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Debt Law North Carolina

May 12, 2020

Debt Law North Carolina opt

Debt Law North Carolina

If you are not willing or unable to pay off a debt voluntarily, the State of North Carolina has various legal means for a creditor to collect your debt. However, a creditor cannot immediately try and force you to pay the money which you owe. First, the creditor must go to the court and obtain a judgment against you. Once the court enters a judgment, the creditor can then begin collection proceedings by way of a wage garnishment, liens on the debtor’s property, and/or withholding money from the debtor’s bank account.

If a judgment has been issued against you by a court of law, allowing a creditor to pursue debt collection proceedings, it is important to keep in mind that you have legal options – including filing for bankruptcy (Chapter 7 or Chapter 13), in some cases. The North Carolina debt collection lawyers at King Law Firm can explain those options to you and help you decide upon the best course of action, given your unique circumstances. Please call us today to learn more about how we may be able to assist you with your legal matter.

Wage Garnishment

Garnishing a person’s wages is one common method that creditors use to collect on a debt. In this scenario, a creditor will contact a person’s employer and require him or her to take out a certain amount of earnings that would usually go to the employee each pay period. The employer must then forward that held money to the creditor.

Wage garnishment may be used as a way to collect on debts that are related to child support, student loans, alimony, and ambulance services. However, wage garnishment may not be used as a way to collect credit card debts, car loans, and other types of personal debt. 

Property Liens

A property lien is an encumbrance – such as a mortgage – which exists on a certain piece of property. In some cases, a creditor who has a judgment against a debtor may be able to have a lien placed on the debtor’s home. In that scenario, if the debtor later decides to refinance the home or sell it, he or she must satisfy the remaining lien on the home from the proceeds of the sale. Moreover, if the value of the lien exceeds the value of the home’s equity, then the debtor may not be able to refinance or sell the home until such time as the lien is paid off in full.

Bank Levies

A bank account levy allows a creditor or debt collector to take money from a person’s bank account in order to satisfy a debt that is outstanding. In North Carolina, if you have a judgment that has been entered against you, you should be careful about money you deposit into a bank account. Most bank accounts are non-exempt from collections by creditors with judgments.

 Speak to an Experienced North Carolina Debt Collection Lawyer Today

At King Law Firm, we make it our priority to help you fight unfair debt collection practices and can help you decide on the best course of action for your circumstances. To schedule a free case evaluation and legal consultation with a North Carolina debt collection attorney, please call us at (855) 206-0052 or contact us online today.

The Advantages of Filing for Bankruptcy

May 11, 2020

The Advantages of Filing for Bankruptcy in north carolina

The Advantages of Filing for Bankruptcy 

The decision to file for bankruptcy (either Chapter 7 or Chapter 13) is a difficult one for most people and is often seen as an option of last resort. This is because declaring bankruptcy can have a significant effect on your credit and financial well-being. Moreover, after you file for bankruptcy, it can sometimes be difficult to prove your creditworthiness to lenders and obtain loans for some time after filing. However, for some people, the benefits of filing for bankruptcy far outweigh the downsides.

If you are in the process of deciding whether filing for bankruptcy is right for you, the North Carolina bankruptcy lawyers at the King Law Firm may be able to help. Our team of compassionate and experienced attorneys will review your financial situation with you and can help you decide if filing for bankruptcy is a good option, given your unique financial circumstances. Please call us today to find out more about how we can help you handle your bankruptcy case.

A Fresh Financial Start

Perhaps the most apparent and attractive advantage of filing for bankruptcy is the fact that you can often obtain a fresh financial start. While there are significant differences between Chapter 7 and Chapter 13 bankruptcy, both allow consumers to discharge various types of debt upon the conclusion of their cases. The type of bankruptcy appropriate for you will depend on a number of factors, including your income, your goals, and whether you want to hold on to certain assets. An attorney can help you figure out what type of bankruptcy would benefit you the most.

You Can Rebuild Your Credit Sooner Rather than Later

Declaring bankruptcy can have a significant impact on your creditworthiness and credit scores. However, another important advantage of declaring bankruptcy is that it will allow you to start rebuilding your credit right away. In fact, many people who file for bankruptcy are able to obtain financing not long after their case has concluded.

There are Worse Things than Bankruptcy

Although declaring bankruptcy will likely have a significant impact on your credit score, there are worse things that can hurt your future credit and your future ability to obtain a loan from a bank or credit union. Specifically, not filing can lead to lawsuits, defaults, missed payments, and repossessions to future lenders. 

Bankruptcy Can Lead to a Brighter Future

If you are having trouble keeping up with your bills and feel like your debts are holding you down, bankruptcy can be your path to a better financial future. By eliminating debt and giving you a fresh start, bankruptcy can allow you to build a positive credit history and start making financial decisions that lead to security and stability in the future.

Contact a North Carolina Bankruptcy Lawyer Today

Filing for bankruptcy is not the best course of action for everyone. At the King Law Firm, our legal team can assist you with making your decision and is committed to helping you every step of the way through the bankruptcy filing process. To schedule a free case evaluation and legal consultation with an experienced North Carolina bankruptcy attorney, please call us at (855) 206-0052 or contact us online today.

The Benefits of Filing Chapter 7 Bankruptcy

May 11, 2020

The Benefits of Filing Chapter 7 Bankruptcy in north carolina

The Benefits of Filing Chapter 7 Bankruptcy

Although filing for bankruptcy is often seen as a last resort for most people, filing actually has significant benefits and can often help people eliminate debts. Chapter 7 bankruptcy allows for the discharge of debt after the liquidation of a debtor’s non-exempt assets in order to pay off the person’s creditors. To qualify for this type of bankruptcy, however, the debtor has to satisfy certain income requirements. Importantly, there are some situations in which Chapter 13 is a better option for consumers, so it’s always important to speak to an attorney before making any decisions that can affect your legal rights

If you are contemplating filing for bankruptcy, it is extremely important that you have an experienced lawyer on your side, helping you make that decision. The North Carolina bankruptcy lawyers at King Law Firm can assist you with taking all of the necessary steps to file for a Chapter 7 bankruptcy. Please call us today to find out more about how we can assist you with your Chapter 7 bankruptcy case.

Advantages of Chapter 7

The primary goal of filing for Chapter 7 bankruptcy is to allow the debtor to start over again with a clean financial slate. Since a Chapter 7 bankruptcy eliminates certain types of debt, the debtor can escape personal liability for all of the debt that is being discharged in bankruptcy.

It is important to keep in mind, however, that there are certain types of debt that, generally speaking, cannot be discharged in bankruptcy. One of the most commonly cited examples of such debt is student loan debt. Moreover, liens on property, including tax liens, mortgages, and mechanic’s liens will still remain in place after Chapter 7 bankruptcy proceedings are completed.

Still, filing for Chapter 7 bankruptcy has its advantages. Some of the most common advantages of filing for Chapter 7 bankruptcy include the following:

The Automatic Stay

When you file for Chapter 7 bankruptcy, it results in an automatic stay that prevents debtors from engaging in any collection activity while your case is pending.

Quick discharge of debt

Discharging debt pursuant to a Chapter 7 bankruptcy proceeding typically occurs within a very short period of time – typically within the 90-day period after filing for bankruptcy.

No limit on the amount of debt to be discharged

A Chapter 7 bankruptcy does not impose a limitation on the amount of debt that is subject to discharge. Chapter 13 bankruptcies, on the other hand, do have such limitations. Also, unlike with a Chapter 13 bankruptcy, an individual who files for a Chapter 7 bankruptcy does not have to make debt payments in accordance with a repayment plan imposed by the court. 

Speak with a North Carolina Bankruptcy Lawyer Today

The knowledgeable legal team at King Law Firm is ready to assist you with your Chapter 7 bankruptcy case. To schedule a free case evaluation and legal consultation with an experienced North Carolina bankruptcy attorney, please call us at (855) 675-1978 or contact us online today.