Three Biggest Myths about How Bankruptcy Affects the Debtor’s Financial Future


Even today, many people are discouraged from taking advantage of the best debt relief option available to them due to misconceptions about bankruptcy. People put a lot of stock in their creditworthiness for many financial matters, which is why it’s understandable that they are not willing to risk damaging their credit score. In some cases bankruptcy may be the ideal course of action, but the fear of having an inadequate credit score may leave one paralyzed.

What people don’t realize is that not everything they hear about the aftermath of bankruptcy should be taken as facts.

Credit Score Doesn’t Increase Until After the Bankruptcy

Any experienced bankruptcy lawyer will assure you that this is simply not the case. You can work to improve your credit score as you build up your credit again. Treat bankruptcy as a new start. Read more from this article:


A Bankruptcy Lawyer Can Help Married Couples Go Over Some Important Filing Considerations


Married couples in Raleigh have two options when it comes to declaring bankruptcy. They may file individually or jointly. Individual filing is ideal if only one spouse needs to settle debt. This is also beneficial for the other partner since it won’t affect their credit whatsoever. Joint filing, on the other hand, allows married couples to complete a bankruptcy in just one convenient proceeding. That means both spouses can discharge their debt at less costs than filing separately.

Each has its own merit and accomplishes the objective of wiping out debt, but the best solution for you would depend on several factors. Your bankruptcy lawyer may urge you to consider these before making a decision.

Assets and Properties

Ownership of some assets change when you get married, according to the laws in effect in your state. Some properties can be owned equally by both spouses regardless of who is on the title, while others follow the rules of equitable distribution. Read more from this article:

What to Do If You Can’t Keep Up with Your Chapter 13 Bankruptcy Repayment Plan


A typical Chapter 13 bankruptcy case may last anywhere from three to five years. A lot can happen during that time, and you may find yourself defaulting or no longer able to keep up with the originally agreed to repayment plan. Some common reasons for this may include increased expenses, emergencies or illness. Fortunately, you don’t have to just sit and wait for your case to be dismissed. Bankruptcy laws allow people to seek out other options to save their bankruptcy and obtain a discharge. With help from an our experienced professionals at Weik Bankruptcy Attorney in Raleigh, below are some legal actions you can take.

Amend the Plan or File a Motion to Modify

When you file for bankruptcy, a proposed repayment plan is one of the essential documents included in the packet you send to the court. The plan usually stays in a temporary probationary period until the court, your creditors and the trustee can review them. Read more from this article:

Essential Requirements to Get Tax Debt Discharged in a Chapter 7 Bankruptcy


Some people who file for Chapter 7 bankruptcy fail to take full advantage of its ability to discharge debt. For instance, you may not be aware that you can get your tax debt wiped out under Chapter 7. In truth, Chapter 7 can discharge some types of tax debt provided that they satisfy certain requirements. This effectively releases you from personal tax liability.

When declaring bankruptcy in Raleigh, be sure to always consult with Weik Law Office beforehand. With their help, you can make sure that you meet the following conditions.

Strictly Income Based Taxes

To qualify, your tax debt must first and foremost be income based. More specifically, they should be for federal or state income taxes or taxes on gross receipts. That means payroll taxes, fraud penalties and others that are similar can never be discharged. Read more from this article:

Chapter 7 Bankruptcy Raleigh: How Filing Chapter 13 Can Save Your Home


Filing for Chapter 13 bankruptcy allows you to keep your home in several ways. The first is through the automatic stay which prevents your creditors from harassing you while your case is under way. The second is through a repayment plan that allows you to repay the arrears on your mortgage over several years. The first offers a temporary respite, while the latter is a more permanent solution.

Chapter 13 bankruptcy and mortgage

When you file for Chapter 13 bankruptcy, you do not lose any property. If you are behind in mortgage payments, Chapter 13 allows you to keep your home and pay the mortgage average over 5 years.

Payment methods

In a Chapter 13 bankruptcy, if you are current on your mortgage payments, you can make your payments to your mortgage lender directly. Read more from this blog:

Raleigh Chapter 13 Bankruptcy: Lien Stripping and How It Helps You



Chapter 13 bankruptcy has a process called ‘lien stripping’ that may allow certain homeowners to get rid of a second mortgage or home equity line of credit. Lien stripping requires a separate motion with the court. The basic process is as follows, which should be completed with the help of your Raleigh, NC bankruptcy lawyer:

  1. File Chapter 13 bankruptcy.
  2. File a motion or other written legal request to explain why the second mortgage from your house should be removed.
  3. Give creditors proper notice.
  4. Once the motion is approved, prepare and submit the order to be signed by the judge.

An approved ‘lien stripping’ order directs your second mortgage creditor to strip their claim from your home and the mortgage company must leave you alone until your case is discharged. As you can imagine, this can provide some great relief to a debt problem. Read more from this blog:

Raleigh Bankruptcy Lawyer Explains the Power of the Automatic Stay



Filing for bankruptcy comes with many benefits. One of its more widely known perks is that it can force your creditors to stop contacting you. This rule is called the automatic stay, which aims to prevent creditors from constantly bugging you when your bankruptcy case is filed. Your Raleigh bankruptcy lawyer shares with you some key points about the process, so you will know your rights.

The start of the automatic stay

When you file for bankruptcy, a notice is immediately sent to all your creditors telling them that an automatic stay is in effect. The word automatic means that the day is instantaneous when you file your case, and from that point on, creditors must refrain from calling you, emailing you, garnishing your wages, suing you, or foreclosing on your house. If they have begun with any of these actions, they need to cease immediately or face sanctions by a judge. Read more from this blog: