3 tips business owners need to know before filing bankruptcy Facing financial problems as a business owner in the Durham-Chapel Hill area is incredibly stressful. You likely feel overwhelmed by your company’s debts and the uncertainty about its future. The first critical step is understanding your specific bankruptcy options. Since the decision hinges on your business structure and goals, understanding the differences between Chapter 7 and Chapter 11 is crucial;…
https://www.ncbills.com/blog/2....025/11/3-tips-busine

Why new parents may need to consider bankruptcy The arrival of a new baby can be a cause for great joy. But, for many families, it can also cause or exacerbate significant financial strain. Between hospital bills, reduced income during parental leave and the ongoing costs of childcare, some parents find themselves overwhelmed by debt soon after their child is born.  Bankruptcy may not be the first solution…
https://www.ncbills.com/blog/2....025/11/why-new-paren

When can a missed car payment lead to repossession? A vehicle loan uses the vehicle that is being purchased via installments as collateral. If the owner defaults on the loan by failing to make scheduled payments, the lender has the option of repossessing the vehicle. They can then sell it to recover the amount furnished for the purchase of the vehicle. Repossession can drag down a credit score and…
https://www.ncbills.com/blog/2....025/10/when-can-a-mi

What if a filer loses their job during Chapter 13 bankruptcy? Chapter 13 bankruptcy is accessible to far more people than Chapter 7 proceedings. There is no means test to pass, and filers can potentially preserve all of their property without risking liquidation of any of their assets. To successfully complete a Chapter 13 bankruptcy, the filer must fulfill a repayment plan that lasts from three to five years. They first…
https://www.ncbills.com/blog/2....025/09/what-if-a-fil

Should married couples file bankruptcy jointly or separately? Falling behind financially can be a rapid or gradual process. Even with two incomes, married couples are potentially at risk of having more expenses and debts than they can manage. Sometimes, job loss or medical emergencies can lead to substantial debt accruing rapidly. Other times, an imbalanced budget might mean that people slowly accumulate credit card debt over months or…
https://www.ncbills.com/blog/2....025/09/should-marrie