Practical guidance on Chapter 7, Chapter 13, foreclosure defense, and debt relief for North Carolina families.
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.
If you get behind on your car payment while in Chapter 7 bankruptcy, the finance company may file a Motion for Relief from Automatic Stay requesting that the bankruptcy court allow the finance company to repossess the car. In most Chapter 13 bankruptcy cases, your car payments will be included in your payments to the Chapter 13 bankruptcy Trustee if you are purchasing the vehicle. If you are leasing the vehicle, you will make lease payments directly to the finance company. If you get behind in your payments to the Chapter 13 bankruptcy Trustee or to the finance company for leases, the finance company may file a Motion for Relief from Automatic Stay requesting that the bankruptcy court allow them to repossess the car.
If you are in a Chapter 7 bankruptcy and plan to keep your home, you will need to bring the payments current immediately. Otherwise, the mortgage company may file legal paperwork with the bankruptcy court called a Motion for Relief from Automatic Stay asking the court for permission to foreclose on your home.
If you are in a Chapter 13 bankruptcy, the impact of getting behind on payments to the mortgage company will depend on when your bankruptcy was filed.
Duncan Law was founded by Terry Duncan in Charlotte, North Carolina, in 1996. At that time Terry decided to create a law firm that was dedicated to helping those who are facing tough times. In 2009, Damon Duncan and Melissa Duncan joined the firm in the Greensboro, North Carolina office. Together, this family is here to serve you. We know that too often bad things happen to good people. We are here to help.
If your mortgage company refuses to accept your first payment after filing bankruptcy, either online or by returning your payment in the mail, you should try sending it to them through the mail again and keep copies of the correspondence/information you sent them plus a copy of the postmarked envelope. If they return the payment again, you should contact your attorney.
We also understand that because times are tough, funds are limited. That’s why we set up an Easy Payment Plan with all of our clients for your attorney fees. Through our Easy Payment Plan, YOU set the payment schedule for your attorney fees based on your income and how often you get paid. After you have paid the attorney fees, federal court filing fee, completed and paid the credit counseling fee, submitted the proper paperwork and met with an attorney at Duncan Law, your case will be filed with the Court and you can begin your new financial life.
We answer calls 24 hours a day. A free phone consultation takes 20–30 minutes and leaves you with a clear picture of your options — no obligation whatsoever.
