Debtor FAQ's
I owe more than I can pay. Should I consider filing for
bankruptcy?
If you have so many unpaid bills that repayment is unlikely or
impossible in the foreseeable future, bankruptcy should be
considered. Other reasons to consider filing for bankruptcy:
- A secured creditor is threatening foreclosure or
repossession.
- An unsecured creditor has commenced or threatened a lawsuit.
- Creditors and/or collection agencies are making frequent
calls to collect on unpaid bills.
- The debtor’s credit report is irretrievably damaged.
- To stop execution on a judgment or to stop wage garnishment.
(In North Carolina, wage garnishment is limited to creditors
collecting taxes, domestic support obligations and student loans.)
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