Chapter 13 bankruptcy involves setting up a repayment plan, with the approval of a bankruptcy court judge, to pay off your debts step by step over a period of years. This has the advantage of protecting your home, car and other assets from creditors. At the same time,...
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Bankruptcy Help For Everyday People
Month: April 2021
The process of eliminating student loan debt in bankruptcy
On Behalf of Wootton & Wootton, P.C. | Apr 22, 2021 | Blog, Chapter 7, Personal Bankruptcy
Filing for bankruptcy generally allows you to discharge a variety of debts. In some cases, it may be possible to eliminate student loan balances in Chapter 7 or 13 bankruptcy. In fact, you may be able to get a full discharge without losing assets such as a car, boat...
The means test and how it helps you qualify for Chapter 7 bankruptcy
On Behalf of Wootton & Wootton, P.C. | Apr 19, 2021 | Chapter 7
For individuals, the most commonly used kind of bankruptcy is Chapter 7 bankruptcy. If you’re interested in filing for bankruptcy, you may be wondering if you can qualify. Perhaps you’re just out of college, or maybe you are about to go into retirement. Regardless of...
How student loans are treated during a bankruptcy case
On Behalf of Wootton & Wootton, P.C. | Apr 16, 2021 | Blog, Chapter 7 Bankruptcy
Filing for Chapter 7 bankruptcy in North Carolina may allow you to eliminate most of your unsecured debts. However, it is unlikely that you will be able to discharge federal student loan balances. Of course, it's important to consider that getting rid of credit card,...
Top 3 things people do wrong before they file
by Wootton & Wootton, P.C. | Apr 15, 2021 | Debt Relief
The decision to file bankruptcy is not one to be taken lightly. Individuals often face enormous financial pressure and struggle with mounting debt for years before realizing that bankruptcy is the right option. From job loss and home repair to divorce and medical...
Why a Chapter 7 petition may be denied
On Behalf of Wootton & Wootton, P.C. | Apr 7, 2021 | Chapter 7
If you are having trouble staying current on unsecured debts, it may be possible to eliminate them through Chapter 7 bankruptcy. However, there is a chance that a North Carolina judge may require you to file for Chapter 13 protection. There are several reasons why...
Could your creditors force you to file for bankruptcy?
On Behalf of Wootton & Wootton, P.C. | Apr 1, 2021 | Blog, Chapter 7 Bankruptcy
If you're thinking about filing for bankruptcy in North Carolina, you might want to start talking to an attorney. Many people don't realize that their creditors can go to court and request an involuntary bankruptcy. Filing for voluntary bankruptcy allows you to retain...
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