If you run a business as a sole proprietor and you’re drowning in debt, you may be able to file Chapter 7. Here’s how it works in North Carolina.
Wondering how long a Chapter 7 bankruptcy takes in North Carolina? Most cases finish in about four to six months. Here is what to expect at each step.
Wondering if you can cash out your 401(k) after filing Chapter 7 in North Carolina? Here is what the law says and what to think about before you do.
If you are struggling with private student loan debt, you are not alone. Many people in North Carolina took out private loans to pay for school and now feel stuck. The payments are high. The interest keeps growing. And you may be wondering if bankruptcy can give you any relief. This article explains how bankruptcy … Read more
Finding out you may inherit money or property should feel like good news. But if you recently filed Chapter 7 bankruptcy, you might be worried. Could the bankruptcy trustee take your inheritance? Do you have to report it? What if you already got your discharge? These are fair questions. The rules around inheritances and Chapter … Read more
If your mortgage company is pushing you to sign a reaffirmation agreement, you are not alone. Many homeowners in North Carolina get these papers after they file for bankruptcy. The lender's representative may even call and say you "have to" sign. That can feel scary and confusing. Here is the good news. In most cases, … 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.
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