Bruce Allen, Attorney Fayetteville Lawyer | Bruce Allen | Attorney 2026-02-17T09:52:57Z https://www.allendebtbuster.com/feed/atom/ WordPress On Behalf of Bruce Allen, Attorney <![CDATA[Four FAQ about bankruptcy in Fayetteville]]> https://www.allendebtbuster.com/?p=49175 2024-10-18T06:04:43Z 2024-10-23T06:04:10Z Types of bankruptcy In Fayetteville, individuals typically file for Chapter 7 or Chapter 13 bankruptcy:
  • Chapter 7: this involves selling non-exempt assets to pay off debts. It is suitable for those with limited income and significant unsecured debts like credit cards or medical bills.
  • Chapter 13: this is a "reorganization bankruptcy" that allows individuals to keep their property and repay debts over time, usually three to five years. It is ideal for those with a regular income who can manage a repayment plan.

How does the bankruptcy process work?

The process begins by filing a petition with the bankruptcy court. This includes detailed information about your finances, including debts, income, assets, and expenses. Once you file, an automatic stop prevents most collections against you. Then, the court appoints a trustee to oversee the case. In Chapter 7, the trustee may sell non-exempt assets to pay creditors. In Chapter 13, you will propose a repayment plan for court approval. After you complete the process, the court discharges most remaining debts. Considerations before filing Filing for bankruptcy can have long-term financial consequences. It is important to consider:
  • Credit impact: bankruptcy can affect your credit score. Making it challenging to get loans or credit in the future.
  • Asset protection: while bankruptcy can relieve debt, certain assets might be at risk, especially under Chapter 7.
  • Eligibility: not everyone qualifies for Chapter 7. Means testing will determine eligibility based on income and expenses.
Given the complexities of the process, consulting with a bankruptcy attorney is advisable. They can provide personalized advice and help you understand the legal requirements to make informed decisions. Going bankrupt is a big decision that needs a lot of thought and planning. Understanding your options and the potential outcomes is crucial for making informed decisions. With proper guidance you can work towards a fresh financial start.]]> On Behalf of Bruce Allen, Attorney <![CDATA[Navigated a rough road? What to expect after a DUI charge in North Carolina]]> https://www.allendebtbuster.com/?p=49173 2026-02-17T09:47:40Z 2024-07-17T04:43:02Z Understanding the potential consequences of a DUI conviction in North Carolina The severity of penalties for a DUI conviction depends on several factors, including your blood alcohol content (BAC) at the time of arrest and whether you have any prior offenses. However, some general consequences of a DUI conviction in North Carolina include:
  • License suspension or revocation: A first-time DUI offense typically results in a license suspension for a period of time. Repeat offenses can lead to a revoked license, making it illegal to drive at all.
  • Fines and court costs: DUI convictions come with hefty fines and court costs. The amount can vary depending on the circumstances of your case.
  • Increased insurance rates: A DUI conviction will likely significantly increase car insurance premiums.
  • Jail time: Depending on the severity of the offense and your BAC level, you may face jail time.
These challenges can make it difficult to move past a mistake.

Taking action after a DUI charge: Protecting your rights

A DUI charge can be a complex legal matter. Here are some crucial steps to take after a DUI arrest in North Carolina:
  • Contact an attorney: An experienced DUI attorney can advise you of your rights, represent you in court and help you navigate the legal process.
  • Gather evidence: If you have any documentation related to the arrest, such as the police report or witness statements, keep them safe.
  • Attend court hearings: It's crucial to attend all scheduled court hearings related to your case, even if you have an attorney representing you.
A DUI charge is serious; consulting with an experienced attorney is essential to protect your rights and explore your options. An attorney can guide you through the legal process and help you achieve the best possible outcome in your case.]]> On Behalf of Bruce Allen, Attorney <![CDATA[Obtaining an auto loan is possible after filing bankruptcy]]> https://www.allendebtbuster.com/?p=49172 2024-04-16T06:58:58Z 2024-04-19T06:58:43Z Bankruptcy doesn't prevent getting an auto loan Your credit options will be limited after Chapter 7 and Chapter 13 bankruptcy, but filing shouldn't completely prevent you from getting a loan. Bad credit lenders may approve you for an auto loan, even when your score is in the 500s. Other options include working with a credit union, which may allow you to secure a lower interest rate, as these are not-for-profit entities. However, you must realize that you will pay a higher interest rate and may have to finance your vehicle purchase for extended periods. Other options include getting someone with excellent credit to co-sign your loan. Before entering such an arrangement, ensure your co-signer fully understands their responsibilities if you can't meet your monthly payments. As a last resort, consider by-here-pay-here dealerships. These car stores don't require credit checks, and you may pay more than your vehicle is worth because of ultra-high interest rates. Additionally, some of these dealerships may not report your payments to credit bureaus, so your credit will not improve.

Bankruptcy is not an automatic credit death knell

Although it is true that your credit will take a hit no matter what bankruptcy type you file, most people who file actually recover fairly quickly if they follow the terms of their bankruptcy agreements. Filing bankruptcy is a form of debt relief. The important thing to remember is to follow your filing terms to the letter to restart your life. The type of bankruptcy you choose to file for should be a careful decision that considers the amount of debt you have along with your specific circumstances. This process of careful consideration should guide you towards the type that best suits your situation, ensuring a more effective debt relief strategy.]]> On Behalf of Bruce Allen, Attorney <![CDATA[What happens if you miss a Chapter 13 bankruptcy payment?]]> https://www.allendebtbuster.com/?p=49156 2024-02-16T12:58:31Z 2024-01-24T05:45:58Z First-time missed payments Nearly everyone misses an occasional payment from time to time. In most cases, creditors are willing to be lenient with someone who rarely makes late payments. However, they become less willing to work with someone who is missing payments continually. If you suspect you'll miss a payment, contact your North Carolina bankruptcy trustee who oversees your case and explain why your financial situation may have changed.

Modifying your plan

Bankruptcy plan modification is a potential option if a court recognizes you have valid reasons to miss payments. Modifying a bankruptcy plan may include adjusting payment dates or amounts. However, a court must approve any request to modify a Chapter 13 bankruptcy plan.

Changing to Chapter 7

Another option if continual missed payments happen is for the court to change your bankruptcy to a Chapter 7. While that change might sound minimal, a change to a Chapter 7 bankruptcy may permit the liquidation of your nonexempt assets to pay creditors.

Losing your bankruptcy protections

You have protection from creditors as you work toward completing the Chapter 13 bankruptcy process. However, continually missing bankruptcy payments can end this legal arrangement. If that happens, creditors are free to collect debts in any legally fit manner. Sometimes, it's impossible to control missing a payment. However, communicating with the appropriate party right away is key to a potentially favorable outcome.]]> On Behalf of Bruce Allen, Attorney <![CDATA[A guide to estate planning for unmarried couples]]> https://www.allendebtbuster.com/?p=49152 2024-02-16T12:58:38Z 2023-10-20T12:08:40Z The financial status of unmarried partners Marriage makes discussions about estate planning simpler under current laws. Assets automatically transfer to the surviving spouse after a partner dies. This transaction happens without additional state or federal taxes. The situation is different for cohabitating partners. When the assets exceed federal or state exemption amounts, estate taxes come into play. If someone attempts to give assets to a partner while living, the money is a taxable gift if it exceeds the $16,000 federal exclusion threshold. Retirement accounts are another place where partners should take intentional action. The owner must list their partner as a beneficiary on the account if they want them to be able to access the asset. One possible estate planning solution is to use non-taxable life insurance policies to provide assets after death. Developing an estate trust can also protect some assets from taxation.

Property sharing for unmarried couples

Many cohabitating couples live in a home owned by one of the partners. This situation can create complications if the owner dies. Without a clear >last will and testament or a legal estate planning document providing survivorship rights, the property might transfer automatically to the family members of the owner. This consideration also applies to property beyond the main domicile. Cars, boats and vacation homes are all potential sources of contention when distributing the estate.

The importance of a legal will

The absence of a will limits the ability of the legal system to carry out an individual’s wishes. This binding document clarifies asset distribution by naming an executor and trustees. It also avoids the delay of the estate sitting in probate.

Helping loved ones move forward

Estate planning is not only a means of carrying out your wishes, but it also helps your partner and family members move forward after your death. By providing clarity now, you are preventing confusion after you pass.]]> On Behalf of Bruce Allen, Attorney <![CDATA[It’s vital to examine the pros and cons of a bankruptcy filing]]> https://www.allendebtbuster.com/?p=49150 2024-02-16T12:58:44Z 2023-07-28T17:01:39Z You may need to file bankruptcy when there's no other answer to paying your bills If you're like many individuals, you do all you can to pay your bills. However, if you're struggling due to unforeseen circumstances and can't cover your debts, it may require you to file bankruptcy. You may need to take this action if your expenses equal more than half your income or it would take you longer than five years to pay off.

Is purchasing a home difficult after filing bankruptcy?

One of the most significant challenges you may find if you file bankruptcy is obtaining a mortgage when you want to buy a home. Whether you file for Chapter 7 or Chapter 13 bankruptcy, you'll need to follow guidelines, which have restrictions on when you can apply for an FHA mortgage after filing bankruptcy.

Some debts may not be absolved when filing bankruptcy

When you file bankruptcy, it can wipe out several kinds of debts, which include medical bills, past-due rent and credit card debt. However, it's critical to understand that not all debts are absolved when filing for bankruptcy. Alimony or child support obligations, fines and penalties owed to the government and back taxes will need to be paid back.

Bankruptcy is public record

If you want to keep your financial affairs private, you can't if you file for bankruptcy. Filing creates a public record, allowing others to review your bankruptcy case and the amount of debt discharged. Having a public record of your bankruptcy may make it challenging to obtain a job if you work in a professional space. Understanding how bankruptcy can help you obtain a better financial status is essential. Weighing the consequences of filing bankruptcy is crucial to ensure it's your right move.]]> On Behalf of Bruce Allen, Attorney <![CDATA[What are the emotional benefits of a collaborative divorce?]]> https://www.allendebtbuster.com/?p=49056 2024-02-16T12:58:51Z 2023-04-14T05:38:04Z collaborative divorce. Collaborative divorce is a process that involves working with a team of professionals, including attorneys, financial advisors, and mental health professionals, to reach a settlement that meets the needs of both parties. Instead, the goal is to avoid going to court and work together to create a mutually agreeable outcome. This process can offer several emotional benefits for both spouses.

Reduced conflict

One of the main benefits of a collaborative divorce is the reduction in conflict. Traditional litigation can be extremely adversarial, and spouses often feel pitted against each other. This can lead to anger, resentment and bitterness, which can be especially damaging for middle-aged couples who have built a life together. Collaborative divorce, on the other hand, encourages spouses to work together to find solutions that meet everyone's needs. This can reduce tension and promote cooperation, which can help to minimize the emotional strain of divorce.

Increased control

Another benefit of a collaborative divorce is the increased sense of control that spouses have over the process. In traditional litigation, judges may make many of the decisions. In some cases, the judge may not wholly understand each spouse's unique needs and circumstances. Collaborative divorce allows spouses to be more involved in the decision-making process. They can work together to create a settlement that meets everyone's needs rather than having decisions imposed upon them by an outside party. This can help to increase feelings of empowerment and reduce feelings of helplessness, which can be especially important for middle-aged couples who may feel like they are starting over.

Improved communication

A collaborative divorce can also lead to improved communication between spouses. The process encourages open and honest communication, which can be difficult to achieve during the adversarial process of traditional litigation. Spouses in a collaborative divorce are encouraged to express their needs and concerns and listen to their spouse's needs and concerns. This can help to foster better communication skills and improve the ability to work together in the future, especially when children are involved.

Reduced stress

Finally, collaborative divorce can lead to reduced stress levels for both spouses. Traditional litigation can be a lengthy and expensive process, which can add to the emotional strain of divorce. Collaborative divorce, on the other hand, is often quicker and less expensive. The process also tends to be less stressful because it is less adversarial. This can help reduce the emotional strain of divorce and make it easier for couples to move on with their lives. Collaborative divorce can offer several emotional benefits for couples seeking a divorce. These benefits can make the divorce process less emotionally taxing and help both spouses move on with their lives in a more positive and healthy way.  ]]> On Behalf of Bruce Allen, Attorney <![CDATA[Preparing your Chapter 13 plan]]> https://www.allendebtbuster.com/?p=49055 2024-02-16T12:58:58Z 2023-01-13T06:32:49Z Gather financial information In order to create a Chapter 13 plan, you will need to provide detailed financial information to the bankruptcy court. This includes information about your income, expenses, assets and debts. You will need to provide proof of your income, such as pay stubs or tax returns, and a list of your debts, including credit card bills, medical bills and any other debts.

Determine your disposable income

Your disposable income is the amount of money you have left after paying for your basic living expenses. The bankruptcy court will use your disposable income to determine how much you can afford to pay toward your debts each month.

Create a budget

In order to determine your disposable income, you will need to create a budget that outlines your income and expenses. This budget should include all of your regular expenses, such as rent or mortgage payments, utilities, food and transportation.

Prioritize your debts

In Chapter 13 bankruptcy, you will be required to pay off your debts in a specific order. Priority debts, such as child support and alimony, must be paid in full. Non-priority debts, such as credit card bills and medical bills, may be paid partially or not at all.

Submit your plan to the bankruptcy court

Once you have gathered all of the necessary financial information and created a budget and repayment plan, you will need to submit your plan to the bankruptcy court for approval. The court will review your plan to ensure that it is feasible and will allow you to pay off your debts within the three- to five-year repayment period.

Reset your finances

Preparing a Chapter 13 plan can be a complex process. Armed with patience and the right knowledge, you can navigate the bankruptcy process in a way that helps you get your financial life back on track.]]> On Behalf of Bruce Allen, Attorney <![CDATA[How to talk to your parents about estate planning]]> https://www.allendebtbuster.com/?p=49053 2024-02-16T12:59:05Z 2022-10-20T10:04:44Z Get everyone involved If you have siblings, it can be helpful to invite them to the conversation. This way, everyone can be on the same page, and no one feels left out. Plus, it can take some of the pressure off of you as the initiator of the discussion as everyone can share their thoughts. Another important person to include in this conversation is your parents' financial advisor. They will be able to provide valuable insights and guidance on what your parents should do with their estate.

Choose a good time

You'll want to pick a time when everyone is relaxed and not in the middle of a heated argument about something else. It's also important to make sure that your parents are not too tired or distracted. If they seem like they're not in the mood to talk about wills, trusts or other estate planning essentials, it might be best to wait for another day.

Be respectful

It's important to be respectful when you're talking to your parents about estate planning. This is a sensitive topic, so you'll want to avoid coming across as bossy or entitled. Instead, try to frame the conversation as a way to help them. Your parents have spent their whole lives building up their estate, so it's important to make sure that everything is handled according to their wishes. Besides that, ensuring that they have an estate plan in place can help prevent disagreements and conflicts down the road.]]> On Behalf of Bruce Allen, Attorney <![CDATA[What is the purpose of a bankruptcy certificate?]]> https://www.allendebtbuster.com/?p=49015 2024-02-16T12:59:10Z 2022-09-07T15:38:14Z What is a bankruptcy certificate? North Carolina is one of only two states where debtors must find an approved credit counseling organization and debtor education course approved by the bankruptcy administrator in your judicial district. You cannot go through credit counseling and a debtor education course simultaneously. A bankruptcy certificate shows that you have gone through credit counseling. This course helps ou evaluate your financial situation and whether bankruptcy is the right path for you. After receiving your certificate, which is valid for 180 days, you can file for Chapter 7 or Chapter 13 bankruptcy. After your bankruptcy filing, you can take the debtor education course, covering budgeting, money management, and how to use credit wisely. Once you have completed this course, the course provider will issue another bankruptcy certificate that either you or the course provider must file with the bankruptcy court for the discharge of your debts. Both courses involved in obtaining bankruptcy certificates have fees. Credit counseling costs about $50 and takes 60 to 90 minutes to finish. A debtor education course typically runs about $100 and takes about two hours to complete.

Getting out from under the burden of heavy debt

Facing bankruptcy can be a frightening prospect, especially when debt collectors keep calling or knocking on your door. However, the process is straightforward and can give you a new lease on life. Individuals can choose between two types of bankruptcy: Chapter 7 and Chapter 13. Filing a Chapter 7 eliminates credit card debt, medical bills and other types of personal debt. Chapter 13 allows you to restructure all debt into a court-supervised plan that saves a significant amount of money and protects you from creditors. Taking the time to assess your needs along with the type of debt you have will indicate the type of bankruptcy you should file.]]>