As if divorce isn’t stressful enough, many couples facing the end of their marriage also find themselves in dire financial straits. When the bills pile up, and the debt collectors start calling, it’s natural to start looking for a way out. One option that may seem...
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Durham Bankruptcy Law Blog
How are divorce and bankruptcy related?
On Behalf of Wootton & Wootton, P.C. | May 7, 2023 | Debt Relief
Being overburdened with debt can affect anyone, including those going through a divorce. You can declare bankruptcy before or after your divorce. Different factors make these significant life decisions connected. This guide discusses the matter in more detail. Before...
What is a means test in Chapter 7 bankruptcy?
On Behalf of Wootton & Wootton, P.C. | Apr 28, 2023 | Chapter 7 Bankruptcy
Declaring bankruptcy is beneficial because it can protect you from lawsuits and end numerous calls and letters from creditors. However, the system's purpose is to help people sinking into high debt. Thus, to filter those who may want to take advantage of it when they...
How long does a Chapter 13 bankruptcy take?
On Behalf of Wootton & Wootton, P.C. | Apr 20, 2023 | Chapter 13 Bankruptcy
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...
Is it time to file for bankruptcy?
On Behalf of Wootton & Wootton, P.C. | Apr 11, 2023 | Personal Bankruptcy
Filing for bankruptcy can be a challenging decision to make, but some situations may call for it. Avoiding or delaying getting more information on bankruptcy and declaring may lead to more problems. Thus, it's vital to know which bankruptcy option works for you and...
What are secured and unsecured debts?
On Behalf of Wootton & Wootton, P.C. | Apr 4, 2023 | Debt Relief
People who are drowning in debt may try to decide whether to file for bankruptcy. One factor that comes into the picture when you’re going through this is what type of debts you have. Different debts are treated in different ways when a bankruptcy is filed. There are...
How can a long-term illness lead to bankruptcy?
On Behalf of Wootton & Wootton, P.C. | Mar 19, 2023 | Medical Debt
Nobody expects a long-term illness to drain them financially, yet too many people find themselves in such scenarios when medical bills start piling up. Add in income lost due to missed work days, and it isn't hard for someone with a chronic illness to end up facing...
How can bankruptcy help your mental health?
On Behalf of Wootton & Wootton, P.C. | Mar 6, 2023 | Personal Bankruptcy
Having debt is bad for your mental health. If you are mired in debt and have been for some time, you may have forgotten how things used to be when you did not owe anyone anything. Think about how carefree most kids are. They generally have no money worries, and even...
2 signs that the best solution for credit card debt is bankruptcy
On Behalf of Wootton & Wootton, P.C. | Feb 26, 2023 | Personal Bankruptcy
Credit cards and other revolving lines of credit make it very easy for people to lose control over their finances. A little extra spending each month for a year or two can add up to an insurmountable level of personal debt. It's common for people to carry a credit...
2 mistakes that can derail your bankruptcy
On Behalf of Wootton & Wootton, P.C. | Feb 21, 2023 | Debt Relief
People declare bankruptcy for a variety of reasons. Perhaps you’ve gone through a costly divorce or are dealing with a medical condition that has left you with a huge medical bill. Or, you’ve lost your job and have since fallen behind on your mortgage or credit card...
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