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...
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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...
If debt strategies do not work, bankruptcy may be the answer
On behalf of Wootton & Wootton, P.C. | Jun 2, 2020 | Blog, Chapter 7 Bankruptcy, Personal Bankruptcy
North Carolina residents often face various levels of credit card debt. There are ways that debtors can try to improve their financial situation. In attempting these methods, it is important to understand how bankruptcy compares as a solution. Clearing credit card...
The zombie outbreak in North Carolina – zombie homes, that is
On behalf of Wootton & Wootton, P.C. | Apr 24, 2018 | Blog
It has been several years since the worst of the foreclosure crisis affected North Carolina, but residents are still facing foreclosure. In some cases, banks that own vacated homes across the state have yet to finish the foreclosure process. When a homeowner abandons...
Top bankruptcy mistakes to avoid
On behalf of Wootton & Wootton, P.C. | Mar 27, 2018 | Blog
Filing for bankruptcy can alleviate a great deal of the financial stress you feel. However, if you want to fully reap the benefits, you may want to watch out for some common mistakes many people make in this process.Both Chapter 7 and Chapter 13 petitions have...
What to do if you fall behind on your car loan
On behalf of Wootton & Wootton, P.C. | Feb 21, 2018 | Blog
If you are like most people, having a reliable form of transportation is as crucial as shelter and food. You need your car to get to school or work or both. Without a vehicle, it would be hard for you to make a living and get around. When you get in trouble with...
5 ways to get rid of credit card debt
On behalf of Wootton & Wootton, P.C. | Jan 22, 2018 | Blog
Many people in Durham struggle to pay their credit card debts. Some of them are not sure how they can afford the minimum payments and continue to use them. If you rely on your credit cards to help pay your monthly living expenses, you could end up digging a financial...
3 ways to delay student loan payments
On behalf of Wootton & Wootton, P.C. | Dec 26, 2017 | Blog
Young people are often told that a college degree is the only way to get a good job, and getting a good job is the only way to succeed in life. With stakes this high, it is no surprise that many students take on massive loans without thinking twice. Unfortunately, the...
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