There is a saying that always helps me remember the difference between gross and net income: it’s gross to see how much you would be bringing home before taxes. Gross income is what you make before taxes and what you claim as income on your tax returns. Net income is what you actual bring home … Read more
The short answer is, yes, a Small Business Administration (SBA) loan is considered a dischargeable debt. New entrepreneurs or small business owners who are looking to revamp their business sometimes need an additional guarantor on a loan, due to certain factors, such as not having enough collateral. A guarantor takes responsibility for the debt and … Read more
If you are thinking about filing bankruptcy, you have probably heard about the "means test." And if you have started looking at it, you may feel confused or even a little angry. Here is what bothers most people. The means test starts with your gross income, not your take-home pay. That can feel unfair. After … 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
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
Yes, most of the time. The federal bankruptcy laws allow you to protect certain property by using state exemptions to protect the automobiles. However, you can only protect up to a certain amount of equity in a vehicle. For example, North Carolina allows you up to $3500 in a motor vehicle exemption to protect one … Read more
A reaffirmation agreement is a legally binding document filed with the bankruptcy court in which you agree to keep making payments on a debt. For example, you are required to sign a reaffirmation agreement if you would like to retain personal property, such as an automobile, and keep making payments after filing your bankruptcy.
This is a general and approximate timeline. Each and every case will be different depending upon your individual situation. Some cases may take less time and others may take more time. To get a more definitive timeline, review the contract you sign with an attorney at Duncan Law at the time of your free initial consultation.
If you have received a discharge in a previous Chapter 7 bankruptcy, you are not eligible to file another Chapter 7 bankruptcy for eight years. The eligibility is eight years from the date of the filing of the first bankruptcy. If you have received a discharge in a previous Chapter 13 bankruptcy, you are generally not eligible to file a Chapter 7 bankruptcy for six years; however, there are some exceptions. You can refer to Title 11, Section 727 for the exceptions.
Filing either a Chapter 7 bankruptcy or Chapter 13 bankruptcy will stop your creditors from taking legal action against you without first obtaining the bankruptcy court’s permission. The filing of bankruptcy can stop foreclosures, repossessions, wage garnishments (with some exceptions), lawsuits, etc. Bankruptcy creates an automatic stay.
We answer calls 24 hours a day. A free phone consultation takes 20–30 minutes and leaves you with a clear picture of your options — no obligation whatsoever.
