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Chapter 13 Bankruptcy and Building Credit
When you’re in Chapter 13 bankruptcy, it may feel like a purgatory that limits your financial options. You can, however, use this time and this tool to strategically improve your credit-worthiness. How Chapter 13 Bankruptcy Affects Your Credit Report The…
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…
Crises Are Not Limited to a Global Pandemic
Crises are not limited to a global pandemic. People experience various levels of crisis all the time, but sometimes those crises hit close to home and become too much to handle alone. If you have a medical emergency you would…
Cramdown in a Chapter 13 Bankruptcy
One of the major advantages of filing a bankruptcy under Chapter 13 is the ability to “cram down” a debt secured by your property. If you owe more than what your financed property is actually worth – which is a…
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…
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…
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…
Sasser Law Firm Welcomes New Bankruptcy Attorney Joe Lischwe
Sasser Law Firm is pleased to welcome to the practice Joseph M. Lischwe, an experienced North Carolina bankruptcy lawyer. “Joe arrives at a time when we anticipate significant demand for our firm’s services based on the recent economic downturn,” said…
When Should A Small Business File For Bankruptcy?
It is natural for small business owners to be distressed and unsure of what steps to take when their businesses begin to struggle. Many think of bankruptcy as a sign of failure, but in reality, bankruptcy is a tool that…
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…
