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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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The period between deciding and actually filing for Raleigh bankruptcy is when most debtors are vulnerable to their creditors. During financial stress, it can be tempting to take all measures to alleviate the pressure. However, it is important that the debtor handles these financial issues carefully with a bankruptcy attorney to avoid major complications upon…
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Declaring bankruptcy in Raleigh affects mortgage in a myriad of ways. A mortgage is a legal agreement wherein a debtor surrenders the title of their property to a creditor to borrow money at interest. Like other types of loans, mortgages are subject to late charges and other fees. Homeowners who take out a mortgage are…
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