Wootton & Wootton, P.C.

Bankruptcy Help For Everyday People

Call Today For a Free Consultation
919-794-8660

Bankruptcy & Estate Planning Help For Everyday People

May 2019 Archives

How medical debt can affect credit

Some people in North Carolina may be among the 30% of Americans who have at least $500 in medical debt. While medical debt can affect a person's credit score, it is treated differently from other kinds of debt. Medical providers do not report debt, but once it is in the hands of a collection agency, this can change. Even if the collection agency reports the debt, credit reporting agencies wait 180 days before they in turn report it to credit bureaus. FICO, the most common credit rating model, ignores balances that are less than $100.

Common strategies for paying off credit card debt

Consumers throughout the country owe more than $1 trillion in credit card debt. While an increase in credit card debt may be good for the economy as a whole, it isn't necessarily a good thing on a personal level. However, there are ways that a North Carolina resident can reduce or eliminate credit card debt balances. These strategies are called the snowball and the avalanche methods.

Tips for excellent credit after your bankruptcy proceedings

One of the primary reasons people give for choosing to postpone or avoid bankruptcy proceedings is concern about how bankruptcy will affect their credit score. While bankruptcy is a negative mark that stays on your credit report for some time, struggling with debt also damages your credit score.

Old vs. new bankruptcy and the impact on credit scores

The credit scores that can affect many aspects of life for North Carolina residents are based on several factors, including whether an individual has filed for bankruptcy. Some filers may wonder if there's a difference between old and new bankruptcies when it comes to credit scores. The answer is largely dependent on what a debtor does after bankruptcy has been approved.

Start Planning For The Future Today

Want to get out of debt? Create a will? We can help.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Durham Office
3200 Croasdaile Drive
Suite 504
Durham, NC 27705

Toll Free: 800-610-3643
Phone: 919-794-8660
Fax: 919-382-2042
Durham Law Office Map

Henderson Office
1775 Graham Avenue
Suite 104
Henderson, NC 27536

Toll Free: 800-610-3643
Phone: 919-794-8660
Fax: 919-382-2042
Map & Directions