental bankruptcy case recently cast some light on the ways in which representatives of non-citizen debtors can—and cannot—track down those who owe the debtors money.

Charlotte Bankruptcy Lawyer Bryan W. Stone of Arnold & Smith, PLLC answers the question “Can I get rid of student loans by declaring bankruptcy?”

So-called for-profit colleges and universities have been all the rage in recent years, at least if one believes the glut of television advertisements that for-profit higher-education institutions have used to flood American airways.

Charlotte Bankruptcy Lawyer Bryan W. Stone of Arnold & Smith, PLLC answers the question “Can I get credit after filing personal bankruptcy?”

Two large banks in the United States are taking steps to delete negative credit marks from credit reports of consumers whose debts with the banks or their affiliates have been discharged in bankruptcy.

Charlotte Bankruptcy Lawyer Bryan W. Stone of Arnold & Smith, PLLC answers the question “Can I keep my house if I file bankruptcy?”

 

Most times a bankruptcy is commenced when a debtor drowning in debt declares oneself bankrupt. In rare cases, however, a bankruptcy can be imposed upon a debtor.

Home Auction Sign Charlotte Debt Lawyer North Carolina Chapter 7 AttorneyThat is exactly what happened in a recent case in Charlotte, North Carolina.

In that case, the debtor in bankruptcy—a company—was declared bankrupt involuntarily by its creditors when the company became insolvent and unable to pay its obligations. At the direction of the United States Bankruptcy Court, the trustee overseeing the case marshaled the debtor’s assets—including three parcels of commercial real estate.

The trustee then proposed a sale of the properties in order to raise funds to pay off the debtor’s creditors in bankruptcy. United States Bankruptcy Judge Laura Beyer approved the sale of the three properties to satisfy the debts of creditors.  Ultimately the court will oversee the sale of the property pursuant to Section 363 of Chapter 11 of the United States Code. Title to the properties will pass to the buyer or buyers “free and clear” of any potential liens or claims.

To be clear: the debtor did not ask to be declared bankrupt, nor did it want its property sold to pay debts.

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