Running a business in North Carolina can be a rewarding experience, but it's important to be smart to keep your company afloat. Certain factors can increase the risk of business bankruptcy. Financing issues A major cause of business bankruptcy in North Carolina...
Chapter 7 and Chapter 13 are the most common types of personal bankruptcy that are filed in North Carolina. Chapter 7 removes unsecured debts by selling nonexempt property, while Chapter 13 is a repayment plan. However, it involves filling out paperwork and schedules...
If a person's financial obligations become excessive, they may sincerely wonder how to get out of debt. Attempts to pay off debts could last for years with no resolution. North Carolina residents might look toward the bankruptcy court for a solution, but if they're...
If you are dealing with a lot of debt in North Carolina, then you might be dealing with wage garnishment, which cuts a portion of your income. This happens when a court steps in to award a portion of your wages to your creditors. One way to stop garnishment from...
When small businesses in North Carolina face hard times, they may consider filing for bankruptcy. According to the U.S. Chamber of Commerce, up to 43% of small businesses may face difficult enough challenges that force them to close. Larger corporations facing...
A surprising number of people are filing for bankruptcy, and this has been the case in the past 10 to 20 years. More and more people are not able to pay off their debts in a reasonable amount of time which is why Congress addressed this financial issue in 2005 by...
If your North Carolina company is struggling to pay its debts in a timely manner, it may be a good idea to file for Chapter 11 bankruptcy. This type of proceeding allows a company to reorganize its finances without having to go out of business. Take a closer look at...
If you are struggling to stay current on your debts, you should consider filing for Chapter 13 bankruptcy. A Chapter 13 proceeding allows you to retain the property, such as a North Carolina home, car, or other personal items, while your case is pending. Priority and...
Consumers in Raleigh, North Carolina, may turn to bankruptcy when faced with debt that has gotten out of control. For some people, an unexpected pileup of debt happens more than once. Individuals may wonder if they are allowed to refile for bankruptcy and how soon...
When small businesses in North Carolina face financial issues to the extent that they are unable to pay their debts, bankruptcy can be an important option to find debt relief and move forward toward a different financial future. However, small business owners may be...
