Many North Carolina residents find themselves in unmanageable financial situations because they used credit cards to make ends meet during periods of economic hardship. Credit cards provide consumers with a convenient way to finance purchases, but they can be...
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Durham Bankruptcy Law Blog
How bankruptcy impacts a vehicle loan
On behalf of Wootton & Wootton, P.C. | Feb 10, 2021 | Personal Bankruptcy
It may be possible to retain your vehicle after filing for bankruptcy in North Carolina. In many cases, your lender will ask that you reaffirm the debt, which means that you agree to continue making payments while your case is pending. However, a lender may also allow...
A look at non-exempt assets
On behalf of Wootton & Wootton, P.C. | Jan 29, 2021 | Chapter 7 Bankruptcy
When you file for Chapter 7 bankruptcy in North Carolina, you might have to sell some of your assets to pay off your debts. Typically, certain assets like homes and vehicles are considered exempt, meaning that you can keep these assets while you go through the...
Could divorce and bankruptcy coincide?
On behalf of Wootton & Wootton, P.C. | Jan 28, 2021 | Blog, Personal Bankruptcy
A person's life could change in dramatic ways when financial and personal matters converge. Dealing with bankruptcy could be a catastrophic situation to suffer through. As troubling and stressful as bankruptcy is on its own, things may become even more complicated...
My COVID Mortgage Forbearance is Over. What Do I Do Now?
On behalf of Wootton & Wootton, P.C. | Jan 14, 2021 | Chapter 13 Bankruptcy
As a result of the COVID Pandemic many mortgage companies quickly stepped in to offer mortgage forbearance plans to customers. In some cases, even if a customer did not ask or request for a forbearance the mortgage company would enter into a forbearance plan...
Non-dischargeable debts in bankruptcy
On behalf of Wootton & Wootton, P.C. | Jan 12, 2021 | Blog, Chapter 7 Bankruptcy, Debt Relief
Bankruptcy helps the debtor in North Carolina who foresees no way of paying it. Chapter 7 bankruptcy requires the debtor to sell some assets to pay a portion of the debts. At the end of the case, this person gets a discharge, which relieves him or her of remaining...
The ownership of credit cards after bankruptcy
On behalf of Wootton & Wootton, P.C. | Jan 7, 2021 | Personal Bankruptcy
Many individuals in North Carolina and across the country fear the thought of filing for bankruptcy because of how it may impact their lives. Some may wonder how a bankruptcy filing will affect the ability to have credit cards and whether or not they'll be able to use...
Chapter 7 bankruptcy and credit score impact
On behalf of Wootton & Wootton, P.C. | Jan 5, 2021 | Chapter 7 Bankruptcy
Bankruptcy in offers debtors in North Carolina and other states a legal means to remove certain debts when they see no way of paying them. The most common kind of bankruptcy is Chapter 7, which requires the debtor to sell nonexempt assets. However, getting rid of debt...
What to know about student loan debt and bankruptcy
On behalf of Wootton & Wootton, P.C. | Dec 17, 2020 | Blog, Chapter 7 Bankruptcy
Debtors in North Carolina who see no way out of debt have the option of bankruptcy to remove certain debts. Chapter 7 helps debtors discharge certain unsecured debts such as medical bills and credit card debt. Student loans are a common debt, but they get treated...
What loans can be part of bankruptcy?
On behalf of Wootton & Wootton, P.C. | Nov 30, 2020 | Blog, Personal Bankruptcy
When a debtor in Durham, NC, can no longer pay debts, bankruptcy gives them an option to legally erase debts. The two common types of bankruptcy include Chapter 7 and Chapter 13. Chapter 7 liquidates non-exempt assets to pay creditors while Chapter 13 restructures...
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