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Filing for bankruptcy involves completing a number of legally required procedures and submitting necessary financial statements. The court needs to get a clear idea of the petitioner’s debts, assets, and spending to determine eligibility for bankruptcy. To ensure a smooth filing process, debtors must gather all the necessary documents. Petitioners are advised to work closely…
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Various myths and misconceptions have made debtors reluctant to file for bankruptcy. Most ended up with problems that they would not have encountered if they submitted a bankruptcy petition early. Through this post, you will learn about the process and gain proper knowledge about the situation with the help of bankruptcy lawyers in Raleigh, NC.…
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Upon filing for a Raleigh bankruptcy, an automatic stay takes effect. This stops any lawsuit that is filed by a creditor or anyone seeking money against the debtor. It is an effective tool if one is behind on child support payments, facing eviction, or in trouble with the utilities. What an Automatic Stay Can Stop…
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Individuals struggling with debt have an option to file for either Chapter 7 or Chapter 13 bankruptcy. A Chapter 7 bankruptcy allows debtors to wipe the slate clean and start over with no outstanding debts. Under the law, a debtor must qualify for Chapter 7 bankruptcy by meeting certain criteria. Eligibility for this type of…
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A Chapter 13 bankruptcy in Raleigh, NC, also known as the Wage Earner Plan, is an excellent option for debtors who want to pay off their debt without accumulating further interest from dischargeable debts. It allows individuals to get their finances in order through a repayment plan under the protection of a federal court. Debtors…
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