Practical guidance on Chapter 7, Chapter 13, foreclosure defense, and debt relief for North Carolina families.
If you have recently sold your home, you may still be able to file a Chapter 7 bankruptcy or Chapter 13 bankruptcy on your other debts. If you sold your home for more than you owed on the property, the bankruptcy court will want to know what you did with the excess money.
If you have received notice of a sale date on your home, we strongly suggest you schedule a consultation as soon as possible, since there is considerable information needed to file your bankruptcy prior to the sale of the property and avoid the eviction.
In a Chapter 7 bankruptcy, the court will send a Notice of Meeting of Creditors within a few days of filing, notifying the creditors of your bankruptcy filing and the date of the meeting of creditors. In a Chapter 13 bankruptcy, the attorney for the debtor will send a notice to the creditors within a few days of filing. The court will also send a Notice of Meeting of Creditors but it usually takes longer in a Chapter 13 bankruptcy.
Filing either a Chapter 7 bankruptcy or Chapter 13 bankruptcy will stop your creditors from taking legal action against you without first obtaining the bankruptcy court’s permission. The filing of bankruptcy can stop foreclosures, repossessions, wage garnishments (with some exceptions), lawsuits, etc. Bankruptcy creates an automatic stay.
The bankruptcy code allows for only once spouse to file for bankruptcy. However, at times, it may be wise for both spouses to file to ensure that your assets are completely protected and to make sure that as much debt is wiped out so you can create your fresh financial start for your family.
Generally speaking, if someone cosigned a debt with you, and that debt is discharged or wiped out in the bankruptcy, the person who cosigned with you will be responsible for that debt.
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.
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.
If you lose your job while in an active Chapter 7 bankruptcy or Chapter 13 bankruptcy, it may impact bankruptcy filing. If you are able to obtain unemployment benefits, you may be able to continue to meet your financial obligations. However, the impact of the loss of employment on each type of bankruptcy will vary. … Read more
A motion for relief from automatic stay is filed by one of your creditors after the bankruptcy has been filed. It is the legal process of the creditor requesting the court’s permission to proceed with legal action against you. This is filed by secured creditors such as a mortgage company or auto finance company, if you are not making payments to the Chapter 13 bankruptcy Trustee in a Chapter 13 bankruptcy.
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