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3 Last Ditch Things to Try Before Greensboro Bankruptcy

Three things before bankruptcy

Consider these three things before bankruptcy

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For some Greensboro consumers struggling with debt, the idea of filing bankruptcy is stressful – the notion may scare or embarrass them because they feel like it’s giving up or makes them a failure. In fact, bankruptcy is not an end, but the opportunity for a fresh start like you can’t get with any other debt relief option short of winning the lottery and having all your problems solved instantly. Since the odds are against that, if you’re drowning in debt, bankruptcy is a practical option.

What Is Undue Hardship – And How Does It Affect Student Loan Discharge in Bankruptcy?

Undue hardship - student loans

Can you prove undue hardship and shed your student loans?

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Many people wrongly believe that student loans are not dischargeable in bankruptcy. In fact, they are, but you must meet certain circumstances to earn the discharge. Private student loans are easier to dismiss in bankruptcy while federal loans present more of a challenge. The primary barrier to student loan debt relief in bankruptcy is that so few people seek it.

How Personal Loans From Friends And Family Are Treated In Wilmington Bankruptcy

Personal loan

How are personal loans treated in Wilmington bankruptcy?

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Bankruptcy can be the perfect way to climb out of unmanageable debt. A discharge in Chapter 7 means ditching unsecured debt while Chapter 13 leaves you paying pennies on the dollar on unsecured debt in many instances. However, if you have personal loans owed to friends and family when you go into Wilmington bankruptcy, you may be torn about how to proceed.

New Class Action Suit Could Make It Easier to Discharge Student Loans in Bankruptcy

Student loans and bankruptcy

New class action suit promises hope for student loans in bankruptcy

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You may have heard the prevailing misconception that student loans are not dischargeable in bankruptcy. This is misinformation and, in fact, among those who request relief, roughly 40% get a partial or total discharge of school debt in bankruptcy. The issue is that less than one-half of one-percent of bankruptcy filers ask for help with student loans. Now, a recent class action suit against student loan lender Navient could make it even easier to discharge student loans in bankruptcy.

Will You Face Creditors at the 341 Meeting in Your Greensboro Bankruptcy?

341 meeting of creditors

Don't stress about the 341 Meeting of Creditors

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In the majority of Greensboro bankruptcy cases, the petitioner rarely appears in court. Your North Carolina bankruptcy lawyer will take care of pretty much all the court appearances. That is why most people who file bankruptcy rarely (if ever) see a bankruptcy judge and may never step inside a courtroom. If one of your apprehensions about filing bankruptcy is going to court, rest assured. For most standard bankruptcies, you are required to appear just once - for the 341 Meeting of Creditors.

Can You Discharge Student Loans in Bankruptcy?

Student loans and bankruptcy

What you need to know about student loans and bankruptcy

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You may have heard that it’s pretty much impossible to discharge student loan debt through bankruptcy. That’s not true. It’s not automatic, and it takes some extra work, but if you meet certain requirements, you might qualify for bankruptcy relief of some (or all) of your student loan debt. The reason so few people discharge college debt in bankruptcy is that so few even try.

Which Generation Is Most in Debt and Most Likely to File Wilmington Bankruptcy?

Baby boomers

Baby boomers and debt can mean financial trouble

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Debt is one of the most discussed topics in America today – online, at work, and in Wilmington households. It’s not difficult to see why. Even with the economy booming (and perhaps because of the resurgence), we now owe more than ever. A recent study by Value Penguin shows total outstanding consumer debt in the US now exceeds 3.9 trillion dollars.

Behind on Student Loans? Two Ways to Save Your Finances

Student loans

Student loan relief is possible in bankruptcy

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Student loan debt is on the rise and is unique among types of debt because of the powers of the creditor and lack of statutory limits on collection. Federal student loans do not have a statute of limitations and debt collectors working for federal loan servicers have tools many other collection agents do not.

Can You Cancel a Reaffirmation Agreement In Your Greensboro Bankruptcy?

Reaffirmation agreement

Should you sign a reaffirmation agreement in Greensboro bankruptcy?

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When you file Greensboro bankruptcy, you can catch up on past-due debt with Chapter 13 or discharge lots of debt with Chapter 7. With Chapter 7, the process takes just a few months start to finish while Chapter 13 takes three to five years. However, sometimes there are debts you don’t want to include in your bankruptcy. In some cases, you can carve out exceptions, with the court’s permission, and sign a reaffirmation agreement with the creditor. But what if you change your mind?

Can Bankruptcy Help Wilmington Consumers With Old Income Tax Debts?

Income taxes

Got old tax debt in Greensboro? Bankruptcy may help

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When you get into a situation of unaffordable debt, the consequences can be far-reaching. One side-effect of money problems may be delinquent tax debt. If you didn’t have enough withheld from your paychecks during the year, you might find that you owe the IRS. When you’re already struggling to pay bills, it might be impossible to send Uncle Sam what you owe. With tax day just around the corner, on April 17, here’s what you need to know about unpaid federal income taxes.

Can You Keep Your Greensboro Investment Property During Bankruptcy?

Investment property

Investment property can be saved in bankruptcy

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When you decide to file Greensboro bankruptcy, you can choose Chapter 7 or 13, depending on your income, debt, and assets. If you own investment property, defined as property other than the home you live in, your choice of bankruptcy chapter could have significant consequences.

Student Loan Debt Can Be a Problem for Seniors

Seniors

Yes, seniors can have student loans

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Did you know that even decades after you finish college, you could be haunted by student loans well into your golden years? With student loan balances on the rise and many borrowers using parent PLUS loans to help their kids and grandkids get through college, there are many opportunities to wind up deep in college debt that you can’t afford.

Can You Sell Your Car Before You File Bankruptcy?

Car

Can you sell a spare car before you file bankruptcy?

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When you’re struggling with debt and falling behind on payments, one thing you might consider is selling off spare stuff to try and cover your bills. At the same time, you might be thinking about North Carolina bankruptcy. If you have a car that you're not using and want to sell it, this could affect your bankruptcy case. So, can you sell your car before filing bankruptcy? It depends.

Wilmington Bankruptcy Will Not Ruin Your Credit For a Decade – In Fact, It Could Help

Credit score

Bankruptcy doesn't wreck your credit for a decade

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You’ve probably heard the myth that filing bankruptcy ruins your credit for a decade. If you’re deep in debt and are considering Wilmington bankruptcy, you might be worried your credit will be permanently damaged. The great news is that bankruptcy will NOT tank your credit and, in fact, will help you get it back to good faster than most any other debt solution.

Will You Lose Your Personal Injury Settlement in Greensboro Bankruptcy?

Personal injury

Personal injury case and bankruptcy? Here's what you need to know

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Occasionally, consumers will have a personal injury lawsuit going at the same time that they need to pursue bankruptcy relief. But since a judgment in a court case means cash in your pocket, will you lose your personal injury settlement in your Greensboro bankruptcy case? The quick answer is that it depends on what the money was paid out for, as specified in the settlement.

What Happens When Your Wilmington Bankruptcy Petition is Rejected?

Rejected

Yes, your bankruptcy petition can be rejected

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Filing bankruptcy is not something people look forward to, and most want to avoid if possible. However, drowning in debt is a much worse alternative. When you’re tired of living paycheck to paycheck and dodging debt collectors, bankruptcy can help. But what do you do if the court rejects your Wilmington bankruptcy petition?

Celebrity Bankruptcy Update – Abby Lee Miller Out of Prison After Bankruptcy Fraud Sentence

Dance Moms

Dance Moms' Abby Lee Miller is out of prison and in a halfway house

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In today’s celebrity bankruptcy update, we look at one of the most famous faces accused of bankruptcy fraud – Dance Moms diva Abby Lee Miller. Sentenced to 366-days behind bars for bankruptcy fraud at the Victorville Federal Correctional Institution in California, Miller is now an almost-free woman.

Wilmington Foreclosure Timeline and How to Save Your Home

Save your home

Bankruptcy can stop foreclosure

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Are you in default on your Wilmington mortgage? If you’re delinquent and don’t catch up, you are at risk of having your property foreclosed. As soon as you miss your first payment, you’re in default of your loan agreement. If you miss a payment but make it up, it’s not so bad. The real problem comes when you miss payment after payment so that you can’t recover. That puts you on a path straight to foreclosure. But how long does it take to go from missed payments to losing your home?

Use Chapter 13 to Save Your Greensboro Small Business

Small business

Save your small business with Greensboro bankruptcy

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Starting and running a small business in Greensboro requires you to wear many hats. You’re the owner, operator, manager, salesperson, and the accountant. Not only that, but the line between your personal and business funds can get blurry, and you may commingle funds. It’s very common for small business owners to guarantee debt personally and to put personal assets at risk.

Can You Go To Jail Over Wilmington Debt?

Debtors prison

Threatening debtors with jail is against the law!

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Unscrupulous debt collectors may threaten past-due Wilmington consumers with jail. If you’ve ever been terrorized in this way by a collection agent, you should know that they cannot send you to jail and they shouldn’t be making those threats. Being in debt, even if you’re very overdue, is not a crime. However, some debt issues are criminal.

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