Bankruptcy court can be an intimidating prospect. However, understanding the process can help alleviate some concerns. In North Carolina, the bankruptcy court follows a specific procedure to assess and address financial challenges. Filing the bankruptcy petition The...
Bankruptcy
Why it is a bad idea to use secured debts to pay unsecured debts
Unsecured debts include credit card and medical bills. To pay these expenses, people sometimes take on secured debts. While the desire for relief is understandable, this path is extremely risky. Risking valuable assets In North Carolina, the average credit card...
What to expect when filing for Chapter 13 bankruptcy
Facing financial challenges can be overwhelming. For some individuals, filing for Chapter 13 bankruptcy becomes a viable option. Understanding what to expect during this process is important for informed decision-making. Evaluation of eligibility Before proceeding,...
4 reasons to file for bankruptcy sooner rather than later
People may file for bankruptcy in North Carolina when they find themselves unable to repay their outstanding debts. It is a means for individuals to seek financial relief and protection from creditors, allowing them to regain control over their financial lives. The...
Key differences between Chapter 7 and Chapter 13 bankruptcies
Navigating financial difficulties can be overwhelming, but understanding the distinctions between Chapter 7 and Chapter 13 bankruptcies can empower individuals facing these challenges. These two chapters, under the United States Bankruptcy Code, offer distinct...
What is the pre-filing counseling stage in bankruptcy?
Bankruptcy is a legal process that helps individuals and businesses who are drowning in debt to clear their financial burdens and make a new start. However, before you can file for bankruptcy, you must undergo credit counseling. If you do not complete a session of...
Bankruptcy can differ depending on where you are in life
Personal bankruptcy allows individuals facing overwhelming financial difficulties to seek relief from their debts under the supervision of a court. Chapter 7 (liquidation of nonexempt assets) and Chapter 13 (reorganization of debts) are two primary types of personal...
Filing for bankruptcy can improve your life
Dealing with overwhelming debt can weigh heavily on your shoulders. It can cause sleepless nights, stress and a sense of hopelessness. However, there is a light at the end of the tunnel for many in this situation: filing for bankruptcy. While you should never take the...
Using the bankruptcy means test to assess Chapter 7 eligibility
When facing financial difficulties, many people in North Carolina think about filing for Chapter 7 bankruptcy as a way to obtain relief from overwhelming debt. However, before proceeding with a Chapter 7 bankruptcy case, you must determine whether you meet certain...
What to know about student loan debt and bankruptcy
The National Center for Education Statistics found that 38% of incoming undergraduate students took out federal student loans in 2020. Many who complete some college find that their loan debt is an overwhelming financial burden. Some may even consider bankruptcy to...