Many North Carolina businesses rely on unsecured credit to finance their operations. Businesses that cannot make their loan and credit card payments might use the bankruptcy process to discharge their unsecured debts. However, the type of bankruptcy that might be...
Each state has its own bankruptcy laws, so you need to know how a personal bankruptcy works in North Carolina. Some states allow you to choose whether you follow federal or state guidelines for nonexempt assets. North Carolina observes both lists of exempt assets as...
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...
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...
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...
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...
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...
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...
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...
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...
