Damon Duncan, Author at Duncan Law

Bankruptcy Basics

Are Non-ERISA 403(b) Plans Protected in Bankruptcy?

July 24, 2012

Generally, 403(b) retirement plans are available to employees of educational institutions and certain non-profit organizations as determined by section 501(c)(3) of the Internal Revenue Code. The most common participants of the plan include teachers, school administrators, school personnel, nurses, doctors, professors, researchers, librarians, and ministers. When it comes to protection of retirement accounts, one of … Read more

Chapter 13 Bankruptcy

Can Bankruptcy Lower My Mortgage On A Non-Residential Piece of Property?

July 19, 2012

Yes, in some cases, you can lower your mortgage on a non-residential piece of property. In a Chapter 13 bankruptcy, clients can attempt to do what is known as a “cramdown” to lower their mortgage. A “cramdown” lowers the principal amount you owe on the mortgage, and then the bankruptcy court determines the interest rate … Read more

Financial Tips

Should I Refinance My House to Pay Off Debt?

July 17, 2012

Desperate times require desperate measures or so the saying goes. If you are struggling to pay your debts, primarily the result of the minimum payments on credit cards, medical bills, personal loans, taxes, student loans, etc., should you consider refinancing your home to pay off the debt? There are several factors to consider. First, you … Read more

Bankruptcy Basics

Do I Have To List My Business Assets on My Personal Bankruptcy?

June 28, 2012

This is an excellent question. For the most part, our bankruptcy clients who have businesses fall into two categories. The first category consists of those who feel as though they and their business are “one” entity. The second category consists of those who feel as though their business is a completely separate entity. Often, when … Read more

Bankruptcy Basics

Do My Taxes Have To Be Filed Before Filing for Bankruptcy?

June 26, 2012

You will notice when you are filling out your paperwork that the court asks you for what seems to be a billion pieces of documentation ranging from copies of bills, papers from purchases, income advices and federal and state taxes. These documents are asked for to verify information you are providing is true and accurate. … Read more

Bankruptcy Basics

How Do I Request Copies of My Taxes From the IRS?

June 21, 2012

When you file for bankruptcy, you are required to provide tax records as part of the process. The bankruptcy trustee will ask for your most recent tax return at the 341 creditors meeting, and your attorney needs several years of tax history to accurately complete your petition. If you do not have copies of your … Read more

Credit & Debt

What Is A Summary Judgment?

June 14, 2012

If a creditor were to sue you for a debt owed, eventually they may try to obtain a judgment against you. There are two main ways we see clients usually end up getting judgments against them. The first way is by a default judgment. This basically means you never answered the complaint and, therefore, the … Read more

Financial Tips

How Do I Get A Copy of My North Carolina Tax Returns?

June 12, 2012

When you file bankruptcy, tax returns are a required part of the process. You will typically need to provide recent federal and state tax returns to your attorney for preparation of your bankruptcy schedules, and the trustee will often request copies at or before your 341 creditors meeting. If you cannot locate your NC state … Read more

Workers' Compensation

Is Emotional Distress From Being Robbed On the Job Covered by Workers’ Compensation?

June 8, 2012

Emotional distress caused by being robbed on the job is covered under the Workers Compensation Act in North Carolina. Under North Carolina law, mental as well as physical injuries sustained on the job are a compensable injury. The “injured worked” must provided evidence, usually medical evidence, he or she is unable to work due to … Read more

Bankruptcy Basics

What Is Abandonment In Bankruptcy?

June 5, 2012

Property that is surrendered or was not protected under the bankruptcy code exemptions is fair game for the bankruptcy Trustee. Once a debtor has filed bankruptcy, his estate becomes that of the bankruptcy court and the bankruptcy Trustee. At that time, the Trustee determines if there is any value or potential value in any of … Read more

Articles by Damon Duncan

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