Rite Aid Closes a Quarter of Stores as It Navigates Bankruptcy
Law Offices of John T. Orcutt Bankruptcy | North Carolina Bankruptcy Blog
by Law Office Blogger
3d ago
Rite Aid has experienced financial difficulties in the past and did file for Chapter 11 bankruptcy protection in 2023. Rite Aid Corp. is working to complete a deal with lenders to exit bankruptcy. But even with a rescue deal in hand, the ailing pharmacy chain is poised to to be significantly smaller. Since filing Chapter 11 in October, Rite Aid has said it will close more than 520 locations, according to a Bloomberg News analysis of court records. The closures, which could increase, represent nearly a quarter of the 2,111 stores Rite Aid operated when it entered bankruptcy ..read more
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What is the average credit card interest rate in the united states?
Law Offices of John T. Orcutt Bankruptcy | North Carolina Bankruptcy Blog
by Law Office Blogger
3w ago
The average credit card interest rate in the United States is currently quite high. Here's a breakdown of why it's complex and where to find the most reliable numbers ..read more
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What happens to reverse mortgage when you file bankruptcy?
Law Offices of John T. Orcutt Bankruptcy | North Carolina Bankruptcy Blog
by Law Office Blogger
1M ago
When you file for bankruptcy, whether Chapter 7 or Chapter 13, it can have implications for any outstanding debts you have, including a reverse mortgage. Here's how it may affect a reverse mortgage ..read more
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Credit Card Late Fees Charged Capped
Law Offices of John T. Orcutt Bankruptcy | North Carolina Bankruptcy Blog
by Law Office Blogger
2M ago
The Biden administration announced a rule Tuesday to cap all credit card late fees at $8, or about one-quarter of the average late fee of $32. It's the latest effort from the White House to attack what it calls "junk fees," or excessive fees that can push up the end price of products. Why the Change? The CFPB acted to address what it saw as excessive late fees. Prior to the change, some fees could reach as high as $41. The goal is to make fees more reasonable and proportionate to the actual cost of late payments for credit card companies ..read more
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Understanding Repossession in North Carolina
Law Offices of John T. Orcutt Bankruptcy | North Carolina Bankruptcy Blog
by Law Office Blogger
2M ago
No Right to Cure: North Carolina doesn't have a "right to cure" law for vehicle repossessions. This means your lender can repossess your car without notice if you fall behind on payments. Contract Terms: Your car loan contract outlines the default terms and whether you have any grace period to catch up on payments before repossession. Contact Your Lender ..read more
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What is the latest on the $1.2 billion in student loan forgiveness?
Law Offices of John T. Orcutt Bankruptcy | North Carolina Bankruptcy Blog
by Law Office Blogger
2M ago
The Department of Education Department officials spent Thursday and plan to carry on Friday with borrowers and experts over the details of the Biden administration's latest student loan forgiveness proposal. The meetings come after the U.S ..read more
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Can Bankruptcy Get My Car Back From Repossession?
Law Offices of John T. Orcutt Bankruptcy | North Carolina Bankruptcy Blog
by Law Office Blogger
2M ago
Type of bankruptcy ..read more
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What is Debt Settlement and is it a Scam?
Law Offices of John T. Orcutt Bankruptcy | North Carolina Bankruptcy Blog
by Law Office Blogger
3M ago
Debt settlement is a process where a debtor negotiates with their creditors to reduce the amount of debt owed. While legitimate debt settlement companies exist, there are also scams that consumers should be aware of. Here are some key points to consider: Debt Relief Service Scams ..read more
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Know Your North Carolina Bankruptcy Exemptions
Law Offices of John T. Orcutt Bankruptcy | North Carolina Bankruptcy Blog
by Law Office Blogger
3M ago
North Carolina bankruptcy exemptions are laws that allow debtors to keep some of their property and assets when they file for bankruptcy. Some of the common exemptions in North Carolina include ..read more
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Does Bankruptcy Protect Your 401K?
Law Offices of John T. Orcutt Bankruptcy | North Carolina Bankruptcy Blog
by Law Office Blogger
3M ago
Yes, your 401(k) is generally safe in bankruptcy. According to Bankrate, your retirement funds are protected by the Employee Retirement Income Security Act (ERISA) if you file for bankruptcy. The FindLaw website also confirms that your 401(k) or IRA retirement accounts are protected from bankruptcy. However, there are some cases where your 401(k) assets can be seized, such as if you have outstanding un ..read more
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