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Get Your Repossessed Car or Truck Back by Filing Chapter 7 Bankruptcy

Repossessed car

Bankruptcy can get your repossessed car back

Image Source: Flickr User Emran Kassim

Are you behind on your vehicle loan to the extent that your lender is threatening repossession or has recently taken your car away? You may think that your only option to get your car back is to scrape up a stack of cash. But, in many cases, this is not your only recourse to keep or get your car or truck back. Both Chapter 7 and Chapter 13 offer options to distressed consumers that are struggling with their debts and need to rescue their vehicle from repossession. In this two-part series, we'll show you how the most common consumer bankruptcy chapters can help. Today, we'll take a look at Chapter 7 and, tomorrow, Chapter 13.

Bank of America, Citibank. JP Morgan Chase Sued Over Zombie Debts - Will Correct Credit Reports

Bank of America

Bank of America, Chase and Citibank sued for Fair Credit Act violations

Image Source: Flickr User Mike Mozart

If you owed debts to Bank of America, Citibank or Chase bank and filed bankruptcy, you may have noticed that there are still some lingering inaccuracies on your credit report. There are more than a million Americans affected and these major banks were sued over their refusal to comply with Fair Credit Reporting Act standards. The law requires that creditors “promptly notify credit reporting agencies of any corrections” - this includes debts discharged in bankruptcy.

Bankruptcy Trustees Suing Over College Tuition, Clawing Back Cash

University of North Carolina

Bankruptcy Trustees going after college tuition - is it fair?

Image Source: Flickr User William Yeung

Some bankruptcy trustees are engaging in a move that many judges and bankruptcy filers find questionable – they're demanding that colleges hand over tuition payments! This is called “clawing back.” Essentially, when you file bankruptcy, you're saying you can't afford to pay your bills and need relief from the court. With a Chapter 7, you get total relief from most unsecured debt (credit cards, medical bills, etc.). However, during your case, the Trustee assigned to your case may scrutinize your financial records looking for money to recover to give to your creditors.

5 Tips for Negotiating Medical Bills You Can't Afford

Medical expenses

You can haggle on medical bills to lower costs

Image Source: Flickr User Eric Schmuttenmaer

Roughly 43 million Americans have delinquent medical debt dragging down their credit scores. And medical bills account for 52% of the overdue debt. Interestingly, those with past due medical debt are likely to be paying all their other debts on time such as their mortgage, auto loan, and credit cards. It's only medical bills that are wrecking their credit. If you owe medical bills you can't pay, you may be able to negotiate down to a more affordable amount to prevent it from going into collections and causing worse problems. Here are five tips to try!

Consumer Alert: New Race Event Scam Is Running Across North Carolina

Color run

Beware new color run and other race scams

Image Source: Flickr User Rog01

There's a whole new consumer scam spreading across the US and North Carolina. If you're a runner, either casual or avid, you may occasionally participate in an organized run. Unfortunately, this is the subject of the latest scam we want to bring to the attention of NC consumers. The color run scam is all new, insidious and spreading. Here's what you need to know to protect yourself.

Greensboro Unemployment Is Down and the Economy Is Bouncing Back!

Greensboro - Daily Bread Flour Mill

Greensboro is on the rebound

Image Source: Flickr User J.B.

The Greensboro unemployment rate is continuing to fall, and that's good news for those looking for a job. When the recession hit in 2009, unemployment rates plummeted in Greensboro, then recovered by mid-2010 only to plummet again. Then it spiked again in mid-2011, dropped then spiked again (but lower by almost a point) by mid-2102. But since 2012, the unemployment rate has dropped almost in half from 10.1% down to 5.4% at last count.

7 Secrets Debt Collectors Don't Want You to Know and Won't Tell You

Top secret

Secrets debt collectors don't want you to know

Image Source: Flickr User Michelangelo Carrieri

Getting a call from a debt collector can trigger all sorts of unpleasant emotions. You may be scared, embarrassed or humiliated - and this is so much worse when you have no money to pay. And if collection agents call you at work, it can add job stress on top of the financial woes. But you can fight back against debt collectors – even if you don't have the money to pay your bills. Here are seven secrets that debt collectors don't want you to know.

7 Money Lies That Can Ruin Your Marriage and Your Finances

Marriage and secrets

Money lies can wreck your life

Image Source: Flickr User Suus Wansink

You've heard that half of all marriages end in divorce, but that's just not true. In fact, only about one-third of marriages now end in divorce. Part of the cause of the decline in divorce rates is that people are choosing not to marry or choosing to wait to get married. Not marrying doesn't mean you won't split up, it just means you can avoid divorce court. And waiting to wed often means you can work out your issues prior to saying I do. But for those that take the vows, there is still a risk of divorce - and money issues are one of the top three causes of divorce.

5 Signs That You're in Over Your Head With Credit Card Debt and Need Help

In over your head

Are you in over your head with debt?

Image Source: Flickr User WilPrz

We wrote recently that credit card issuers are loosening up and offering increased credit lines to many consumers – even those considered sub-prime (with a lower than ideal credit score). While requesting a higher line of credit can be wise in some circumstances, for many people it's a road to a high debt circumstance that can quickly become unmanageable. Here are five signs that you have too much credit card debt and need a debt intervention.

Bankruptcy Is Good for You and the Economy

Good for you

Bankruptcy can make your life much better

Image Source: Flickr User Ben Smith

Most people have a negative perception about bankruptcy. You may also – and if this is keeping you from turning to bankruptcy to get yourself out of a terrible debt situation, that's a problem. Bankruptcy is seen as something to be feared and ashamed of – when, in reality, it can be the best thing for your finances and your shot at a happier future. You may worry that people will know you filed or feel guilty for not paying on your debts that you owe. But you shouldn't let these emotions get in the way of obtaining the financial fresh start you deserve. Here's why.

5 Worst Money Habits That Lead to Debt and Ruined Finances

Money habits

Are your money habits ruining your life?
Image Source: Flickr User Kool Cats Photography

Are you deep in debt and wonder how you got there? For some people, it's a major life event that wrecked their budget. This can include extended unemployment, divorce or a serious illness or disability. For others, the recent recession and hit to the economy ruined their finances. But aside from these factors that are out of your control, there are some bad money habits that can land you deep in debt and keep you there. We'll take a look at the five worst habits and what you can do to correct your course and rebuild your credit and financial stability.

Credit Card Tips - Issuers Are Raising Limits, But Debt Is Skyrocketing!

Credit card

Credit card advice 

Image Source: FreeImages.com

Today we've got good news and bad news for consumers. The good news is, credit lines are getting looser when it comes to credit cards. Research by the Federal Reserve showed that in October 2014, credit card issuers approved 61% of consumers requests for increased credit lines. And by February 2015, that rate had climbed to a 76% approval rate. The upshot is, for most Americans it's a matter of just asking for more credit to get it. But today we ask – is this a good thing?

Don't Know How Much You Owe? You're Not Alone

Confused about debt

Are you too worried about debt to think about how much you owe

Image Source: FreeImages.com

Over all the years we've been helping North Carolina consumers deal with their debt, one of the things we've seen is that many people just don't know how much they owe. When people turn to us for bankruptcy solutions, what they do know is that they can't pay their bills. They may be living paycheck to paycheck, may be dealing with creditors harassing them constantly or may be facing foreclosure of their home or repossession of their car.

Consumer Alert: 3 Top Scams Reported in Greensboro, North Carolina

Greensboro scams

Watch out for these Greensboro scams

Image Source: Gratisography.com

If you live in Greensboro, North Carolina, you should know that there are financial predators lurking out there ready to take advantage of you and steal your money. Here at the law offices of John T Orcutt, we like to keep NC consumers up-to-date on the latest scams and fraud attacks so that you can protect yourself, your credit score and your financial future. Today, we'll take a look at the top three scams hitting Greensboro, NC consumers and how to protect yourself.

Does a Dismissed Bankruptcy Still Show Up on Your Credit and Affect Your Score?

Credit score

How bankruptcy can affect your credit score

Image Source: Flickr User GotCredit

Not every bankruptcy filing is seen all the way to its conclusion. For instance, if you file a Chapter 13 to try and stop a foreclosure while you refinance your home, you may not want to stick with the filing once your mortgage crisis resolves. Many consumers file to save their home, and then work things out or decide to give up on the home and then let the Chapter 13 bankruptcy fall by the wayside and stop making payments. It's important to understand that this bankruptcy will still affect your credit. Here's what you need to know.

5 Things to Talk Over with Your Bankruptcy Lawyer Before Filing

Questions

Questions to ask a bankruptcy attorney

Image Source: Flickr User Milos Milosevic

Bankruptcy is usually an option of last resort for overly-indebted consumers – as it should be. It's a serious step and one that can't be undone once taken. That being said, bankruptcy can be of significant benefit to you under certain circumstances. For some consumers, filing bankruptcy is a matter of proper timing to get the most benefit. There are also considerations for the type of bankruptcy to file and what you hope to accomplish. Here are five things to discuss with your bankruptcy attorney prior to filing:

Discharge Private Student Loans You Can't Afford in Bankruptcy

Student loans

Private student loans can be difficult to pay

Image Source: Flickr User GotCredit

If you used costly private student loans to pay for your college education, you might be struggling. And since most people only take on private loans once they've maxed out federal loans if this is you – you may be dealing with a significant student debt burden that's simply unaffordable. There are ways to deal with educational debt that is burdensome, and bankruptcy may be part of the solution.

Can You Surrender Your Home in the Middle of a Chapter 13 Repayment Plan?

Home foreclosure

Can you surrender your home to foreclosure in a Chapter 13?

Image Source: Flickr User JacobRuff

Often, many consumers opt for Chapter 13 to try and save their home but, in the long run, it doesn't work out. Repayment plans can fail for many reasons. For some, meeting their repayment plan obligations is too hard on their budget. Or they realize that they truly can't afford their house or trying to climb out of a negative equity situation doesn't make sense. Whatever the reason, even if you go into the Chapter 13 repayment plan intent on catching up your mortgage payments, you should know you're not stuck. You can change course mid-stream and surrender a property you can't afford. Here's what you need to know.

Biggest Greensboro Business Bankruptcies of 2014

Bankruptcy

A look at Greensboro business bankruptcy

Image Source: Flickr User Eric

While the economy nationwide and in NC is on the upswing, there were still some significant business bankruptcies in Greensboro, North Carolina last year. Many struggling businesses in the Triad enjoyed a resurgence in 2014 and were able to recover from the brink, enjoy increased stability and even hire more employees. But today we'll take a look at a couple of major businesses that didn't do so well – here are the biggest Greensboro business bankruptcies of 2014.

Is Bankruptcy the Right for Your Struggling Small Business

Out of business

Is your small business struggling? Should you file bankruptcy?

Image Source: Flickr User Chris Chan

Small businesses struggle and fail for many reasons – some that are out of your hands as a small biz owner. If your business is not doing well, you may be trying everything to keep it afloat, but it may not be salvageable. Bankruptcy may be a good solution in some cases, but it's not always the best choice. There are also different bankruptcy chapters, and one may be a better fit than another. Sometimes there's no need to file bankruptcy, and you can just close the doors with no further worries.

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