Tweet Simply put, the means test either qualifies you for a Chapter 7 bankruptcy or requires you to file a Chapter 13 bankruptcy based upon disposable income.  There may be other reasons to file a Chapter 13 bankruptcy, but we’ll leave those for another topic. The means test was implemented with the bankruptcy reform laws [...]

One of the biggest fears people have in filing bankruptcy is being able to protect their property. Here is the good news – we can almost always protect all of your property. You are entitled to keep a generous amount of your belongings when filing bankruptcy. North Carolina law now provides higher personal exemptions–items that are protected from seizure by your creditors.

TweetFirst, let’s discuss what a judgment is. It is important to understand the lawsuit process in order to understand a judgment. When a creditor wants to pursue legal action against you for a debt, they will file a lawsuit against you by filing a “Complaint” or “Civil Summons” against you. In North Carolina, you generally [...]

TweetIt depends. Normally, you must have resided in North Carolina for the greater part of 180 days before you can file a Chapter 7 bankruptcy or Chapter 13 bankruptcy in North Carolina. Under 28 U.S.C Section 1408 of the Bankruptcy Code a person or entity filing a bankruptcy must have resided at least 180 days [...]

TweetAt your Creditor’s Meeting, the Trustee sometimes asks for additional documents. You will have a specific time frame (usually no later than 15 days) to get these documents in to him or her. These need to be sent certified mail, and also mail a copy of what you are sending to the Trustee to our [...]

TweetMany people wonder whether or not student loans can be discharged in a Chapter 7 bankruptcy or a Chapter 13 bankruptcy. In almost all circumstances, student loans cannot be discharged. The only time a student loan can be discharged is when there is a hardship on the debtor that makes it impossible for him or [...]

TweetIf you have recently filed a Chapter 7 bankruptcy or a Chapter 13 bankruptcy it is important that you ensure your retirement plans are ERISA qualified.  The bankruptcy trustee, who represents your creditors, will probably require that you present him or her with evidence at the creditor’s meeting, showing that your retirement plan with your employer (if [...]

Tweet The short answer is yes, you can still receive Social Security benefits if you are to file bankruptcy.  Whether filing for Chapter 7 bankruptcy or Chapter 13 bankruptcy, your social security benefits are not affected by filing for bankruptcy. Impact on the Means Test North Carolina bankruptcy laws are based upon the qualifications of [...]

TweetSometimes, especially during Chapter 13 bankruptcy, a person decides they would like to sell their house during their bankruptcy. The big question that they ask is: Am I allowed to sell my house during bankruptcy? The answer to this question is yes, however, you must get Court approval before selling the house while in a [...]

TweetMany people considering filing bankruptcy have late or back taxes and want to know if these taxes can be discharged in the bankruptcy. The most important thing regarding taxes and bankruptcy is that you must have filed all of your taxes before you file your bankruptcy. Even if back tax payments can be discharged, they [...]