If you have decided to surrender your vehicle as part of your bankruptcy, the timing of when you turn the car in matters more than most people realize. Surrendering your car before you file bankruptcy — even with the best intentions — can create credit damage that a properly timed surrender would have avoided. The … Read more
If you have gotten a foreclosure notice in the mail, you may feel sick to your stomach. You might be losing sleep. You may be wondering if there is any way to stop the bank from taking your home. Take a breath. You have options, and many people in North Carolina are in the same … Read more
If you filed for bankruptcy and someone wants to ask you questions under oath, you may feel worried. You might wonder if you did something wrong. You might wonder what they want to know. This is often called a Rule 2004 examination. It sounds scary, but it does not have to be. This article explains … Read more
Rental properties can be a great source of income until a renter moves without notice or fails to pay or that rental income starts to be used for your personal household expenses. As situations arise, many people are finding it necessary to file bankruptcy and surrender the extra properties and the mortgages that come along … Read more
The basic purpose of the Means Test is to determine whether a Debtor is eligible to file Chapter 7 bankruptcy. Along with other supporting requirements, the Means Test plays a major role in Chapter 7 bankruptcy. The Means Test also tells us whether a Debtor would need to pay back some of their debts in a Chapter 13 bankruptcy if they do not “pass.” Simply put, the Means Test determines the Debtor’s monthly income by taking the Debtor’s household’s gross income and subtracting qualified deductions. By doing this, we can decide whether the Debtor would need to be looking into filing a Chapter 7 bankruptcy or Chapter 13 bankruptcy.
Rental properties can be a great source of income until a renter moves without notice or fails to pay or that rental income starts to be used for your personal household expenses. As situations arise, many people are finding it necessary to file bankruptcy and surrender a rental property or properties they own. When you … Read more
The Internal Revenue Service (IRS) uses a basic logic that if you have any signing authority over the business bank account, then you can be held personally responsible for certain taxes owed by that business. So, yes, if you own a business or part of a business, be prepared to pay certain accrued taxes. This … Read more
If your phone rings all day from debt collectors, you are not alone. Many people who fall behind on bills feel scared and worn down by constant calls. Some collectors push too hard. They call again and again. A few even break the law to scare you into paying. We once had a client who … Read more
Generally, 403(b) retirement plans are available to employees of educational institutions and certain non-profit organizations as determined by section 501(c)(3) of the Internal Revenue Code. The most common participants of the plan include teachers, school administrators, school personnel, nurses, doctors, professors, researchers, librarians, and ministers. When it comes to protection of retirement accounts, one of … Read more
This is an excellent question. For the most part, our bankruptcy clients who have businesses fall into two categories. The first category consists of those who feel as though they and their business are “one” entity. The second category consists of those who feel as though their business is a completely separate entity. Often, when … Read more
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