The following article published by the American Society of Clinical Oncology illustrates how contracting cancer pushes people into personal bankruptcy at alarmingly high rates. Bankruptcy & Cancer Still, many people in Western North Carolina with medical debt are not getting the help they need. They work hard year after year trying to pay back these…
The concept of “cramdown” in Chapter 13 Bankruptcy can help you keep your car for a lower payment if you are upside down by reducing the principal of your loan and the interest rate you are paying. Let’s look at an example. Suppose you bought a car in 2008 for $20,000. After driving it for…
Many clients come to me focused on getting a Chapter 7 case filed, which I am happy to help with. However, even if you qualify for a Chapter 7, here is a list of some advantages of filing a 13 instead: The upfront costs are lower. Chapter 7 clients are required to establish a payment…
I sat down with a client yesterday who thought she would never get credit again if she decided to file a case. She had talked to a collection agency which implied that a bankruptcy case would mean she would never be able to use a credit card again. The truth is you will receive approximately…
Student loans are almost impossible to discharge entirely through a bankruptcy filing in Asheville and around Western North Carolina. However, in some situations you are allowed to favor student loan creditors in your Chapter 13 case. By setting up this type of plan, you can reduce the amount you owe on student loans instead of…
Most people who file for bankruptcy already have poor credit because of debt and late payments. A bankruptcy filing will stay on your credit report for up to 10 years. But, by discharging debt, your credit score can actually improve. Lending institutions know that an individual cannot file for a Chapter 7 bankruptcy for 8…
Not only can you save money, but saving money and stashing it away for a rainy day is something you should do after your bankruptcy. Filing a bankruptcy by itself is not a solution to financial difficulty, but it can give you another chance at financial health. Sometimes bankruptcy is inevitable because of a huge…
Although there is no absolute answer to this question, bankruptcy helps folks who are having trouble paying their bills. If you are saddled with debt and unable to meet your monthly obligations, and your future earnings realistically are not likely to improve dramatically, bankruptcy might be appropriate for you. Bankruptcy might be a way for…
Generally people stop paying their credit cards, medical bills, or other unsecured debt, and use that money to prepare to file bankruptcy. Most of my clients pay me using money they normally would have paid to their credit cards or other unsecured debts. In this way, the costs of bankruptcy are coming out of your…
Although I help consumers file bankruptcy for a living, the first thing I do at our free consultation is search for ways to avoid a bankruptcy filing. Some folks are in a situation where bankruptcy alternatives are their best option. Unfortunately, a bankruptcy filing often becomes inevitable for people who wait too long before getting…