Practical guidance on Chapter 7, Chapter 13, foreclosure defense, and debt relief for North Carolina families.
Every year at tax time we get calls from our clients who say, “I just got a 1099C from a creditor for a loan that was discharged in my bankruptcy! What do I do now? Do I have to report it as taxable income to the IRS?” When a creditor charges off a debt as … Read more
The value of your home, from a bankruptcy perspective, is a major concern that you will want to be aware of. From too much equity to the possibility of “stripping a lien“, the value of your home plays a key part in your bankruptcy. With the ever fluctuating real estate market, determining the value of … Read more
When it comes to banking accounts and financing a loan, credit unions are often a highly sought-after source for mortgages, vehicle loans, and bank accounts. However, what you may not know about credit unions could come back to have negative consequences against you during and after your bankruptcy. Credit unions have become a sought-after banking … Read more
Wait a second…I have to qualify to file bankruptcy? Isn’t it enough that I just simply cannot pay my bills? How do I determine whether or not I would qualify? The answer is simple enough: the Means Test. What is the Means Test you might ask? The Means Test is a formula used to determine … Read more
Getting engaged should be one of the happiest times in your life. But if you are carrying debt, that joy can come with worry. You may be asking yourself a hard question: if I file bankruptcy, will it hurt the person I love? You might fear your future spouse will get stuck with your debts. … Read more
Understanding Two Very Different Words If you are going through bankruptcy, two words can sound a lot alike but mean very different things. Those words are discharge and dismissal. They sound similar. But for you, they are almost opposite outcomes. A discharge is the good ending. It means your debts are wiped out. A dismissal … Read more
If you are thinking about filing bankruptcy, you have probably run into the word “income” again and again. You may also be confused about what counts. Maybe your family helps you pay bills each month. Maybe a parent, sibling, or close friend sends money to keep you afloat. Now you are wondering if that help … Read more
If you are filing bankruptcy and have a 401(k), your attorney will most likely ask you to provide proof that your 401(k) is ERISA qualified. An ERISA qualified 401(k) is exempted or protected in bankruptcy. Okay, you are asking yourself, what is ERISA qualified and where do I go to find it if my 401(k) … Read more
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