Step #1: Determine Your Average Monthly Income Step #2: Know Your Expenses Step #3: Create a Balanced Budget Step #4: Review Your Budget Regularly Step #5: Use a Technology to Help You Step #5: Use Technology to Help You By this time you’ve completed the “meat and potatoes” steps (Steps 1 through 3) that allow … Read more
Step #1: Determine Your Average Monthly Income Step #2: Know Your Expenses Step #3: Create a Balanced Budget Step #4: Review Your Budget Regularly Step #5: Use a Technology to Help You Step #4: Review Your Budget Regularly The first three steps in this series are really the “meat and potatoes” of creating a budget … Read more
Step #3: Create a Balanced Budget So far we have discussed the importance of getting accurate information for determining your income by reviewing at least the last several months of paystubs and we have discussed the incredibly important task of getting a “financially honest” expense report. The next step in putting together a successful budget after filing … Read more
In our last blog post we talked about the first step of budgeting after filing for bankruptcy, which was knowing your income. I mentioned in that post that I believed determining your income was the easiest of the five steps in building your budget. Unfortunately, I think the second step, knowing your expenses, is the … Read more
As a bankruptcy law firm we have filed thousands of bankruptcies for people all across North Carolina. During our years of experience we have seen almost every scenario you can imagine that would lead to someone having to file bankruptcy – whether it is a sudden illness with unexpected medial expenses, loss of a job, … Read more
North Carolina is one of only four states in the country that provides strong protection against wage garnishment for consumer debts. If you have a credit card debt, a medical bill, or a personal loan, a creditor who wins a lawsuit against you in NC generally cannot touch your paycheck. This is one of the … Read more
The Short Answer Yes, you can technically pay back family or friends before you file bankruptcy. But it is usually a bad idea. The bankruptcy court treats loans from family and friends differently than loans from a bank or credit card company. If you pay one of them back right before filing, the trustee may … Read more
Yes! You can still file for bankruptcy even if you are behind on alimony or child support. However, be aware that child support and alimony payments are non-dischargeable in a bankruptcy. In other words, these debts cannot be wiped out in bankruptcy. If you are paying child support or alimony, you may get behind on … Read more
A cramdown in bankruptcy is when the debtor only pays the value of the item they have financed. In reality, it is a court approved way to get out of some of your contractual obligations. The court replaces the value that you are contracted to pay on a certain item with an approved current value … Read more
The phone rings again. You filed for bankruptcy, and you thought the calls would finally stop. But here is another collector asking when you can pay. If this is happening to you, take a breath. You have rights, and the law is on your side. This article explains why creditors are supposed to stop calling … Read more
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