When things are not working out with your finances, and you are thinking of filing for bankruptcy, it is never an easy decision. You are constantly worried about what the future holds, given the current state of affairs. You may be wondering whether you will keep some...
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Durham Bankruptcy Law Blog
What is an acceleration clause and how it could affect your finances
On Behalf of Wootton & Wootton, P.C. | Mar 2, 2022 | Chapter 13 Bankruptcy
Acceleration clauses are common additions to home mortgages. They often hide under the radar. However, if they are triggered — by your actions, inactions or external factors — these clauses can herald huge problems for you. Let’s do a deeper dive and learn more about...
For how long will a bankruptcy affect your credit score?
On Behalf of Wootton & Wootton, P.C. | Feb 24, 2022 | Debt Relief
Bankruptcy can be an effective solution to aggressive debt collection, but it also means limitations on your credit opportunities for the immediate future. Those who file for personal bankruptcy and successfully discharge debts will lose all of their revolving lines...
There are rules for debt collectors
On Behalf of Wootton & Wootton, P.C. | Feb 16, 2022 | Debt Relief
Being in financial debt can be stressful in itself, even without considering the different means of debt collection. While some debt collectors show compassion, their ultimate aim is to collect payments. This means that they may lack empathy for how a person got into...
How the No Surprises Act aims to par down medical bills
On Behalf of Wootton & Wootton, P.C. | Jan 31, 2022 | Medical Debt
A medical emergency can happen anywhere at any time. Let’s say you’re at your in-law's house for Thanksgiving. You try to help by removing the turkey from the oven and you severely burn yourself. Your mother-in-law calls for an ambulance and you find yourself at a...
Coping with the stress of financial debt
On Behalf of Wootton & Wootton, P.C. | Jan 18, 2022 | Debt Relief
If you have landed upon hard times in terms of finances, you may be feeling isolated and at a loss in terms of what to do. However, it is important to remember that you are not alone. A full 60% of adults in the US say that money is a significant source of stress for...
Bouncing back from bankruptcy and regaining financial freedom
On Behalf of Wootton & Wootton, P.C. | Jan 4, 2022 | Personal Bankruptcy
With the proper plans in place, bankruptcy should be a means to an end in achieving financial independence. Your actions after declaring bankruptcy will define what your future will look like, at least financially. Yes, your credit may be ruined, and you might be...
3 ways credit card spending leads to uncontrollable debt
On Behalf of Wootton & Wootton, P.C. | Dec 21, 2021 | Credit Card Debt Relief
Credit card debt has a tendency to accumulate, especially at the end of the year. With holiday shopping, travel and the children home for winter break, expenses can increase a lot in the last two months of the year. Many people spend several months early in the new...
Medical debt in America today: The news isn’t good
On Behalf of Wootton & Wootton, P.C. | Dec 17, 2021 | Medical Debt
Glance at the headlines on any given day in the United States, and you’ll probably see something about the growing medical debt burden carried by the average citizen. Back in 2020, it was estimated that Americans owed a combined total of roughly $81 billion in unpaid...
Steps you can take when falling behind with car loan repayments
On Behalf of Wootton & Wootton, P.C. | Dec 3, 2021 | Asset Forfeiture
Having a car is often a necessity. For many people across America, cars provide their main source of income. Additionally, being able to travel by automobile could be the only way you are able to get to work and take care of your family. For this reason, a car can be...
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