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Do you have questions about filing bankruptcy in Fayetteville, Fort Bragg or anywhere in North Carolina?

Cumberland County consumers have a wide variety of financial issues to contend with – from unemployment to bills that you can't pay – but you should know that you have options. When dealing with money problems, it's easy to get frustrated and overwhelmed and bury your head in the sand, but this is the worst thing you can do, no matter your debt circumstances. Are you dealing with any of the following?

 

Facing a Car Repossession?

If you have a car loan with a high interest rate that's got you upside down (meaning you owe more than the vehicle is worth) and you’re having difficulty making the inflated payments, bankruptcy can help. Lower income consumers, military personnel, those with credit problems and first-time buyers are frequently offered inflated interest rates on car loans. If you have no alternatives and must finance a car, you may have to accept a deal like this, but this means higher car notes that may be a challenge to keep up with.

If you have other debts that you're struggling to manage as well, a Chapter 13 bankruptcy can help. With this type of filing, we can often obtain what's called a “cramdown,” providing you with both a lower principal balance on your loan and a lower interest rate. If you owe more than your car is worth, a cramdown can reduce your loan principal down to the fair value of your vehicle and decrease your interest rate to a more reasonable percentage. This can enable you to save both your car and your money.

 

Threatened with a Foreclosure?

Over the last couple of year, foreclosures have slowed even though many have not been able to make their mortgage payments. Banks had too many loans going bad to deal with all the foreclosures and so were not actively pursuing as many home repossessions. That tide has turned and the rate of foreclosures has picked back up. If you are behind on your mortgage, you may have received a foreclosure notice, whether you are a full year behind on your payments or just a couple of months.

There are two options we can help you pursue with a foreclosure and bankruptcy. Either Chapter 7 or Chapter 13 will temporarily halt a foreclosure, but each has a different advantage. In Chapter 7, you can relinquish property where you have no equity (or negative equity) with no adverse consequences. In Chapter 13, you can buy some time to get your mortgage payments caught up. What's best for you will depend on your mortgage payment, income and how much you have in other debts. We can help you choose the best option for your circumstances.

 

In the Military and Facing Disciplinary Action Over Debt?

If you're a service member serving in Cumberland County at Fort Bragg or Pope Air Force Base, excessive debt can be even more stressful and can even impact your career. An overwhelming amount of debt can cost you your security clearance and your continued military career. The Uniform Code of Military Justice requires that you must honorably pay your debts, and creditors will often try to scare you with UCMJ 134 threats.

Creditors are often more willing to loan to service men and women because they can pressure you through your command. While debts you can't afford to pay can threaten your security clearance and job security with the Armed Forces, bankruptcy can alleviate these problems and protect your career. Even STAR card debt can be eliminated in Chapter 7 bankruptcy without any negative consequences on your military record or triggering any disciplinary action.

 

How the Law Offices of John T. Orcutt Can Help You

We can look at your debt circumstances, income and assets and recommend your best option to resolve your debt dilemma and get you a financial fresh start. For some, Chapter 13 debt reorganization is preferable, but for others, filing Chapter 7 to eliminate much (or all) of your unsecured debt is recommended. Every case is unique and the advice you receive is tailored specifically to you.

Contact the law offices of John T Orcutt now for a free consultation at our Fayetteville location, conveniently located near Wade, Fort Bragg, Eastover, Pope AFB and Spring Lake. We're ready to help you with your debts today.

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