Posts by biggslawfirm

Is your small business in North Carolina struggling to stay afloat financially? Economic challenges, market fluctuations, or unforeseen events can push even the most resilient businesses into tough financial waters.  Bankruptcy is often misunderstood as a sign of failure, but it can actually provide a fresh start or a pathway to regain financial stability. Understanding…

What happens when a business can no longer stay afloat? Chapter 7 bankruptcy often feels like the last resort—but it’s also a lifeline. It allows businesses overwhelmed by debt to liquidate their assets and provide closure to financial chaos. Did you know that in 2024, business bankruptcy filings surged by 16.2%, highlighting the growing challenges…

Are you tired of constantly receiving phone calls and letters from creditors? Is your debt growing instead of shrinking every month and making it more difficult to keep up with paying your bills? You might benefit from filing for bankruptcy. A trusted bankruptcy attorney will help you decide whether filing for Chapter 7 or Chapter…

Nearly 7,500 individuals and businesses file for bankruptcy in North Carolina each year, about one-third of whom are Chapter 7 bankruptcy filers. Chapter 7 bankruptcy enables individuals to seek fresh starts by helping them eliminate unmanageable debts. If you’re facing financial hardships and looking for a way out, filing for this type of bankruptcy might…

The divorce process is already complicated enough. After months of negotiations, you finally settle on an agreement, finalizing who will keep the house, alimony payments, child custody, etc. A few months or even years later, though, you find out that your ex has filed for bankruptcy, and suddenly, you’re on the hook for far more…

Filing for divorce is a life-changing event. If you suffer some other setbacks during the proceedings, you may need to consider filing for bankruptcy while getting divorced. You might be unsure how this works, though. Typically the automatic stay goes into effect if you file bankruptcy. However, the automatic stay specifically except proceedings to enter…

According to the Administrative Office of the U.S. Courts, bankruptcy filings increased by almost 17% from 2022 to 2023. Nearly 388,000 bankruptcies were filed in 2022, compared to about 453,000 in 2023. Around 434,000 of these bankruptcy filings were connected to consumer debt. Is filing for consumer bankruptcy in your future? If so, make sure you know…

Many people know that filing for bankruptcy can impact their lives for years. However, it is often the best way out of a bad financial situation. But why do most people declare bankruptcy in the first place? This post covers eight common reasons individuals file for bankruptcy.  1. Loss of Income Whether purchasing a car,…

A recent statistic published by the United States Courts shows that of the more than 413,000 bankruptcy filings nationwide that year, more than 120,000 were Chapter 13 ones. This is less than half the amount (which was more than 288,000) filed for Chapter 7 bankruptcy that year. Chapter 13 bankruptcy is, thus, the second-most popular…