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Debtors & Creditors Rights

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 sue someone who has filed for bankruptcy?

September 15, 2013

Once someone files for bankruptcy, the bankruptcy court issues a protective order known as an “automatic stay” which requires creditors to cease collection efforts. The automatic stay prohibits creditors from filing a lawsuit to collect the money owed, making collection calls, or proceeding with foreclosure or repossession. If a creditor already has a lawsuit or foreclosure at the time the debtor files bankruptcy, the automatic stay will stop the lawsuit from moving forward. Once bankruptcy…

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