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...
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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,...
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...
Keeping a home in bankruptcy
On Behalf of Wootton & Wootton, P.C. | Mar 8, 2021 | Blog, Chapter 13, Chapter 7
Bankruptcy is a legal procedure that absolves the debtor in Durham, NC, of certain unsecured debts. Debtors often wonder about the fate of their home in bankruptcy, which depends on the type of bankruptcy. It is possible for debtors to keep their home if they meet...
Bankruptcy provides an escape from credit card debt
On Behalf of Wootton & Wootton, P.C. | Feb 11, 2021 | Blog, Chapter 7 Bankruptcy
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...
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...
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...
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...
The potential pitfalls of debt forgiveness
On Behalf of Wootton & Wootton, P.C. | Nov 23, 2020 | Blog, Credit Card Debt Relief
While you may be able to obtain debt forgiveness from a credit card company or a North Carolina debt collection agency, doing so may not necessarily be the best course of action. Let's take a look at some of the pitfalls of debt forgiveness as well as some of the...
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