Did you forget to list a debt? Maybe your income changed. Or maybe you decided you cannot keep that car after all. These things happen all the time after someone files bankruptcy. The good news is simple. You usually do not have to start over. In most cases, you can fix or update your bankruptcy … Read more
In your bankruptcy, you can choose to “give up” or surrender your secured property such as a house or a car to eliminate the debt. It would be lovely in the world of bankruptcy if you could just eliminate the debt and keep the property, but if that were the case, everyone would file bankruptcy! … Read more
Clients have frequently asked us what is the difference between a deed in lieu of foreclosure and a bankruptcy? First, a deed in lieu of foreclosure (DLF) is when the homeowner signs over and transfers the deed to the home to the mortgage company without the legal process of a foreclosure. Most people believe this … Read more
If a creditor has sued you and won in court, that court judgment can follow you for a long time — especially if the creditor takes steps to attach it to your property. Understanding how long judgments and liens last in North Carolina, and what options you have to deal with them, is important whether … Read more
There are two financial statements that you must provide for your business when you file personal bankruptcy: the income statement or profit and loss and the balance sheet. We will look at the financial statements for a small plumbing business, ABC Plumbing. We encourage you to click on the blue links to open examples of a profit & loss statement and balance sheet. This is a simplified approach to the financial statements, so you should seek advice from your accountant should you have questions when preparing the financial statements for your business. We will also only be looking at Operating Income and will not consider interest income, interest expense or other non-operating items that most businesses incur.
If you are self-employed or own your own business, you should prepare monthly financial statements to understand how your business is performing. Realistically, financial statements are often the last thing a small business owner worries about. He or she is usually more concerned about how to make the next sale or generate the next contract. … Read more
http://www.youtube.com/watch?v=zCUagYJnLOw Yes. There is no law that prohibits a debtor from opening a bank account after filing bankruptcy. However, if you owed money to a bank (i.e. for a credit card, loan, overdraft fees, etc.) and they were included in your bankruptcy, chances are you might have a difficult time opening an account with … 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
We answer calls 24 hours a day. A free phone consultation takes 20–30 minutes and leaves you with a clear picture of your options — no obligation whatsoever.
