Bankruptcy FAQs
Answers to Common Questions
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These are common questions that many people who need bankruptcy help ask us. In an effort to provide you with bankruptcy information we have provided these frequent questions. However, it is important to realize that each state has different rules and these answers are not meant to be legal advice. Contact a bankruptcy attorney to learn more.

There are many questions about bankruptcy, so for your ease and convenience, we have broken them into smaller categories.  Please click on the link to view questions and answers about a particular category.

Is Bankruptcy for Me?

  • What can filing bankruptcy do for me?
  • What is the Automatic Stay?
  • What are the exceptions to the automatic stay?
  • How will bankruptcy affect my credit?
  • How will bankruptcy affect my spouse?
  • What if someone has cosigned on my debt?
  • What are the other options to bankruptcy?
  • Can anyone prepare the bankruptcy for me?
  • Am I required to have an attorney to file bankruptcy?

What Happens If I Decide to File?

  • What is the Means Test?
  • Can I make a payment plan for my attorney fees?
  • Why is there a court fee to file bankruptcy?
  • Why do I have to take a credit counseling course before I file?
  • Why do I have to take a financial management course after I file?
  • Where can I take my credit counseling and financial management?
  • Should I obtain a credit report before I file bankruptcy?
  • How often can I file bankruptcy?
  • How long will my bankruptcy last?
  • How will my creditors know that I filed bankruptcy?
  • What if I owe alimony or child support when I file bankruptcy?
  • What if I owe student loans when I file bankruptcy?
  • What if I owe taxes when I file bankruptcy?
  • Will I need to go to court during my bankruptcy?
  • What happens at the meeting of creditors also known as the creditors’ meeting?
  • Who is the Bankruptcy Trustee?
  • Where does the meeting of creditors take place?
  • What is a Chapter 13 “Plan”?
  • What is a discharge in bankruptcy?
  • What is a dismissal in bankruptcy?
  • What is a Final Decree?

How Does Bankruptcy Affect My Assets?

  • What if there is a foreclosure sale date scheduled for my house?
  • Can I file a Chapter 7 bankruptcy and keep my house and car?
  • Will filing Chapter 7 bankruptcy reduce my car payment? House payment?
  • Will filing Chapter 13 bankruptcy reduce my car payments?
  • Will filing Chapter 13 bankruptcy reduce my house payments?
  • Will filing bankruptcy stop my creditor from placing a lien on my property?
  • Can I give up or surrender my house in bankruptcy if I don’t want to keep it?
  • Can I give up or surrender my car in bankruptcy if I don’t want to keep it?
  • What will happen to my personal property during bankruptcy?
  • What will happen to my retirement account if I file bankruptcy?
  • Is my Social Security income protected?
  • Do I need to include leases in a bankruptcy?
  • Will filing bankruptcy stop garnishments?

What Happens After I File?

  • What if a creditor continues to contact me after I file bankruptcy?
  • Where should I mail my monthly Chapter 13 payment?
  • What happens when I make my monthly payment to the Chapter 13 bankruptcy Trustee?
  • Can my Chapter 13 bankruptcy payments change when I go to the meeting of creditors?
  • If my wages are being garnished by the IRS or state, when will it stop?
  • Will there be problems with my bankruptcy if I just filed my taxes?
  • Should I file my taxes during bankruptcy?
  • If I included child support arrearages (back payments owed) in my bankruptcy, when will the garnishment from my wages be reduced or stopped?
  • What should I know about making my mortgage, equity line, real property taxes, homeowners insurance and homeowner association dues after filing bankruptcy?
  • What if I do not receive a bill or statement from my mortgage company after filing bankruptcy?
  • What happens if my mortgage company refuses my payments immediately after filing bankruptcy?
  • Do I need to keep my receipt when making payments on my house or homeowner association dues?
  • What is a reaffirmation agreement?
  • What happens if I change my mind about keeping the car after I sign the reaffirmation agreement?

I’ve Been In Bankruptcy for a While and Now…?

  • What if I get behind on my mortgage payments while in bankruptcy?
  • What if I get behind on my car payments while in bankruptcy?
  • What is a Motion for Relief from Automatic Stay?
  • What if I want to refinance my house while in bankruptcy?
  • What if I need to sell my house or car during bankruptcy?
  • What if my car or truck is destroyed in an accident?
  • What if I lose my job during my bankruptcy?
  • What if I am sick for an extended period of time, in an accident, or on disability or workers compensation while I am in bankruptcy?
  • I have heard I may be eligible for a moratorium on my payments, how does that work?
  • What if I have a claim including workers compensation or personal injury that is settled while I am in bankruptcy?
  • Why would the Trustee increase my payments after I’ve been in bankruptcy for a year or more?
  • How can I find out what I owe on my bankruptcy?
  • What if I get behind on domestic support obligations (child support or alimony) after filing bankruptcy?
  • What does it mean to convert a Chapter 13 bankruptcy to a Chapter 7 bankruptcy?
  • Can I convert a Chapter 7 bankruptcy to a Chapter 13 bankruptcy?

If you need professional bankruptcy help in North Carolina, please call us for a free consultation.