News & Information

Can you file bankruptcy twice in North Carolina? Businesses and individuals alike file bankruptcy when debt starts to pile up. Doing so gives you a chance to have a fresh start, reorganize debts, and pay back outstanding balances. Sometimes businesses or individuals may opt to file for bankruptcy again if debt continues to be out…

Effective in early 2020, the Small Business Reorganization Act (SBRA) added Subchapter V (5) to the U.S. Bankruptcy Code. Subchapter 5 bankruptcy makes it easier and less expensive for small businesses filing and restructuring through Chapter 11. At least 50% of total debt owed must be business-related (not personal bankruptcy) and single-asset debtors are excluded…

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed by President Trump on March 27, 2020. This is one of several acts that have been passed in order to provide economic and disaster relief to those severely impacted by the negative effects of COVID-19. The CARES Act not only provides emergency financial…

When you decide to declare bankruptcy in the state of North Carolina, it immediately stops all creditors from collecting debts. In cases of Chapter 7 or Chapter 13 bankruptcy, when your debts have been sorted out by law, the legal obligation to pay your debts is often eliminated or reorganized. One of the biggest myths…

Bankruptcies can have far-reaching effects beyond just the financial burden. They can cause a strain on marriages, ruin a business, or even destroy future plans when handled incorrectly. A Chapter 7 bankruptcy is designed to wipe out debt and give a new, fresh start to those who file under it. Under this filing, a trustee…

One of the first questions clients will ask NC bankruptcy lawyers when they meet is “how long does bankruptcy, Chapter 7 take?” It is a fair question. When you are dealing with overwhelming debt every week that you have to continue to deal with it feels like a year, of course, you want to know…