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Bankruptcy FAQs

Is My Life Insurance Protected If I File Bankruptcy?

May 15, 2014

The two most common types of life insurance are term life insurance and whole life insurance. Term life insurance provides for payment of death benefits if the insured dies during the term of coverage, but it does not accumulate any cash value. Whole life insurance also provides for a death benefit, but it also generally may accumulate cash value which can be used as collateral for a loan. A term life insurance policy has no…

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Factors to consider when under financial stress

April 15, 2014

If you are struggling to pay your bills and have accumulated excessive debt, then you have probably considered filing bankruptcy. Financial difficulties can be especially stressful. Along with the barrage of telephone calls and threatening letters from debt collectors, many people are also faced with foreclosure or eviction from their home. Perhaps the greatest benefit of filing bankruptcy is that it can help relieve some of this financial stress. Financial problems can lead to marital…

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Can a creditor seize my bank account to satisfy a debt?

January 20, 2014

In North Carolina, if a creditor sues a debtor to collect money owed, and the court enters a judgment against the debtor, the creditor may take steps to enforce the judgment by placing a lien on the debtor’s property or seizing the debtor’s nonexempt assets. A creditor seeking to enforce a judgment may also attempt to seize funds in bank accounts of the judgment debtor. However, certain funds in a debtor’s bank account may be…

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Can I discharge my student loan debt in bankruptcy?

November 15, 2013

Student loans are a valuable resource that allow some students to attend college who might not otherwise be able to do so. However, in today’s economy, more college graduates are finding themselves unemployed or underemployed and unable to repay their student loan debt. The U. S. Department of Education tracks borrowers who default on their student loans. A recent report found that the default rate on student loans has continued to increase in the last…

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Do newspapers publish the names of people who file bankruptcy?

October 15, 2013

In North Carolina, foreclosure notices are required to be published in the newspaper; however, bankruptcy filings are not. Newspapers in Asheville and other parts of Western North Carolina do not routinely publish the names of bankruptcy filers, although they may do so if the bankruptcy filing is newsworthy to the community. In situations where the newspaper publishes the name of someone who has filed bankruptcy, news of the bankruptcy filing is almost always related to…

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