Category: Bankruptcy Basics
Can I File Bankruptcy Even If I Have A Job?
Of course! The court does not expect everyone who files bankruptcy to be down, out, and unemployed. That’s just not how life works; our clients are good hard working people who have simply fallen on hard times. You may have a job and file a bankruptcy and in most cases unless you have signed something … Read more
Why You Shouldn’t Turn Your Car in Before Filing Bankruptcy
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
Can Bankruptcy Stop A Foreclosure?
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
What Is A Rule 2004 Examination In A Bankruptcy?
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
Can I Collect Rent If I’m Surrendering Rental Property in 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 the extra properties and the mortgages that come along … Read more
How is the Household Size Determined for the Means Test?
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.
Can I Collect Rent If I’m Surrendering Rental Properties in 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
Am I Personally Responsible for the Taxes Owed On My Business?
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
Want To Know What It’s Like To Be Harassed By A Creditor? Real Phone Call
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
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