The creditors’ meeting is a serious affair and can take several hours. Most children (adults too) will find it boring and may not be able to sit still that long. While you may bring your child with you, if he or she can’t remain quiet and sit still for an extended period of time it … Read more
Before you file bankruptcy your attorney will ask you for verification of your last six months of income as a factor to determine Means Test qualification. The Means Test is a household income limit you must fall below according to the number of household occupants in order to qualify for a Chapter 7 bankruptcy. Child … Read more
One of the things required when filing bankruptcy is a copy of your Social Security card. Many people have it readily available to have a copy of it made, but you may have misplaced it. You can get a new Social Security card issued by going to your nearest Social Security office. Find the office … Read more
When you go to file bankruptcy, the court considers your income to determine whether or not you qualify for a Chapter 7 bankruptcy, and in the case of filing a Chapter 13 bankruptcy, to determine the amount of your monthly payments. Obvious income would be wages earned from employment, self-employment income, social security and child … Read more
In the state of North Carolina, a couple must be legally engaged in a marriage contract and license to gain the rights and leisure of a recognized union. Due to North Carolina’s firm held belief that marriage is a sanctified union with state qualified obligations, common law marriages may not be established here. However, if … Read more
If you file bankruptcy, either Chapter 7 bankruptcy or Chapter 13 bankruptcy, you must disclose information about any business interest you have now, or have had in the past six years, where your ownership in the business is 5% or more. This includes disclosing the following information for each business: Name and address of the … Read more
Cross collateralization is a clause in a purchase contract that secures a loan which serves as collateral for all other loans made with the borrower in the past, present, and future. This type of loan is usually found at credit unions, but can sometimes be found at your typical banks. Cross collateralization most commonly occurs … Read more
You may have heard your bankruptcy attorney mention the threat or possibility of an adversary proceeding. Essentially, an adversary proceeding is a lawsuit usually filed within your bankruptcy while your bankruptcy is active. Sometimes, a bankruptcy case can be reopened after it is closed for the purpose of filing an adversary proceeding. While adversary proceedings … Read more
It’s a very rare situation that a Chapter 7 bankruptcy will get dismissed. On the other hand, in a Chapter 13 bankruptcy case, getting dismissed (or “kicked out”) from bankruptcy, unfortunately, occurs more often than many people would think. you are untruthful on the bankruptcy petition, you fail to file the required forms and schedules … Read more
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
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