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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Bankruptcy Help For Everyday People
Chapter 7 Bankruptcy
Chapter 7 bankruptcy and credit score impact
On behalf of Wootton & Wootton, P.C. | Jan 5, 2021 | Chapter 7 Bankruptcy
Bankruptcy in offers debtors in North Carolina and other states a legal means to remove certain debts when they see no way of paying them. The most common kind of bankruptcy is Chapter 7, which requires the debtor to sell nonexempt assets. However, getting rid of debt...
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...
How to eliminate tax debt through bankruptcy
On behalf of Wootton & Wootton, P.C. | Oct 13, 2020 | Chapter 7 Bankruptcy
If you owe money to the IRS, they can take steps such as garnishing your wages or putting liens on your property. However, it may be possible to put a stop to IRS harassment by filing for Chapter 7 bankruptcy. As soon as a North Carolina court receives your petition,...
What is the bankruptcy means test?
On behalf of Wootton & Wootton, P.C. | Aug 18, 2020 | Chapter 7, Chapter 7 Bankruptcy
When one is looking into filing for bankruptcy, the term, “means test” will undoubtedly come up, frequently. However, many of the articles on the web often skim past what the means test is and why it matters. What is the means test? Simply put, the means test is what...
Can I still get a mortgage after bankruptcy?
On behalf of Wootton & Wootton, P.C. | Jul 26, 2020 | Chapter 7 Bankruptcy
Debtors in North Carolina who file for bankruptcy may be able to reduce or eliminate most debt balances. In many cases, filing for bankruptcy also results in a lower credit score and tarnished credit history. Ultimately, this may jeopardize your plan to get a home...
Overview of the Chapter 7 bankruptcy process
On behalf of Wootton & Wootton, P.C. | Jun 19, 2020 | Chapter 7, Chapter 7 Bankruptcy
Unfortunately, many see bankruptcy as a dirty word. In reality, anyone can fall on hard times. Bankruptcy offers us a financial reset button. It can restructure or discharge most, if not all, debts. However, it is important to understand the process. The most common...
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...
Reaffirmations can help you retain assets post-bankruptcy
On behalf of Wootton & Wootton, P.C. | May 29, 2020 | Chapter 7, Chapter 7 Bankruptcy
If you’re struggling with overwhelming debt, you’re not alone. Every year, millions of Americans struggle to find a way to make ends meet. This can threaten nearly every aspect of their lives, and make everyday a painful struggle that in nearly unbearable....
Understanding a second Chapter 7 bankruptcy discharge
On behalf of Wootton & Wootton, P.C. | May 5, 2020 | Chapter 7, Chapter 7 Bankruptcy
For people in North Carolina who have already gone through the Chapter 7 bankruptcy process, the goal was to get on stronger financial ground by clearing unsecured debt through liquidation. This can apply to credit card debt, medical expenses and more. However, given...
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