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.
Chapter 13 repayment plans can change during your bankruptcy
Image Source: Flickr User Uli Matheus
Chapter 13 lasts much longer than a Chapter 7 which is usually filed, processed and discharged within just a few months. A repayment plan will last, at a minimum, three years, and five years at a maximum. Most repayment plans will run the full five years to make plan payments the most affordable and to allow you to get caught up on past due balances on your secured debt and service a portion of your unsecured debt as well. But you should know that the repayment plan approved won't necessarily stay the same through those three to five years – particularly if your salary changes.
How is disposable income calculated in Chapter 13?
Image source: Flickr user Tax Credits
When you get behind on your bills, it can be hard to catch up. And, unfortunately, some creditors won't work with you to let you get caught up on back balances. If this is the situation you find yourself in, filing Chapter 13 bankruptcy may be a good solution for you. There is no income cap on a Chapter 13 filing, nor is there a means test you have to pass to be able to file. But what is important to getting your Chapter 13 repayment plan approved is your disposable income in comparison to your debts.
What happens when time runs out on debt?
Image Source: Flickr User Kat
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.
Should you keep or toss your paperwork?
Image Source: Flickr CC User Camilo Rueda Lopez
It seems like life is full of papers we don’t need – junk mail, receipts for things we won’t return, school papers, paycheck stubs. For a society that’s trending toward paperless, we’ve got a long way to go. But what about bankruptcy papers, including your petition, discharge, and schedules? How long should you keep those? Here’s a hint – they are as important as your will!
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?
As we move through this surprisingly snowy Holiday Season here in North Carolina, all of us at the Law Offices of John T. Orcutt want to wish everyone one of our clients, friends and colleagues a Merry Christmas, Happy Holidays and a wonderful New Year!
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.
How many bankruptcy cases can you file?
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Some things are once-in-a-lifetime experiences for most people. Climbing Mount Everest or getting married are common "one and done" occurrences. Some other things you only want to do once (or never), like heart surgery. But how about bankruptcy? Ideally, Wilmington bankruptcy should be one and done, and you get Chapter 7 debt relief and need never repeat the process. But if you wanted (or needed) to file Chapter 7 bankruptcy again, can you?
Student loan crisis declares Betsy DeVos
Image by Ted Eytan via Flickr Creative Commons
This week, Secretary of Education Betsy DeVos issued a warning about the “looming crisis” that is student loans. She said if the system doesn’t change it “will be in serious jeopardy” which can make it more challenging for students to find ways to fund a college education. DeVos said in a speech in Atlanta that the student loan program is “burying students in debt,” as well as taxpayers, and is “stealing from future generations.”
If your Chapter 13 case gets tossed, what's next?
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Greensboro bankruptcy for consumers includes the choice of Chapter 7 (liquidation) or Chapter 13 (repayment). If you’re behind on your auto loan or mortgage and you want to keep the asset, usually Chapter 13 better meets those goals. With Chapter 13, you commit to a repayment plan that lasts three to five years and intends to catch you up on secured debt arrears. But sometimes, consumers can’t keep up with their payments or don’t follow the court’s instructions, and it dismisses your bankruptcy case. What then?
Student loan repayment problems on the rise
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With student loan debt nearing $1.5 trillion, the impact on consumers is growing. As of the end of the third quarter of 2018, college debt hit $1.44 trillion with no signs of slowing. That same quarter, student loan delinquency hit higher levels than ever while experts say the statistics underrepresent the problem and it may be much worse. Are your student loans in delinquency or default? Here is what you need to know and solutions to help you cope with unaffordable student debt.
What to do after Wilmington bankruptcy
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When you choose Wilmington bankruptcy to deal with a debt dilemma, it can help you get a fresh start. Filing bankruptcy stops debt collector harassment, foreclosure, and repossession. From there, it opens doors to a better financial future but only if you make the most of it. Here are seven tips to best leverage this new lease on life.
Student loans can plague older Americans
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When you think of people with student loans, you picture those about to graduate college – not those well into their 60s and 70s, right? Unfortunately, the new reality for many older Americans is that student loans follow them later in life and are a plague on what should be the golden years of retirement. New data from the Federal Reserve shows skyrocketing student loan debt for seniors.
David's Bridal to file bankruptcy
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It is well-known that financial matters can wreak havoc on a relationship, but what about bankruptcy? As a solution to money woes, bankruptcy might make your marriage stronger. But in this case, it’s a business bankruptcy that could play havoc with your wedding if you’re a Greensboro couple with your big day coming soon. David’s Bridal is struggling, and their bankruptcy case might affect your nuptials.
Got extra money? Maybe don't use it for student loans
Image by Tax Credits via Flickr
For people paying off their student loans on a traditional 10-year plan and doing fine, paying extra to fast-track paying off your loans can be wise. But for those on other payment plans and with other debt priorities, paying extra towards your loans might not be the smart money decision. Whether it’s a bonus from work, a tax refund, small inheritance, or another cash windfall, think for a moment before you throw it at your student loans. Here's why.
Wilmington seniors may struggle with money
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Many seniors don’t have the luxury of spare cash lying around their house or bank account. When unexpected expenses crop up, older Americans may use credit cards to cover the gap. Social Security payments come just once a month, and some pension plans also pay out every four weeks. When you need cash, and it’s far from direct deposit day, it can make life tough.
