Bankruptcy News
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...
When Can I Get a Mortgage After Bankruptcy in North Carolina?
One of the questions many people have is “Can I buy a house after bankruptcy?” They might be worried about being able to obtain financing and how bankruptcy might affect their credit. The experienced bankruptcy lawyers at Sasser Law Group...
How Bankruptcy Can Clear Credit Card Debt
The average family has $6.300 of credit card debt, according to the most recent Survey of Consumer Finances by the Federal Reserve. For some households, the amount of credit card debt is crushing. This leads many people to wonder, “Can...
Bankruptcy Can Help You Stop an Eviction or Help You Transition to a New Residence
Written By: Cort Walker The coronavirus pandemic and its impact on the local (Raleigh, NC) and national economy has financially devastated many individuals and families. Evictions and, as a result, homeless families are a very real threat for 2021. Many...
Bankruptcy and the "Consolidated Appropriations Act"
Written by: Philip Sasser When the first stimulus package (aka The CARES Act) was passed in March 2020, the part most people focused on was how much money they were going to get – responses generally falling into the categories...
Signs You May Want to Consider Filing Bankruptcy
Life can be unpredictable. Unfortunate circumstances can leave people worrying every day if they will ever be able to pay off their debts. Many people struggling to make ends meet likely exhausted their savings and fear losing their homes. Others...
NC Bankruptcy Means Test (Median Income) Increase as of Nov 1, 2020
As of November 1, 2020, the North Carolina median income, for means test calculation purposes, increased. This means that the six-month look back on your income allows for a slightly higher income threshold for your household size than it did...
A Survey of the Local Form chapter 13 plans
The Final Report of the American Bankruptcy Institute Commission on Consumer Bankruptcy §4.02 addresses Nonuniform Court Practices. The background to the provision notes that “Local practices can deviate from the Bankruptcy Code or the Federal Rules of Bankruptcy Procedure. Perhaps...
CARES Act for Consumers & Small Businesses
The U.S. Government enacted the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to help individuals, families, and businesses across the U.S. access emergency assistance during the COVID-19 pandemic. Some parts of the $2.2 trillion economic relief package provided...
Neiman Marcus Nears Bankruptcy Filing
Facing nearly $5 billion of debt and dwindling sales during the COVID-19 pandemic, luxury retailer Neiman Marcus may file for bankruptcy. Brick-and-mortar retail sales have dropped significantly because of stay-at-home orders, which have closed non-essential businesses like clothing stores. Like...
