Practical guidance on Chapter 7, Chapter 13, foreclosure defense, and debt relief for North Carolina families.
Each month the Trustee receives a payment from you, he will distribute payments to your creditors based on a priority as established by the Chapter 13 plan. If you do not make a payment to the Trustee, he will not distribute payments to your creditors.
Most personal property such as cash, bank accounts, furniture, clothes, and retirement plans can be protected by exemptions allowed by each state. Most people that file bankruptcy are allowed to keep most, if not all, of their personal property.
These are common questions that many people have about bankruptcy. In an effort to provide you with information we have provided these frequent questions. However, it is important to realize that each state has different rules and these answers are not meant to be legal advice. Contact a bankruptcy attorney to learn more.
These are common questions that many people have about bankruptcy. In an effort to provide you with information we have provided these frequent questions. However, it is important to realize that each state has different rules and these answers are not meant to be legal advice. Contact a bankruptcy attorney to learn more.
If your car or truck was just repossessed, you are probably scared and stressed. You may need that vehicle to get to work, take your kids to school, or care for your family. The good news is that bankruptcy may help. In some cases, you can get a repossessed vehicle back. In other cases, bankruptcy … Read more
You must disclose all of your assets when you file bankruptcy, regardless of whether you file Chapter 7 bankruptcy or Chapter 13 bankruptcy. If you do not disclose all of your assets, they cannot be protected from the bankruptcy court and your creditors.
If you have received a discharge in a previous Chapter 7 bankruptcy, you are not eligible to file another Chapter 7 bankruptcy for eight years. The eligibility is eight years from the date of the filing of the first bankruptcy. If you have received a discharge in a previous Chapter 13 bankruptcy, you are generally not eligible to file a Chapter 7 bankruptcy for six years; however, there are some exceptions. You can refer to Title 11, Section 727 for the exceptions.
These are common questions that many people have about bankruptcy. In an effort to provide you with information we have provided these frequent questions. However, it is important to realize that each state has different rules and these answers are not meant to be legal advice. Contact a bankruptcy attorney to learn more.
If you purchased your car more than 910 days (2 ½ years) prior to the date you filed bankruptcy, you may be able to reduce that amount owed on the car to the value of the car based on National Automobile Dealers Association (NADA), plus a portion of the amount owed greater than the value. This is known as a cramdown. Use this time duration calculator to see if you have had your vehicle more than 910 days.
Fraudulent transfer of an asset in a Chapter 7 bankruptcy or a Chapter 13 bankruptcy usually occurs when a person knowingly transfers an asset – house, car, equipment, business, cash, stock, etc. – to another person or company to avoid losing the asset to a creditor or to the bankruptcy court. A fraudulent transfer can be reversed or voided by the bankruptcy court resulting in the loss of the asset after all.
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