If you are struggling to pay your bills, have had an unexpected life event or are overwhelmed by debt, then you need to consider seeking a fresh financial start. One debt relief option you can consider is declaring bankruptcy. People declare bankruptcy for a variety...
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Durham Bankruptcy Law Blog
What is the role of a bankruptcy trustee?
On Behalf of Wootton & Wootton, P.C. | Aug 4, 2022 | Chapter 13 Bankruptcy
The decision to file for bankruptcy is one that can set you on a new financial path. This is your chance to have a fresh start, but the process might be mystifying for some individuals. One thing that you might be curious about is what the bankruptcy trustee does....
Will you be eligible for credit after bankruptcy?
On Behalf of Wootton & Wootton, P.C. | Jul 16, 2022 | Personal Bankruptcy
Your credit score can affect almost every part of your life. You will pay more in interest on a mortgage when you have a bad credit score and also more for car insurance. You may have a harder time getting well-paid positions at companies or qualifying for a promotion...
A small amount of student debt has been forgiven
On Behalf of Wootton & Wootton, P.C. | Jul 1, 2022 | Debt Relief
In recent years, there has been a lot of talk about reducing student debt or eliminating what students owe after they graduate. For the most part, none of this has actually occurred. But a very small portion of this debt has recently been eliminated. The debt revolves...
3 common misconceptions about bankruptcy
On Behalf of Wootton & Wootton, P.C. | Jun 20, 2022 | Personal Bankruptcy
If you fall on hard times financially, it can be difficult knowing what to do for the best. Bankruptcy is one possible option but it’s a major decision that requires careful consideration. It’s important that those thinking about this financial route are offered...
Get out of credit card debt by avoiding these mistakes
On Behalf of Wootton & Wootton, P.C. | Jun 16, 2022 | Debt Relief
Did you know that you could be using your credit cards incorrectly? While trying to rack up points or earn rewards, you could be getting yourself into a more precarious financial situation than you realize. Convenience sometimes comes with a price, including heavy...
Student enrollment is massively declining: Is debt to blame?
On Behalf of Wootton & Wootton, P.C. | Jun 1, 2022 | Debt Relief
According to some estimates, more than a million students have decided not to go to college. This is been a recurring trend for the last few years, with a decline between 2019 and 2021 of about 6.6%. Much of the decline has been attributed to students who graduate...
What debts aren’t dischargeable in bankruptcy?
On Behalf of Wootton & Wootton, P.C. | May 20, 2022 | Personal Bankruptcy
Filing bankruptcy is often described as a “fresh financial start,” and that’s mostly true – but not every debt is treated the same way. When your bankruptcy case is finalized, you receive a discharge, relieving you of the remaining debt you owe to certain creditors....
Can bankruptcy stop a foreclosure?
On Behalf of Wootton & Wootton, P.C. | May 3, 2022 | Personal Bankruptcy
After you miss a few mortgage payments, your lender decides to foreclose on the property. You mentioned the dilemma to a friend, and they tell you that all you need to do is declare bankruptcy. If you do, then the lender can't move forward with the foreclosure and you...
Is bankruptcy a bad career move?
On Behalf of Wootton & Wootton, P.C. | Apr 25, 2022 | Personal Bankruptcy
Many people fear what others will think if they file for bankruptcy. Of particular concern is what current or future employers might think. For most people, that worry is a non-starter. If you can still lug bricks around the construction site or inspire children to...
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