Our Blogs

What should you do after bankruptcy?

Image by geralt via Pixabay

When you begin the process of Wilmington bankruptcy, you’re likely focused on the moment – on what you’re dealing with now, whether it’s living paycheck to paycheck, debt collector harassment, or the threat of foreclosure or repossession. The next concern is what happens during the bankruptcy including court appearances. But what happens after bankruptcy and what should you do next?

Carefully consider your Wilmington bankruptcy options

Image by rawpixel via Unsplash

The decision to file Wilmington bankruptcy isn’t an easy one. You might lean towards Chapter 7 because it’s so fast and offers unprecedented relief of unsecured debt like credit cards and medical bills. This type of fresh start bankruptcy takes about four months from start to finish. However, despite the apparent benefits, not everyone is a fit for Chapter 7 and might do better with Chapter 13.

Facing student loan default in Wilmington, NC?

Image by Tirachard Kumtanom via Pexels

More than 44 million Americans are battling student loan debt. Recent figures put total student loan debt at nearly $1.5 trillion. For those who can afford their student loans, it’s no big deal. But for many college grads, this debt is overwhelming and ruining their financial future. Are you behind on your student loans? If so, you should know that going into default brings severe consequences. Here’s a look at what to do if you’re facing student loan default in Wilmington.

Can you keep making 401(k) contributions during Wilmington bankruptcy?

Image by Startup Stock Photos via Pexels 

When you file Wilmington Chapter 13 bankruptcy, all your disposable income is expected to go towards paying back your creditors. This type of bankruptcy sets you up on a repayment plan that lasts from three to five years. Under the plan, you won’t pay back all of your debt. Some will be discharged at a lower percentage, but some debts must be paid back in full.

Struggling with student loans in Wilmington?

Image via Pexels

Student loans are a fact of life for most who pursue a college degree. In Wilmington and greater North Carolina, the most recent data from The Institute for College Access and Success shows that 58% of graduates came out of college with debt and the average amount of student loans was nearly $26k. Grads from UNC Wilmington owe $25k on average, and 60% come out of that institution with loans. If you’re struggling with student loans, we’ve got some ideas including help from employers.

Debt can lead to divorce

Image by Catkin via Pixabay

According to a study of couples with marital issues by SunTrust bank, financial problems are the primary cause of stress in relationships. Forget arguments about kids, relatives, friends, or sex – debt can be the most significant deal breaker for marriages. The survey by the bank showed that almost 50% of participants revealed that they have different approaches to saving and spending than their partners and blame finances for relationship stress. Wilmington bankruptcy may be the answer you need.

Stressed by debt collectors after filing bankruptcy? Take them to court!

Image by @nina_p_v via Twenty20

The Wilmington bankruptcy process is meant to protect you from debt you can’t afford. At one time, people who owed debt they couldn’t afford were jailed, but now, there are protections under the law to give you a fresh start away from unmanageable debt. Two essential tools under the federal bankruptcy laws include the automatic stay and the bankruptcy discharge. Both can shut down debt collectors, and if they violate the law, they can be punished.

Facing a debt lawsuit? Bankruptcy may help

Image by @skywardkick via Twenty20

When you choose Wilmington bankruptcy to address your financial problems, you'll see many benefits. The most obvious is debt relief, but another important benefit is the stay on debt collections and end to many types of lawsuits. There’s an injunction that comes into force, on most legal actions by creditors, as soon as your North Carolina bankruptcy lawyer files your case.

Yes, you can lose your passport over past-due tax debt

Image by Francesca Tirico via Unsplash

Owing income tax debt that you can’t afford to pay is an uncomfortable position to find yourself in. The IRS has impressive powers of collection to recover what you owe. In North Carolina, tax agencies are one of the few creditors that can garnish wages. They can also seize tax refunds, levy your bank account, and put a lien on your vehicle or home.