According to the United States courts, Americans and U.S. businesses filed 682,363 bankruptcies in the year ending June 30, 2020. The total number of bankruptcies fell steadily from 2016 to 2019, down from 819,159 to 773,361 filings, before plummeting more than 90,000...
What to expect when filing for bankruptcy in North Carolina
Filing for bankruptcy may make it possible to eliminate credit card, medical or other types of debts in a matter of months. In some cases, it might be possible to obtain protection from creditors without relinquishing any of your property. Let's take a closer look at...
How to use the bankruptcy code to eliminate medical debts
If you don't believe that you can afford to repay a medical debt in a timely manner, it may be a good idea to consider filing for bankruptcy. As a general rule, it can be discharged in both a Chapter 7 or Chapter 13 proceeding. The facts in your given case will...
Converting from Chapter 13 to Chapter 7 bankruptcy
If you want to keep your North Carolina home or other property, you may want to consider filing for Chapter 13 bankruptcy. However, if you can't keep up with the plan payments, you may want to convert a Chapter 13 to a Chapter 7 filing. Do you qualify for Chapter 7...
How business owners filing for bankruptcy can avoid foreclosure
For many struggling businesses in North Carolina, filing for bankruptcy might seem like the only option. However, the process can put business assets, like real estate, at risk. An individual will have to make full mortgage payments to his or her lender, and if he or...
Qualifying for a mortgage after bankruptcy
Filing for bankruptcy in North Carolina is a common solution for individuals who cannot pay their debts. But after filing for bankruptcy, many people are left wondering whether they will be able to qualify for a mortgage. There are two main types of bankruptcy that an...
How to pay off credit card debt
On average, households in North Carolina and throughout America have $15,000 in credit card debt. If you are trying to reduce or eliminate your credit card debt, there are many steps that you can take to achieve this goal. Credit counselors and others may be available...
What to know about filing for bankruptcy a second time
Individuals in North Carolina and throughout the country may be able to file for bankruptcy to reorganize or eliminate their debts. Generally speaking, a person can file for bankruptcy multiple times to get out of a financial crisis. However, those who wish to file...
The automatic stay is not easy to lift
The automatic stay is one of the major protections that bankruptcy law gives to debtors. When it is in effect, creditors are prohibited from taking steps to collect. This keeps things preserved in place and does not let one creditor jump ahead of the other. It also is...
Medical debt results in stress and financial problems
Medical debt can result in bankruptcy even if you have a job and a robust health insurance policy. A study from Salary Finance found that 28% of people in North Carolina and throughout America owe $10,000 or more in medical bills. Health care costs have gone up since...