Practical guidance on Chapter 7, Chapter 13, foreclosure defense, and debt relief for North Carolina families.
A cramdown in bankruptcy is when the debtor only pays the value of the item they have financed. In reality, it is a court approved way to get out of some of your contractual obligations. The court replaces the value that you are contracted to pay on a certain item with an approved current value … Read more
The phone rings again. You filed for bankruptcy, and you thought the calls would finally stop. But here is another collector asking when you can pay. If this is happening to you, take a breath. You have rights, and the law is on your side. This article explains why creditors are supposed to stop calling … Read more
When filing bankruptcy you have the option to continue to pay for your car lease payment or you can opt out of your car lease payment. In a bankruptcy you can legally be released from many of your contractual obligations, this includes things like cell phone contracts, apartment leases, and even a car lease. In a … Read more
Are you thinking about filing bankruptcy on your own? You may be asking if you really need a lawyer to do it. Maybe money is tight, and hiring an attorney feels like one more bill you cannot afford right now. That worry makes sense. Below, we will explain the rules in plain English. You will … Read more
Typically speaking, your money in your bank accounts will be safe if you decide to file bankruptcy. However, there are a few important things to consider. By hiring a lawyer to prepare your petition for bankruptcy, it is our job to protect your assets. Bank accounts are one of our top priorities since it is … Read more
This is a common asked question, and a great one! With the downturn of the housing market, many people understandably want to know if they have the right to sell their property when they are in a bankruptcy. While in a Chapter 13 bankruptcy, you can indeed sell your home while you are in an … Read more
Once you decide to file Bankruptcy, whether it is a Chapter 7 bankruptcy or Chapter 13 bankruptcy, you will need to decide if you intend on keeping your home. If you qualify for a Chapter 7 bankruptcy filing and you wish to keep your home, you will need to be current with your mortgage payment(s) … Read more
Almost all Chapter 13 bankruptcy cases are set for a period of anywhere from 36 to 60 months. As you can imagine, a lot change in a person’s life during a three to five-year time frame, particularly in a somewhat unstable job market. Although a person may have a well-paying, stable job at the time … Read more
Yes, most of the time. The federal bankruptcy laws allow you to protect certain property by using state exemptions to protect the automobiles. However, you can only protect up to a certain amount of equity in a vehicle. For example, North Carolina allows you up to $3500 in a motor vehicle exemption to protect one … Read more
If you have a bankruptcy case in North Carolina, you may have heard the term "Bankruptcy Administrator" and felt confused. You might wonder who this person is, what they do, and whether they are there to help you or work against you. The good news is that the Bankruptcy Administrator is not your enemy. Their … Read more
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