Learn More About Bankruptcy

Is Debt Settlement a Better Alternative to Bankruptcy?

Is Debt Settlement a Better Alternative to Bankruptcy? The formula for debt settlement seems simple: hire a debt settlement company, stop paying your creditors, save up funds to use for settlement, then make offers with your creditors for pennies on the dollar.  It sounds like a great alternative because it keeps you out of bankruptcy, but beware of the details. You can be sued in debt settlement Debt settlement requires you to stop making your regular monthly payments to creditors. However, when

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Bankruptcy Can Prevent Foreclosure

Bankruptcy Can Prevent Foreclosure If you are behind on your mortgage and facing foreclosure, bankruptcy may offer you relief.  For most filers, the instant your bankruptcy case is filed, the automatic stay goes in to effect.  Once your creditors are notified about your case, foreclosures and other collection activities by your creditors are halted. Filing Chapter 7 bankruptcy can temporarily stop a foreclosure for a few months. This may give you time for a loan modification or to receive other

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Do You Qualify for Bankruptcy?

Do you Qualify for Bankruptcy? Odds are that you qualify for at least one of the bankruptcy chapters.   Very few things will actually disqualify you from filing bankruptcy: If you have been in a bankruptcy in the past six months and your case was dismissed under limited circumstances If you failed to take an approved pre-bankruptcy credit counseling course within six months before filing your bankruptcy case and you do not meet any of exceptions that would excuse you from

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Student Loans and Bankruptcy

Student Loans and Bankruptcy The strain of student loan debt is felt by many these days as the nation’s student loan debt total exceeds a trillion dollars – more than the nation’s credit card debt. Many wonder whether student loans debt can be eliminated or reduced through bankruptcy. Lenders typically have little risk of losing money on loans because Congress has given the lenders greater power than typically afforded to credit card or mortgage lenders. But for the borrower, Congress

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What Can You Keep When You File Bankruptcy

What Can You Keep When You File Bankruptcy? A common myth is that you lose all of your belongings when you file bankruptcy.  This is far from true. Your bankruptcy case can be structured so that you keep everything that you own by claiming various exemptions under North Carolina and federal laws.  Were it not for exemptions, a bankruptcy trustee would take your assets, sell them, and distribute the proceeds to your creditors.  However, bankruptcy law is designed so that

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