• Match Your Financial Perceptions with Reality

    The question is, does your perception of your financial state reflect reality? In an attempt to protect ourselves from bad or unpleasant situation, we can tend to deflect rationalize our situation so it doesn’t seem so terrible. Have you warped your view of your situation so that your perception is no longer reality.

    Raleigh NC Bankruptcy Attorney
  • Find Freedom from Debt

    Freedom from debt is not an easy path to travel. Every July we honor our freedom and independence from England. It’s a good time to be thinking about freedom from other things, such as debt. The people of America felt chained by the rules of a king thousands of miles away, and they wanted to break free from those shackles just as many Raleigh and Cary residents want to break free from the manacles of their debt.

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    Constitution and Declaration of Independence on Grungy Betsy Ros
  • Beware of Easy Debt Relief

    There are many national debt relief companies that offer bankruptcy alternative programs in Raleigh and Cary. While it seems like a viable option for managing your debt, consumers should be careful about selecting debt relief as the “easy way out.”

    Debt relief programs often make many claims about how they can help. Unfortunately, not all of these are true.

    Claim: Debt relief services have little or no negative impact on your future credit and can remove negative information from your credit report.
    Truth: Debt settlement can have a long-term impact on your credit. Creditors have a legal obligation to provide accurate information to the credit reporting agencies, including your failure to make monthly payments or settlement for less than the full amount.

    Claim: Debt settlement firms say they can negotiate with your creditors to reduce the amount you owe.
    Truth: There is no guarantee that a creditor will accept partial payment of a legitimate debt. Creditors are under no obligation to negotiate how much a consumer owes and there is no guarantee of success.

    Claim: Debt relief firms may ask you to send money to them instead of your creditors, promising to hold the money in a special fund to pay on your behalf.
    Truth: Debt settlement companies may not be legitimate and therefore, may not make those payments or return your money if the plan is unsuccessful. If you stop making payments on a credit card, late fees and interest will continue to be added.  If the your plan is unsuccessful you may face much larger sums than when you started.

    Claim: Creditors will not sue you for money you owe.
    Truth: Creditors DO have the right to sue you to recover the money you owe. In some cases you could lose property or be forced into bankruptcy anyway.

    The Federal Trade Commission and many states have laws regulating debt settlement companies to help protect consumers. But that doesn’t mean bad companies aren’t still out there. Here is a checklist of warning signs. If a company does any of these, avoid using their services:

    • Charges fee before settling your debts
    • Guarantees they can remove your unsecured debt
    • Touts a “new government program” to bail out personal credit card debt
    • Promises that unsecured debts can be paid off with pennies on the dollar
    • Tells you to stop making payments to or communicating with your creditors
    • Tells you it can stop all debt collection calls and lawsuits
    • Claims that creditors never sue consumers for non-payment of unsecured debt
    • Promises that using their system will have no negative impact on your credit report
    • Claims that they can remove accurate negative information from your credit report.

    If you are not sure about something, ask a Raleigh or Cary bankruptcy attorney for help.

    While bankruptcy sounds more scary, it’s often a better option to “easy” debt relief, as we mentioned in a recent post, “Six Reasons Why Bankruptcy May Be Better Than National Debt Relief Programs.”

    The old saying is true: if it sounds too good to be true, it probably is.


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    Beware of Easy Debt Relief or Credit Repair Clinics
Businessman from Raleigh, NC upset with his hands over his face.

Chapter 7 Bankruptcy
In over your head with bill collectors knocking on your door? While bankruptcy should not be taken lightly, for some, a Chapter 7 filing can provide a way to start over.

Chapter 7 is the most common form of bankruptcy filing, and it’s the one most Raleigh and Cary residents ask about when meeting with a bankruptcy lawyer. It’s sometimes called “straight” bankruptcy or “no asset” bankruptcy, and wipes out most types of unsecured debts.

Why Chapter 7: Chapter 7 bankruptcy can cancel most of your debt and still allow you to keep your car, household goods and other possessions. Chapter 7 is also the shortest, generally taking about 100 days from the date of filing until you receive your discharge and start rebuilding your credit

You Should Know: Not everyone qualifies to file under Chapter 7. There are income and asset limitations that must be accounted for to determine if you qualify.

Filing for bankruptcy is not the easy choice, but it can be the smart one. Call Dennis Sargent today to find out how we can tackle your debt so you can get the fresh start you need.

Bankruptcy Petition

Chapter 13 Bankruptcy
Scared you will lose your home or car? Facing foreclosure or repossession? Filing for Chapter 13 bankruptcy is a chance to wipe the slate clean while still keeping your property.

The recession has prompted more Raleigh and Cary homeowners to asking bankruptcy lawyers about Chapter 13. Also known as “reorganization” bankruptcy, Chapter 13 is a way to set up a repayment plan on your major debts.

Why Chapter 13: By filing Chapter 13 bankruptcy, you can repay some debts and cancel out others while still keeping your home or your car. This form of bankruptcy is filed by many Triangle, North Carolina residents whose income or assets are too high to qualify for Chapter 7.

You Should Know: At the end of your repayment plan, if you are current on you are current on your domestic support obligations and completed the proposed reorganization plan, you will receive a discharge of your unsecured debts and get a fresh start.

No matter what type of bankruptcy filing you think you need, it’s best to check with a bankruptcy lawyer to make sure you choose the approach that best fits your situation.

Legal books on a bookcase in Raleigh, NC

Are you in need of a trustworthy Cary / Raleigh, NC bankruptcy attorney? We can help. At The Law Office of Dennis Jay Sargent Jr, PLLC, our legal professionals can provide you with passionate, aggressive representation to get you the results that you want and deserve. We understand how overwhelming the prospect of bankruptcy and its filing process can be. We are here to offer you the guidance that you need to get back on track, so you can get a second chance at a debt-free financial future.

Filing for Chapter 7 or Chapter 13 procedure will help you to eliminate your debt and give you a fresh start at a new financial future. Many times, debts are not caused by an inability to manage your finances properly. Often, debts are caused by an unanticipated life change such as divorce or sudden job loss.

Bankruptcy is not for everyone. Whether you are struggling with medical bills, credit card debt, or you were recently laid off at work, we offer our clients a free initial consultation to help you to decide if this choice is the right one for you.

The Cary / Raleigh, NC bankruptcy attorney that you can count on to provide you with the sound legal guidance and counsel that you need is just a phone call away. Call us at The Law Office of Dennis Jay Sargent Jr, PLLC today to schedule your free initial consultation.

Understanding the Benefits and Drawbacks of Bankruptcy in Raleigh, NC discusses the ins and outs of different bankruptcy chapters, and whose situation they fit best.