Will increasing costs lead to more bankruptcies?
Wottom & Wooton, P.C | Durham Bankruptcy Law Blog
by On Behalf of Wootton & Wootton, P.C.
1d ago
Over the last few years, the cost of living has dramatically increased in much of the United States. Part of the reason for this is simply inflation, which is driving up general costs. The conflict in Ukraine has also made it so the cost of things like energy and food have increased. Economists note that the initial costs tended to impact things like home renovations, home purchases or the purchase of new automobiles. They referred to this as more of an “optional type of inflation.” Essentially, a car may cost more temporarily, but people could choose if they wanted to buy a car right then or ..read more
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3 (more) steps to take after a chapter 7 or 13 bankruptcy
Wottom & Wooton, P.C | Durham Bankruptcy Law Blog
by On Behalf of Wootton & Wootton, P.C.
2w ago
The aftermath of a bankruptcy filing (and discharge) is filled with uncertainty for many. For example, you might feel relieved about addressing your debt and a little anxious about your future at the same time. This blog offers features, tips and guidance for life after bankruptcy. This time, it will describe three steps to take during and after your bankruptcy proceedings. Start an emergency fund  Create an emergency fund and add to it – even just a dollar here and there – as often as possible. It might take time to build a sizable amount, but it can help you avoid future debt-related ha ..read more
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I Received a Civil Summons. What should I do?
Wottom & Wooton, P.C | Durham Bankruptcy Law Blog
by On Behalf of Wootton & Wootton, P.C.
2w ago
Lately our office has been receiving more and more of these calls. Clients have received a civil summons from an old creditor and don’t know where to turn. Receiving a civil summons can be scary. Most of the time the Sheriff in your county will deliver the summons to your home or business and this can add an element of stress to the situation. Due to the Pandemic, it seems that many creditors held off on pursuing lawsuits but now we are seeing a lot of creditors start to take action again. First of all what is a civil summons and what does it Mean? A Civil Summons is the process in North Carol ..read more
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Being in debt does not mean you have a debt to society
Wottom & Wooton, P.C | Durham Bankruptcy Law Blog
by On Behalf of Wootton & Wootton, P.C.
1M ago
There is a widespread myth out there that filing for bankruptcy is a bad thing. That somehow it makes you a burden on society. This guilt or sense of duty is what keeps many people struggling to pay debts they simply cannot afford to meet, however hard they try. While it is important to have a sense of responsibility, you also need to be realistic. Maybe you made a mistake with your money, but people make mistakes in everything. It does not mean you should let your mistakes dominate your life forever. Or, maybe you did not make a mistake at all. It’s just the system is unfair. There are plenty ..read more
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What are Chapter 7 bankruptcy exceptions?
Wottom & Wooton, P.C | Durham Bankruptcy Law Blog
by On Behalf of Wootton & Wootton, P.C.
1M ago
A lot of people are scared to file bankruptcy – particularly Chapter 7. Long known as a “liquidation bankruptcy,” people often have images stuck in their head from movies and television shows where deputies carry off every last stick of furniture and item that someone owns after they file. The reality is far different. The vast majority of people who file for Chapter 7 bankruptcy have nothing to lose but a pile of unsecured credit card debts and old medical bills. Those who do have something they want to protect may very well find that the thing they’re worried the most about is already covere ..read more
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Is anyone eligible for Chapter 7 bankruptcy? 
Wottom & Wooton, P.C | Durham Bankruptcy Law Blog
by On Behalf of Wootton & Wootton, P.C.
1M ago
Bankruptcy is often described as a financial tool that can eliminate debt and give you a fresh start financially. This sounds great to many people, who may always keep it in the back of their minds as an option. If the debt level that they’re facing gets a bit high, they know this is something they can do to alleviate that pressure. But is this an option for everyone? Is it a financial tool that anyone can use or that anyone would qualify for? Income levels and means tests The truth is that everyone certainly does not qualify, and there are many people who try to use Chapter 7 and are told tha ..read more
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3 tips for life after bankruptcy
Wottom & Wooton, P.C | Durham Bankruptcy Law Blog
by On Behalf of Wootton & Wootton, P.C.
2M ago
In a lot of cases, bankruptcy is a one-time event spurred by something outside of your control. It could be medical debt, for example, or other unexpected costs. But even in cases where you simply were spending above your means, this doesn’t have to be a consistent way that you live. After you go through the bankruptcy process, there’s a lot you can do to ensure that you avoid it in the future and have a positive financial outlook. This is why people refer to bankruptcy as a fresh start, which is probably exactly what you’re looking for. Here are three tips that can help. Create a budget If yo ..read more
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Chapter 13 bankruptcy means getting creative with holiday gifts 
Wottom & Wooton, P.C | Durham Bankruptcy Law Blog
by On Behalf of Wootton & Wootton, P.C.
2M ago
It’s always wise to consider the timing of your filing for bankruptcy. However, if you’re being hounded by creditors and drowning in debt, the sooner you do it, the better you’ll likely feel.    Those whose bankruptcy filing precedes or coincides with the holiday season are often concerned that this will have to be the year without Christmas of homemade gifts. That doesn’t have to be the case – but you will face limitations. If you’re filing for Chapter 13 bankruptcy, you will have either a three- or five-year repayment plan. That includes a budget to keep you on track. &nb ..read more
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Could student loan debt relief keep you out of bankruptcy?
Wottom & Wooton, P.C | Durham Bankruptcy Law Blog
by On Behalf of Wootton & Wootton, P.C.
3M ago
The Secretary of Education, Miguel Cardona, recently stated that the companies issuing student loans are "ready to apply" President Biden’s proposed debt relief. However, the 8th Circuit Court issued a temporary stay that holds the student loan forgiveness of as much as $20K per borrower in limbo after six states filed litigation claiming the forgiveness would damage the tax revenues upon which their states depend. But, since student debt is not covered by bankruptcy filings, can the President’s proposed debt forgiveness still affect debtors struggling under the weight of bills they cannot pay ..read more
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Should you file Chapter 7 or Chapter 13 bankruptcy? 
Wottom & Wooton, P.C | Durham Bankruptcy Law Blog
by On Behalf of Wootton & Wootton, P.C.
3M ago
Bankruptcy is many people's last resort for managing their debts. When filing for bankruptcy, people have several options. The majority of people choose either a Chapter 7 or Chapter 13 bankruptcy.  If you don’t know what a Chapter 7 or Chapter 13 bankruptcy is, you aren't alone. These two legal processes have many differences. Here’s what you should know: Chapter 7 bankruptcy Also known as liquidation bankruptcy, Chapter 7 bankruptcy helps people pay off some or all of their debt by liquidating assets. This may sound like you’ll lose all of your assets by filing for Chapter 7 bankruptcy ..read more
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