Deciding to take a serious approach to handling personal debt is a major decision. North Carolina residents who are looking to take action may feel a well-deserved sense of accomplishment as choosing to take on such an endeavor can set parties on a path toward financial freedom. For some, Chapter 13 bankruptcy may offer the most interest when exploring options.
For people from diverse backgrounds, there are times when bankruptcy becomes necessary. If you are considering bankruptcy, it is vital to closely review any of your choices and ensure that you have found the smartest direction forward. In Durham, and all other parts of North Carolina, some people may choose to file for Chapter 13 bankruptcy. At Wootton & Wootton, our law firm is very familiar with the different reasons people may decide to take this route.
Many people in Durham, North Carolina who find themselves struggling financially have experienced calls from creditors or debt collection agencies. Such bill collectors are required to adhere to certain federal requirements set forth in the Fair Debt Collection Practices Act. However, many do not and their communications can become harassing to those on the receiving end.
If you are looking for a new place to live in North Carolina after a bankruptcy, you may be worried that landlords will reject you because of your financial history. While the odds may not be entirely in your favor, here are some steps that you may wish to take to increase your chances of landing the apartment you want.
North Carolina has taken steps in recent years to pass legislation protecting consumers from certain actions by debt collectors. Those collection companies argued that tightening the restrictions on how they are able to collect debts would restrict your access to credit. However, according to The Consumerist, it turns out that is simply not the case.
Under some circumstances, yes, you may be able to get financing for a new car prior to your bankruptcy being discharged. While the whole point of filing for bankruptcy is to emerge debt free, having a car is a necessity for most people. Like many other North Carolinians, you likely rely on your car to take you to work. Your income from that job is what you need to make monthly payments under your repayment plan. Therefore, if your car dies and you have no other means of travel, the court may allow you to apply for a loan to obtain a new vehicle.
When you file for bankruptcy, you will be required to attend a meeting of creditors. This hearing may also be known as a 341 meeting because of the number of the federal statute that requires it.
In our last post, we discussed how many people are unfamiliar with Chapter 13 bankruptcy, an unfortunate reality given the measure of debt relief it can bestow upon those who earn a regular income.
While many people are familiar with at least some of the basics of Chapter 7, its personal bankruptcy counterpart -- Chapter 13 -- often remains a complete mystery. Indeed, it's not uncommon for people to confuse Chapter 13 with Chapter 11, or to have never even heard of it.