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Chapter 13 Bankruptcy

Can I Purchase a House While in a Chapter 13 Bankruptcy?

August 5, 2011

While in a Chapter 13 bankruptcy, you must get permission from the bankruptcy Trustee to incur any new debt. This includes a mortgage if you want to purchase a new house. When you are serious about buying a new home within a Chapter 13 bankruptcy, you should let your bankruptcy lawyer know. They will get in contact with the Trustee for you and let him or her know that you would like permission to incur debt. They will file a motion with the court for this. Once the trustee makes a decision, the attorney will let you know.

Credit & Debt

What is the Statute of Limitations for Debts in North Carolina?

August 3, 2011

You might be wondering exactly what “statute of limitations” means. The statute of limitations is the time period a creditor can still sue you for debts. Creditors only have a certain duration of time they can attempt to collect a debt by suing you. If the creditor fails to successfully collect the debt or file a lawsuit before expiration of the statute of limitations, then the debt is no longer applicable for collection by a lawsuit against you.

Bankruptcy Basics

What Happens If I Die During My Bankruptcy?

August 1, 2011

Losing someone you love is hard. Worrying about their bankruptcy case on top of that grief can feel like too much. Maybe you are sick, getting older, or just planning ahead. You might wonder what would happen to your case if you passed away before it ended. This is a fair question. The good news … Read more

Bankruptcy Basics

How is a Property Tax Lien Handled in Bankruptcy?

July 29, 2011

Life After Bankruptcy

What is the Impact of Bankruptcy On Getting Financial Aid For School?

July 27, 2011

Are you afraid that filing for bankruptcy will close the door on going back to school? Maybe you want to finish a degree, learn a new trade, or help your child pay for college. You may worry that bankruptcy has ruined your chance at financial aid. Take a deep breath. For most people, that fear … Read more

Bankruptcy Basics

Must I Disclose Gambling Income and Losses in Bankruptcy?

July 25, 2011

If you file bankruptcy, gambling income for the current year and the two previous calendar years must be disclosed on your bankruptcy filing. Gambling losses incurred in the past twelve months must also be disclosed on your bankruptcy. The Internal Revenue Service (IRS) considers earnings from gambling as income and they are taxable. Per the … Read more

Bankruptcy Basics

Should I Tell My Creditors I’m Planning on Filing Bankruptcy?

July 18, 2011

If the phone keeps ringing and the letters keep coming, you may be thinking about telling your creditors that you plan to file bankruptcy. That is a fair question, and a lot of people in North Carolina wonder the same thing. You want the calls to stop. You want some peace. This post explains when … Read more

Chapter 13 Bankruptcy

Can I Take Out A 401(k) Loan After Filing Chapter 13 Bankruptcy?

July 15, 2011

You are in the middle of a Chapter 13 bankruptcy. You have been making your plan payments every month. Then life happens. Your car breaks down. A medical bill shows up. Your roof starts to leak. You remember you have money sitting in your 401(k). So you wonder: can I borrow some of it to … Read more

Bankruptcy Basics

What If I Move During My Bankruptcy?

July 13, 2011

Moving while you are in the middle of a bankruptcy case happens more often than you might think. Maybe you found a cheaper place to live. Maybe you got a new job in another city. Maybe your family is growing and you need more room. Whatever the reason, you may be worried that moving will … Read more

Chapter 13 Bankruptcy

Can I Purchase a Vehicle in a Chapter 13 Bankruptcy?

July 11, 2011

The short answer is yes. However, there is a bit of a process behind purchasing a vehicle in a Chapter 13. First, your budget needs to be reviewed. This requires your bankruptcy attorney to review your income and your expenses to make sure you can afford to have an extra payment in your budget. Once … Read more

Bankruptcy Insights & Resources

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