The bankruptcy process can be a relatively lengthy one. Each form of bankruptcy has slightly different requirements. Individuals typically understand that Chapter 13 bankruptcy takes substantially longer than Chapter 7 bankruptcy because of the repayment plan required...
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Bankruptcy Help For Everyday People
Chapter 13 Bankruptcy
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....
What is an acceleration clause and how it could affect your finances
On Behalf of Wootton & Wootton, P.C. | Mar 2, 2022 | Chapter 13 Bankruptcy
Acceleration clauses are common additions to home mortgages. They often hide under the radar. However, if they are triggered — by your actions, inactions or external factors — these clauses can herald huge problems for you. Let’s do a deeper dive and learn more about...
The basics of the repayment plan in Chapter 13 bankruptcy
On Behalf of Wootton & Wootton, P.C. | Nov 17, 2021 | Chapter 13 Bankruptcy
Different kinds of bankruptcy work better in different situations. Reviewing the differences between the various kinds of bankruptcy can help people choose the best way to file. Many individuals may look to a Chapter 13 bankruptcy to protect their assets and income...
What happens to your mortgage in a Chapter 13 bankruptcy?
On Behalf of Wootton & Wootton, P.C. | Oct 8, 2021 | Chapter 13 Bankruptcy
Filing for bankruptcy allows you to temporarily halt collection activity and potentially discharge your unsecured debts, like credit card balances or medical debt. However, your biggest debt may not be an unsecured one. Your mortgage is secured by your home, which...
Why isn’t child support or alimony dischargeable in bankruptcy?
| May 19, 2021 | Chapter 13 Bankruptcy
There is as much as $33 billion in annual child support payments that are exchanged in the U.S. every year. That amount is only about half of what existing court orders dictate should be paid annually. Some parents likely struggle to afford their payments. These same...
Ending Chapter 13 bankruptcy early is possible. Should you do it?
by Wootton & Wootton, P.C. | Apr 30, 2021 | Chapter 13 Bankruptcy
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,...
My COVID Mortgage Forbearance is Over. What Do I Do Now?
On Behalf of Wootton & Wootton, P.C. | Jan 14, 2021 | Chapter 13 Bankruptcy
As a result of the COVID Pandemic many mortgage companies quickly stepped in to offer mortgage forbearance plans to customers. In some cases, even if a customer did not ask or request for a forbearance the mortgage company would enter into a forbearance plan...
How Chapter 13 bankruptcy might help your company
On Behalf of Wootton & Wootton, P.C. | Nov 2, 2020 | Chapter 13 Bankruptcy
If you are looking to retain property while restructuring existing debt, it may be in your best interest to file for Chapter 13 bankruptcy. Although businesses cannot file for a reorganization bankruptcy, business owners in North Carolina and elsewhere may be able to...
How individuals can deal with bankruptcy and divorce
On Behalf of Wootton & Wootton, P.C. | Oct 7, 2020 | Chapter 13 Bankruptcy
While getting a divorce or filing for bankruptcy in North Carolina can be stressful, dealing with both issues at the same time can be overwhelming. Fortunately, with a little planning, there are steps that individuals can take to make the process easier. How can...
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