North Carolina Bankruptcy Law Blog | John T. Orcutt Firm Skip to main content

You are here

Our Blogs

Mike Tyson: Celebrity Bankruptcy Success Story

Mie Tyson banruptcy

Lessons to be learned from Mike Tyson's bankruptcy success story

Image via Pixabay

Most Wilmington bankruptcy filers aren’t world class boxers, never owned pet tigers, and didn’t rake in almost half a billion dollars in earnings before filing. All that applies to Mike Tyson, yet the lessons to be learned from his bankruptcy case resonate for many. Here’s a look at how Iron Mike turned around his finances to become a bankruptcy success story.

4 Concerns When Choosing a Student Repayment Plan

Loan repayment

Choose your student loan repayment plan wisely 

Image by Allef Vinicius via Unsplash

Student loans are a national crisis at $1.5 trillion and climbing every day. If you’ve got college debt you’re struggling to repay, you may need to reconsider your choice of payment plan. Even if you can afford your payments, you might want to adopt a different strategy for repayment that better fits your financial goals.

Congress Steps Up To Help End Student Loan PSLF Rejections

Student loans

A conversation about PSLF rejections

Image via Pixabay

Public Service Loan Forgiveness can be a lifeline for student loan borrowers who can’t afford their college debt. It lets you pay on a more affordable plan for 10 years while working at a qualified government, military, or charitable organization and then sees the remainder of your loan balance forgiven with no income tax consequences. It sounds great, but many problems have plagued the plan and rejections have run rampant, leaving many borrowers frustrated.

5 Reasons to Choose Chapter 7 Bankruptcy For Your Wilmington Debt Relief Solution

Why choose Chapter 7

How to choose the best bankruptcy path

Image via Pixabay

Debt is a necessary evil in life. It lets you buy a home, car, and live a better life than you could if you had to pay cash for everything. But when debt spirals out of control, and you can’t pay what you owe, it can turn into a nightmare. One option to consider for unmanageable debt is Wilmington bankruptcy, but there are two types to choose from – Chapter 13 and Chapter 7. Today we look at why Chapter 7 could be the better option for your debt dilemma.

Student Loans Can Wreck Your Retirement

Retired with student loans

Retiring with student loans is not a good idea!

Image via Pixabay

As you head into your golden years, your prime years of earning big bucks are behind you, and your income usually settles into a fixed situation and is not nearly as high as it once was. If you can’t afford student loans now, being stuck with them while in retirement is an even worse prospect. Already too few Americans have enough in the bank for retirement and don’t need lingering college debt.

5 Ways to Get Cheaper Student Loan Payments

Student loans

Student loan payments can be cheaper

Image via Pixabay

Outstanding student loan debt in the U.S currently stands at almost $1.5 trillion. Repaying this debt is a burden for many. If you’re struggling to make your student loan payments, deferment or forbearance can give you a respite from payments, but after that, you need a long-term solution.

Prepare Yourself for Wilmington Bankruptcy – Steps to Take Before You File

Prepare yourself

Get prepared for debt relief

Image by Ryan McGuire via Pixabay

Filing for Wilmington bankruptcy may be strategic if you're living paycheck to paycheck, dealing with debt collectors, and can’t service your debts. It’s best to go into the process prepared, and that starts with a free consultation with a reputable local North Carolina bankruptcy lawyer. In the meantime, here are some things to examine as you consider bankruptcy.

How To Get Your Student Loans Forgiven

Student loans

Looking for student loan forgiveness?

Image via Pixabay

Got a pile of student loans you can’t afford (or would love to avoid)? If so, there are several student loan forgiveness programs to consider. There are some run by the federal government, some by state and local government, and others by employers. Today we take a look at five programs that can lessen or eliminate your college debt.

Greensboro Consumer Tip: Never Pay Medical Bills With Plastic

Medical debt

Avoid using credit cards to pay medical bills

Image by sasint via Pixabay

Even with health coverage from your employer or through the Affordable Care Act exchange, Greensboro consumers might find medical bills overwhelming. Hefty deductibles, coinsurance, and copays can add up, and if you don’t have health insurance, even a minor medical issue can result in severe financial hardship. When the medical provider or debt collector comes calling, it may be tempting to settle your debt with plastic, but here is why that’s the last thing you should do.

Changes in Undue Hardship Standard Considered

Student loans

Undue hardship standards may change

Image by maura24 via Pixabay

When your student loans are unaffordable, one life-changing option to consider is bankruptcy. Private student loans are easier to discharge in bankruptcy than federal loans, but even federal loans are dischargeable under certain circumstances. To achieve discharge of federal school debt, you must demonstrate “undue hardship.”

Can The Court Take Your Guns in Wilmington Bankruptcy?


Yes, the bankruptcy court could take your guns

Image by Skitterphoto via Pixabay

The Second Amendment is a hot button issue these days. Those that have guns wish to keep them while others want stiffer gun control laws. As it stands, North Carolina law allows open carry throughout the state and is generally permissive in its standards on gun ownership. But what happens to your guns if you file Wilmington bankruptcy? Can the court take your guns? Maybe!

How Do You Make $1 Million in Student Loans Go Away?

Student loan debt

Drowning in student loan debt?

Image by Startup Stock Photos via Pexels

Can you imagine owing a million dollars or more in student loans? For more than 100 people in the US, it’s a terrible reality as their college debt has mushroomed out of control. Just five years ago, it was less than 15 borrowers who had racked up that much in school debt. So what do you do with more than a million dollars in student loans and not enough money to vanquish your debt?

Greensboro Consumer Tips – 7 Worst Places to Use a Debit Card

Credit card

Be careful with your debit card!

Image by bruce mars via Pexels

Greensboro consumers should be aware that some locations are hot spots for debit and credit card fraud. Of the two, debit card theft and fraud is the more financially troublesome. For fraudulent charges on your credit card bill, you alert the card issuer as soon as you notice, and they decline the charges and reverse them. You usually have 30-60 days to do so, depending on applicable terms and conditions.

Student Loan Survey Shows Most Don’t Understand Debt

Student loans

What most people don't know about student loans

Image by freephotocc via Pixabay

Current estimates show 44 million student loan borrowers now owe a whopping $1.48 trillion. That’s a lot of debt, particularly when many have no idea the terms under which they are borrowing, the sum of their debt that’s accrued, and how much their monthly payments will be once all is said and done.

How Wilmington Bankruptcy Can Actually Boost Your Credit Score

Credit score

Yes, bankruptcy can help your credit score

Image by via Flickr

For Wilmington consumers overwhelmed by debt, the future can look dire. When you run late on bills, debt collection activity can get aggressive. When you’re hounded by collectors demanding payment, it can cause problems at work and in your personal relationships. As if that wasn’t enough, your credit score takes a hit month after month, so long as your debt worsens.

Avoid Refinancing Student Loans – Here’s Why

Refinance student loan

Think twice before you refinance

Image by rawpixel via Unsplash

Stuck with a pile of student loans you can’t afford to service? You’re not alone. If you’re struggling with school debt, you might be desperately looking for solutions. That’s understandable, but think twice about refinancing your student loans. Lenders advertise aggressively and push the benefits of lower interest rates and monthly payments, but there is a flip side to the allure. When you refinance federal loans into a private re-fi, there are some downsides to seriously contemplate before you sign a deal. Consider these aspects.

Be Careful When Signing a Greensboro Debt Settlement Agreement

Debt settlement

Don't sign a DSA without reading this

Image by raw pixels via Unsplash

When you’re behind on debt and collectors are harassing you, times might be so desperate that you'll try anything, but don't ink a debt settlement agreement (DSA) thoughtlessly. With any legal document, it’s drafted to benefit the person paying the lawyer who wrote it. With a DSA, it’s done by the attorney of the creditor or debt collector.

Your Student Loan Debt Could Double or Triple

Drowning in debt

Drowning in student loan debt?

Image by Mubariz Mehdizadeh via Unsplash

In the last ten years alone, outstanding student loan debts in the US have exploded and currently stand at nearly $1.5 trillion. Costs of higher education are rising unreasonably. The average loan balance of graduates is higher and increasingly, more grads emerge from college in debt.


Subscribe to Our Blogs