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Seven reasons to consider Greensboro bankruptcy

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No one wants to be stuck with debt they can’t afford. If you find yourself overwhelmed by bills, living paycheck to paycheck, and dealing with debt collectors, Greensboro bankruptcy may be the best answer for you. There are numerous advantages to choosing bankruptcy for debt relief - here are seven of them for your consideration.

Don't try Wilmington bankruptcy without a lawyer

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So, you are considering Wilmington bankruptcy and thinking of doing it without a lawyer. The letter of the law allows you to represent yourself in any civil or criminal matter in the courts. It’s okay if you go it alone in small claims or traffic court, but diving into the waters of federal bankruptcy law without a lawyer is akin to repping yourself for a murder charge or trying to perform heart surgery on yourself.

Top reasons for Greensboro bankruptcy 

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Greensboro bankruptcy offers a second chance for individuals who are drowning in debt. It can often provide needed breathing space and a path towards financial stability. But what makes people file bankruptcy? What kind of financial troubles lead to filing? Here are five of the most common reasons people choose this legal path to federal debt relief and protection from aggressive collectors.

Don't let your credit cards make you sick

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Debt is a fact of life in the modern era and, to a certain extent, some debt can be healthy. It’s what allows you to buy a home or new car and have a buffer line of credit in case of a cash crunch or emergency. However, too much debt can quickly turn into a financial crisis. Not only that, but did you know that excessive debt can make you physically sick according to research? Learn more, and then see how Wilmington bankruptcy can help.

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.

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.

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.

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.

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?