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December 2018 Archives

What is the bankruptcy means test?

If your struggles with debt have pushed you to the point of considering bankruptcy, many in Gastonia may advise you to file under Chapter 7. The main reason for this is it allows certain debts to be discharged and offers you a faster path back to financial solvency. It also may allow you to keep certain assets (such as your home) due to bankruptcy exemptions. However, the protection and benefits afforded through a Chapter 7 bankruptcy must be qualified for in order to keep people from abusing them. Your qualification is determined by evaluating your financial situation using the bankruptcy "means test." 

Keep an eye on your holiday debt, spending

With unemployment at a record low and a decade of lean years in the rear-view mirror, analysts say Americans are likely to spend more on their kids’ Christmas presents this year than in recent history. Correspondingly, that means more debt this year than before, and it’s a trap experts say should make Americans wary.

How Chapter 13 bankruptcy works

When hearing about a bankruptcy, most people in North Carolina may automatically think about a program via which they may lose precious assets in exchange for being released from debt responsibilities. This is essentially what can happen in a Chapter 7 bankruptcy and is the reason that even the U.S. Courts call this type of bankruptcy a liquidation plan. However, there may well be an alternate type of plan for consumers who need relief from excessive debt but also want to keep their homes or other assets. 

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Sigmon & Henderson, PLLC
518 S New Hope Road
Gastonia, NC 28054

Phone: 704-269-6374
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