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,...
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Chapter 7 Bankruptcy
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...
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...
A look at non-exempt assets
On Behalf of Wootton & Wootton, P.C. | Jan 29, 2021 | Chapter 7 Bankruptcy
When you file for Chapter 7 bankruptcy in North Carolina, you might have to sell some of your assets to pay off your debts. Typically, certain assets like homes and vehicles are considered exempt, meaning that you can keep these assets while you go through the...
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...
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...
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