Wootton & Wootton, P.C.

Bankruptcy Help For Everyday People

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Bankruptcy & Estate Planning Help For Everyday People

chapter 7 bankruptcy Archives

Bankruptcy is a fact-specific decision

The decision of whether to file for bankruptcy in North Carolina can be a difficult one, and it turns on the facts of the case. Every debtor's situation is different; a certain amount of debt in one case might call for bankruptcy while debt restructuring might be a better option in another case. Among the first things to consider are the broad financials, income, expenses, assets and liabilities. It's also important to be aware that many creditors have little incentive to settle debts.

Discharging student loans in a personal bankruptcy

Most college students in North Carolina and around the country will be in debt to the tune of thousands of dollars when they enter the workplace, and many of them will find it extremely difficult to make their required monthly payments. The nation's bankruptcy code was revised in 2005 to make student loan debt nondischargeable in most bankruptcy cases, but there is an exception to this general rule when continuing to make payments would impose an undue hardship on the petitioner.

HAVEN Act gives veterans more protection in bankruptcy

North Carolina military veterans may find it difficult to make ends meet, especially if they are disabled and relying on military benefits to support themselves. Medical bills and personal bills can stack up, leading to creditor calls and demands for payment. As a result, veterans may find themselves facing low credit scores, difficulty renting or buying a home and even threats of lawsuits. Personal bankruptcy can be an important safeguard as a mechanism that helps people escape the crushing burden of excessive debt. Veterans are particularly affected by bankruptcy. While they make up only 10% of the population overall, they comprise 15% of those filing for both Chapter 7 and Chapter 13 personal bankruptcy.

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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