If you and your partner are married under common law, you may be wondering if you can file bankruptcy together here in North Carolina. That is a fair question. The rules about common law marriage can feel confusing, and adding bankruptcy on top of it makes things harder. The good news is that the answer … 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
If you filed for bankruptcy and then heard that your case was "dismissed," you are probably worried and confused. You may be asking, "What does this mean for me? Did I lose my protection? Can I fix it?" Take a breath. A dismissed case is not the end of the road for most people. This … 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
When you file bankruptcy, the value of your home matters in several critical ways: it determines whether you can protect your equity under the homestead exemption, it affects whether you qualify for Chapter 7 or Chapter 13, and in some Chapter 13 cases, it can determine whether a second mortgage can be removed entirely through … Read more
When it comes to banking accounts and financing a loan, credit unions are often a highly sought-after source for mortgages, vehicle loans, and bank accounts. However, what you may not know about credit unions could come back to have negative consequences against you during and after your bankruptcy. Credit unions have become a sought-after banking … Read more
Wait a second…I have to qualify to file bankruptcy? Isn’t it enough that I just simply cannot pay my bills? How do I determine whether or not I would qualify? The answer is simple enough: the Means Test. What is the Means Test you might ask? The Means Test is a formula used to determine … Read more
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