Our office continues to operate during our regular business hours, which are 8:30 am - 5:30 pm, Monday through Friday, but you can call the office 24 hours a day. We continue to follow all recommendations and requirements of the State of Emergency Stay at Home Order. Consultations are available via telephone or by video conference. The safety of our clients and employees is of the utmost importance and, therefore, in-person meetings are not available at this time except for emergencies or absolutely essential legal services.

When Bankruptcy Makes Sense

Charlotte Bankruptcy Lawyer Bryan W. Stone of Arnold & Smith, PLLC answers the question “Do I need an attorney to file bankruptcy?”


Everyone knows that bankruptcy is a last resort. To file will cost money you money, take time and wreak havoc on your credit score, making it all but impossible to secure new loans or open new lines of credit in the short-term. Given these consequences, it wouldn’t make sense to consider filing for bankruptcy unless you had exhausted all other options.


Light bulb Charlotte Bankruptcy Lawyer Mecklenburg Debt AttorneyThough bankruptcy is a last resort, there are many instances where the pros associated with filing outweigh the cons, sometimes substantially so. A recent article in the Christian Science Monitor explored three of these situations. To find out more about when filing for bankruptcy can be worth the hassle, keep reading.


When your liabilities are greater than your assets


Bankruptcy should obviously not be pursued if you have the money to comfortably repay your debts. After all, if you did, then why go through the pain associated with trying to get out from under them. Bankruptcy makes sense when a person is upside down financially, owing far more money than they can hope to reasonably repay. A clear example of this is when a person’s income is far less than their expenses. In these cases, it can seem like you’re trying to dig your way out of a hole that is continually getting deeper. If your income is such that you cannot even meet the minimum payments owed each month, it becomes difficult to see how you’ll escape the debt burden and bankruptcy becomes an attractive solution.


When negotiations fail


Before filing for bankruptcy most people try to negotiate with their creditors, asking directly if they can forgive debts or lower interest rates, an attempt to make the payments more manageable. If this works, then bankruptcy may be avoided. If not, and your creditors appear to dig in their heels, refusing to negotiate, it may be time to consider filing for bankruptcy. Once you file, the stubborn creditors will be forced to the negotiating table, this time with the bankruptcy trustee taking over and trying to reach an equitable solution.


When a serious setback occurs


Most people’s financial trouble begins suddenly rather than as a result of a slow buildup. A medical crisis, a job loss or the death of a spouse can trigger a cascade of financial problems that lead to bankruptcy. These events drastically reduce your ability to generate income, making it easy to pile up huge amounts of debt in a short amount of time. If a serious setback has occurred that makes it impossible to earn money and manage your debt load, bankruptcy might be something worth considering.


If you find yourself needing the services of a Charlotte, North Carolina bankruptcy attorney, please call the skilled lawyers at Arnold & Smith, PLLC find additional resources here. As professionals who are experienced at handling all kinds of bankruptcy matters, our attorneys will provide you with the best advice for your particular situation.


About the Author

Kyle Frost Bankruptcy Lawyer Student loan attorneyKyle Frost joined Arnold & Smith, PLLC in 2013 where he focuses his practice on all aspects of civil litigation and bankruptcy, including: Chapter 7, Chapter 11, Chapter 13, home loan modifications and landlord-tenant issues.

Born and raised in upstate New York, Mr. Frost attended the University at Albany on a Presidential Scholarship, graduating magna cum laude with a double major in Political Science and Sociology.  He went on to attended Wake Forest University School of Law in Winston Salem, North Carolina.

Following college, Mr. Frost spent over a year teaching English in South Korea. He worked in a private school in Seoul developing curriculum, English programs, and educating both children and adults that were interested in learning a new language.

In his spare time, Mr. Frost enjoys homebrewing, fishing, and travelling.




Three times bankruptcy is the right decision,” by Dan Rafter, published at CSMonitor.com.



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