Ed Boltz, partner at the Law Offices of John T. Orcutt, has been representing clients in North Carolina and in developing policy and legislation on a nation level. Attorney Boltz is a leader in the discussion on how to help borrower being crushed by the $1.5 trillion in student loans in the United States.

You can add debts to your bankruptcy in some cases

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Bankruptcy, whether you choose Chapter 7 or Chapter 13, is a great way to dig yourself out of a financial mess. But it's pretty much a one shot deal. Think of it as a garage sale for your debt – you have that one day to unload your stuff – and you can't go back and retroactively add anything to that garage sale. That's a broad idea of how debt in a bankruptcy works. All the debt you had when the bankruptcy is filed can be part of the bankruptcy and you can't go back and add any, as a rule. However, there are some exceptions.

Check this out before you file taxes or Chapter 13.

Image Source: Flickr user Chris Potter.

Yesterday, we wrote about Chapter 7 bankruptcy, taxes and your income tax refund. Today, we dig into the tax consequences of filing Chapter 13 bankruptcy in North Carolina. Chapter 13 takes much longer than Chapter 7 to complete—it’s a matter of years versus a matter of months, but is a better fit for some than liquidation bankruptcy. Here’s what you must know about Chapter 13 and income taxes.

BEHIND ON YOUR CAR OR TRUCK PAYMENTS? DON’T GIVE UP. GET HELP!

Want to keep your car or truck, stop the repo man, and pay less...sometimes a lot less?

Right now, there are some 7 million Americans living in fear that their car or truck will be lost to the repo man.

Why? Because they know that only bad things happen when you lose your car or truck.

No car, no way to work.

No work, no income.

What happens when time runs out on debt?

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Most all debt has a statute of limitations – with the exception of federal student loans. A statute of limitations sets the time limit for how long a creditor can sue you over a debt. In North Carolina, most consumer debt has a statute of limitations of three years from the date of last activity. The last activity would typically be the last time you charged something on the account or the last time you made a payment on the account. Here’s what you need to know about debt that has expired the statute of limitations – known as “time-barred debt” – so you don’t get taken advantage of by unscrupulous debt collectors.

Introducing 0-0-0-0-0-0-0 Bankruptcy

Or, as we like to call it…

…the Seven 0’s of Delight.

$0 for the initial consultation.
 
$0 money-down, if you qualify, and lots of people do. 

And…after you file: 

0 nasty calls from bill collectors. 

$0 left owing on lots of bills. 

and 0 choice for your creditors, because the law gives your creditors 0 choice. 

Done right and it's also: 

0 worry, 

0 stress, and 

0 loss of sleep 

Want to feel "won"derful, "won"drous and "one" with the world?

Want to feel like you "won" that "1" in a million lottery?

Be that "one".

File just "1" bankruptcy case, "one"time  and likely you have "won"…the battle against those “one”rous and life-sucking debts.

Wouldn't it be "won"derful if you did not have more bills than “one” can possibly pay?

Is there a better way to avoid student loan default?

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Student loan default is growing rapidly, and experts say a crisis is looming if the trend doesn’t reverse. Borrowing is on the rise, as is average debt, along with default rates. But research shows a simple tweak in student loan servicing websites could likely end most defaults and help people get and stay on track with their student loans. Here’s a look at what you need to know to avoid a student loan debt crisis in your life.