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Wake County Bankruptcy Attorney Debt Relief You Deserve



Bankruptcy Solutions for Debt-Plagued Consumers in Raleigh, Durham, Fayetteville, Wilson, Greensboro, Garner or Wilmington and the Surrounding Area

In Wake County, like everywhere else in North Carolina and the rest of the US, consumers are struggling. Long-term unemployment has hit many families hard. The good news is that joblessness is down in this area of North Carolina. In fact, recent unemployment results show that Wake has one of the lowest rates in NC at 5%. This is good news, but for those already deep in debt, the increase in available jobs has come too late.


Facing a Foreclosure?

Along with improved unemployment rates, the recovery from our most recent recession has caused a rise in home values. Along with this will inevitably come an increase in foreclosures. Why? When home values were depressed, lenders weren't rushing to claim foreclosed properties because they couldn't resell them for enough profit. But with sales prices soaring, lenders will be more motivated to take back homes that are delinquent on payments.

If you've been unable to make your house payments, you have likely been getting letters for months threatening you with foreclosure, but then no follow-up. You can expect to get an official foreclosure notification in the coming months as lenders play catch-up on taking back homes. If you receive formal notice that your home is scheduled to be sold at auction, filing bankruptcy can put the brakes on this action and give you some time to work with your lender on a repayment plan or give you time to find a new place to live.


Slapped with a Judgment?

A judgment occurs when a creditor sues you over an unpaid debt and gets a court order to collect on that debt through a lien, garnishment or other means. Judgments can be obtained for a wide variety of debts from medical bills to credit cards, student loans, child support, alimony, homeowner's associations (HOA) fees and fines and/or criminal court fees and fines. Some of these can be discharged in bankruptcy and some cannot.

Judgments associated with student loans, child support, alimony and court fines typically cannot be stopped by a bankruptcy. HOA judgments can be discharged in bankruptcy, but any HOA fines/fees that incur after filing

cannot be relieved. Any judgments related to unsecured debts like credit cards, medical bills, excess balance owed after a car or home was repossessed, personal loans, etc. can all be easily discharged in a Chapter 7 bankruptcy. If you've been hit with a judgment and worry that your assets such as your home, car or bank account will seized, we can help.


Buried in Credit Card Debt and Unable to Dig Out?

Credit cards are convenient to have when you need them, but if your balances get out of hand, they can be a financial nightmare. Once your credit cards are maxed out, your credit score will be lower even if you make your payments on time because the percent of available credit is factored into the rating. And if you miss a payment, you'll be hit with late fees, over limit fees and your interest rates will likely be raised.

This can result in a vicious cycle of minimum payments that barely cover interest (or don't cover it all), causing your balances to climb higher and higher, your credit rating to worsen each month and your ability to pay your balances off seem less likely each day. Bankruptcy can easily wipe out your credit card balances – no matter how high – and give you a financial fresh start.


Answers and Help from the Law Offices of John T. Orcutt

Every debt circumstance is unique, but some of the common characteristics we see in clients are high unsecured debts, including credit cards and medical bills, along with one or more other dilemmas, such as a pending home foreclosure or auto repossession. The good news is, we offer a free consultation and can look over your income, assets and debts and advise you on whether or not bankruptcy is a good solution for your financial situation.

Contact the law offices of John T Orcutt for a free debt consultation at either our Raleigh or Garner offices. Let us help you get your financial fresh start today.

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