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What Do You Lose When You File Bankruptcy?
Filing bankruptcy could give you a financial fresh start if you can’t repay your debts. However, it’s not a magic bullet, and some consequences remain. The type of bankruptcy you file, along with your asset and debt makeup, will determine…
how to handle personal guarantees on business obligations
A lot of times when a small business owner is considering shuttering their company so they can find work someplace else one of their main concerns is how to handle personal guarantees on business obligations? The most obvious way for…
What Bankruptcy Can and Cannot Do
Bankruptcy can be a practical solution for people with problematic debt. It can also help them hold onto important assets, rebuild their credit, and find a stable financial path forward. However, bankruptcy has limitations that you need to understand if…
Business vs Personal Bankruptcy
At Sasser Law Firm, a lot of our meetings begin with a potential client saying something along the lines of “My business needs to file bankruptcy!” And while that may be true, it’s not necessarily true. In fact, often it’s not your business…
Household Income and Bankruptcy
This blog relates to how household income can impact a bankruptcy filing. In chapter seven, if a debtor’s debts are primarily non-consumer in nature, then household income really is generally immaterial So if the issue is a business reversal that…
Foreclosure After COVID-19 – Can Bankruptcy Help?
The COVID-19 pandemic has left many people asking how to stop foreclosure proceedings and if filing for bankruptcy can help. In many cases, bankruptcy can help you avoid foreclosure, but it’s important to be aware of the issues involved. Keep…
Random Audits
It is not likely but always possible that your personal bankruptcy case will undergo an audit directed by the United States Bankruptcy Administrator which monitors and investigates bankruptcy cases to ensure compliance with applicable laws and procedures. If the Bankruptcy Administrator finds evidence of fraud,…
What Should You Not Do Before Filing Bankruptcy?
Filing for bankruptcy is a complicated process, and there are things that can go wrong. This means thinking about what not to do before filing for bankruptcy, as well as what to do once you’ve filed. The North Carolina bankruptcy…
How Do Chapter 7 and 13 Bankruptcy Affect My Credit?
It’s a question we hear often: How long does a Chapter 7 bankruptcy stay on a credit report? A Chapter 7 bankruptcy will remain on your credit report for 10 years, but the real impact of a bankruptcy on your credit…
Benefit of Car Liens When Filing Bankruptcy
Filing Bankruptcy with a Car Lien In some situations, an outstanding car loan – and, therefore, a lien on your car – can be helpful if you are filing for bankruptcy. Having an obligation to make car payments may allow…
