Wootton & Wootton, P.C.

Bankruptcy Help For Everyday People

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Bankruptcy & Estate Planning Help For Everyday People

chapter 13 bankruptcy Archives

A brief bankruptcy primer

In North Carolina and across the United States, people experiencing heavy debt may file for bankruptcy as a way to cope with their financial problems. However, bankruptcy is not the ideal solution for every person. Whether a person files Chapter 7 or Chapter 13 bankruptcy, he or she may need to relinquish his or her vehicles or expensive jewelry. Nevertheless, one important thing to remember is that bankruptcy offers people with high credit card debt a legal path to a fresh financial start.

Bankruptcy myths to know about

While filing for bankruptcy is not something that should be taken lightly, it can be an effective way for North Carolina consumers to obtain debt relief. In many cases, bankruptcies are the result of a person losing a job or experiencing an unexpected medical debt as opposed to spending too much money. Those who file for bankruptcy may be able to keep some or all of their property.

Old vs. new bankruptcy and the impact on credit scores

The credit scores that can affect many aspects of life for North Carolina residents are based on several factors, including whether an individual has filed for bankruptcy. Some filers may wonder if there's a difference between old and new bankruptcies when it comes to credit scores. The answer is largely dependent on what a debtor does after bankruptcy has been approved.

Auto repossession and Chapter 13 bankruptcy

For many North Carolina residents, their car is a necessary item that allows them to go to work or attend school. However, some people may face serious financial difficulties that prevent them from paying off their car loans. As a result, they may face the threat of repossession. People can contact their lenders and attempt to negotiate a solution, including changing the payment date, deferring the loan, or modifying the terms.

Should you consolidate debt or file for bankruptcy?

If you are trying to navigate your way through overwhelming debt, you know how stressful it can be. You are not alone in this feeling; many Americans are dealing with debt. In 2017, the amount of debt in the U.S. climbed to a new high at $13 trillion. That amount was $280 billion higher than the previous record high back in 2008.

Should you consolidate debt or file for bankruptcy?

If you are trying to navigate your way through overwhelming debt, you know how stressful it can be. You are not alone in this feeling; many Americans are dealing with debt. In 2017, the amount of debt in the U.S. climbed to a new high at $13 trillion. That amount was $280 billion higher than the previous record high back in 2008.

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