Damon Duncan

Can I Still Tithe or Give to the Church If I File Bankruptcy?

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There is no doubt about it, bankruptcy will (at least for the short term) have an effect on your everyday life where finances are concerned – from your living situation, the way your bills are paid, how you can get credit and so on and so forth; but does it also effect being able to tithe or make donations to your church?

Lady Justice with the Sun Behind Clouds

Typically the answer is ?no, you should still be able to tithe and contribute to your church?. In your monthly budget there is a specific place for you to list the amount that you plan on giving to the church in the future. There is also an area in the petition to list all gifts/donations made to the church within one year before filing bankruptcy and that average will also be used in your means test for qualifying for the bankruptcy.

Keep in mind though, the bankruptcy Trustee will allow the tithing or charitable contributions if there is a history of giving.  Let me explain why. The bankruptcy courts are worried about people who have too much disposable income each month (which could determine wither they file a Chapter 7 bankruptcy or Chapter 13 bankruptcy) all of a sudden “finding Jesus” as a way to dispose or get rid of that disposable income problem. If you have a history of giving to the church then you usually will have no problem with the bankruptcy Trustee. However, if you decide to start giving large amounts of charitable contributions to the church, for the first time, at the same time you decide to file bankruptcy the courts could have an issue with your newfound religious yearning.

If you have been tithing to the church the bankruptcy Trustee or bankruptcy courts may require a written letter from your church (or any charitable group for that matter) showing you have been giving the amounts stated in your bankruptcy petition. The bankruptcy courts also look at what percentage of your income you are giving to your church each month. Your contributions have to be within reason.

If you are someone who tithes or donates to your church on a regular basis you will need to make sure that these donations/gifts are listed in your monthly budget. Also, you may want to go ahead and gather copies of any payments you made to your church within the last year just in case they are needed or requested at a later time.

What is a Clincher Agreement in a Workers’ Compensation Case?

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In a North Carolina workers’ compensation case a “clincher agreement” is a compromised agreement or settlement between an injured employee or worker and an employer or their insurance company. When the worker and the employer’s insurance company agree on a settled amount the insurance company’s attorney will draft a clincher, or agreement, stating that the parties have reached a final resolution of the case.

Writing on White Paper with PenThe clincher agreement usually states the employee will receive a lump sum cash settlement in return for releasing all future liability against an employer. In order for a clincher to be allowed, it must be approved by the North Carolina Industrial Commission. A clincher must meet the requirements of Rule 502 of the North Carolina Industrial Commission and, if it does, the Industrial Commission will typically approve the clincher agreement.  The main purpose of this approval by the Commission to make sure the employee is treated fairly.

Many times, an employee may be interested in a quick, low-value clincher without considering any long term affect this clincher will have on their future job prospects or earning capacity due to their on the job injury. At times an injured worker is only living on 66.6% of their regular income so the clincher is a way for them to get quickly caught up on past due bills and other expenses. However, a quick settlement is typically not a good idea.

One of the main purposes of the clincher is to bring about a definite end to a workers’ compensation case for all parties.  For example, if the employer or the employer’s insurance company has accepted liability for the injury, the employer could be liable for many years of medical care and lost wages. Due to this potentially long term liability, many employers want to settle or “clincher” the case so they have a sum certain amount they will have to pay for the injury and they can pay this amount and terminate the case and no longer be responsible for any future costs based upon this one injury.
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How are Medicare and Medicaid Liens Treated in an Injury Case?

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There are two types of financial medical payment assistance provided by the federal and state governments.  One is Medicare, which was enacted in 1965. Medicare is a federal agency that pays medical care for elderly (usually over the age of 65), the disabled and other limited classes of medical recipients. In contrast, Medicaid is usually a … Read more

Can You Wipe Out A Small Business Administration (SBA) Loan in Bankruptcy?

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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 promises that the loan will be paid back in full.  The Small Business Administration (SBA) is a government funded entity that was created to encourage and support the success of small businesses.  The SBA can guarantee up to 85% of the loan, leaving 15-20% to the small business owner to provide evidence of collateral, in addition to proving there will be sufficient cash flow from the proposed business to make the necessary monthly payments.  The more risk involved with the success of the business, the smaller the percentage the SBA loan will be cover.  This is of course necessary just in case the loan goes into default.

Doing Bankruptcy Research on a White Laptop

An SBA loan has 5 different headings that owners may apply under: 7(a) loan, the 504 economic Development loan, microfinance loan, disaster recovery loan, and the special purpose loan.  A small business owner or a new entrepreneur may apply for a loan at a lending institution of their choosing.  From there, the lending institution may require the business to apply for one of the SBA loans in order to guarantee the loan.

When filing for bankruptcy, depending upon the type of bankruptcy you file, you may be required to include all of your debts (and you should probably list down all of your debts either way).  If you file a Chapter 13 bankruptcy you must list down the SBA loan as a personal debt, if you personally guaranteed the debt, which you almost always do. In a Chapter 7 bankruptcy you can choose to list the SBA loan and discharge the debt so they cannot collect from you personally if the business defaults on the loan. However, if you discharge the debt personally and the businesses defaults on the loan you probably will not be able to get a new SBA loan in the future if you try to restart your business.

Again, a loan from the Small Business Administration may be discharged in a personal bankruptcy. They may, however, still come after the business to try to collect on the debt if the business defauls on the loan and has assets.

Is the Information on My Bankruptcy Petition Private?

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For many, filing bankruptcy can be a very stressful, emotional and embarrassing time in your life.  Ask any bankruptcy attorney, and they will tell you this is a question they are asked quite often. Most people would prefer to not tell the world of their financial problems and keep the information in their bankruptcy private. However, bankruptcy is a public filing and is a matter of public record.

So what does public record mean?

Public record usually refers to any information that is filed and/or maintained by a government agency, such as a court house. When you file for bankruptcy, your case is assigned to a district of the United State Bankruptcy Court. Your bankruptcy then becomes Public Record and the information in your bankruptcy is made available to the public. However, certain information in your bankruptcy, such as social security numbers, loan numbers and other identifiers are kept private and cannot be accessed by the public. Federal Bankruptcy law requires that notice of your bankruptcy case must be sent to all your creditors. This includes every individual and business owed, as well as any co-signor(s) of loans.

The chances of your family, co-workers, friends and neighbors finding out you?ve filed bankruptcy are unlikely, unless you owe them money, they co-signed on a loan for you, or they specifically go looking for it. We are also asked all the time whether or not bankruptcy will appear in the local newspaper. The answer is, it depends where you live. Some local papers will run a list of people who have filed bankruptcy. However, if a paper is running a list of people who filed bankruptcy then the chances are the paper doesn’t have a high readership anyways.

It?s important to remember you are not alone facing financial hardships. You?re filing bankruptcy to take control of your financial situation!

Why Does the Means Test Look at My Gross Income Instead of Net Income?

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This is a question frequently asked by clients.  You do not have access to your gross income, since a great deal of it goes to pay federal and state taxes, health insurance, life insurance, long and short-term disability, 401(k), etc.  The net income or your take-home pay is what you have available to pay your house payment, utilities, food, clothing, gas, car payments, etc., so shouldn’t this be used to see if you qualify for bankruptcy?

Family Riding Bicycles Together

Unfortunately, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) decided to establish a process for determining whether a person qualified for bankruptcy, specifically a Chapter 7 bankruptcy.  BAPCPA decided it was prudent to conduct a “Means Test” for each potential bankruptcy filer.   As part of the Means Test, it was determined that gross income would be the fairest starting point for all bankruptcy filers.  Although two people may have the same gross income, their net income may vary considerably due to different payroll deductions.  In addition, median household income for each state is based on gross income, so this provided a consistent base for comparison.

So, why is your gross rather than net income considered in the means test used in bankruptcy?  BAPCPA requires it!

What Happens If My Vehicle is Deemed a Total Loss While in Bankruptcy?

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[av_textblock size=” font_color=” color=”][/av_textblock] [av_section min_height=” min_height_px=’500px’ padding=’default’ shadow=’no-shadow’ bottom_border=’no-border-styling’ id=” color=’main_color’ custom_bg=’#d7d8ca’ src=” attachment=” attachment_size=” attach=’scroll’ position=’top left’ repeat=’no-repeat’ video=” video_ratio=’16:9′ overlay_opacity=’0.5′ overlay_color=” overlay_pattern=” overlay_custom_pattern=”] [av_heading heading=’What Happens If My Vehicle is Deemed a Total Loss While in Bankruptcy?’ tag=’h1′ style=” size=” subheading_active=” subheading_size=’15’ padding=’10’ color=” custom_font=”][/av_heading] [/av_section] [av_textblock size=” font_color=” color=”] If you … Read more

Can I Purchase a House While in a Chapter 13 Bankruptcy?

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While in a Chapter 13 bankruptcy, you must get permission from the bankruptcy Trustee to incur any new debt. This includes a mortgage if you want to purchase a new house. When you are serious about buying a new home within a Chapter 13 bankruptcy, you should let your bankruptcy lawyer know. They will get in contact with the Trustee for you and let him or her know that you would like permission to incur debt. They will file a motion with the court for this. Once the trustee makes a decision, the attorney will let you know.

Happy family in front of houseObtaining a new mortgage while in the middle of a Chapter 13 bankruptcy may be difficult, depending upon your situation. The longer that you are in a Chapter 13 bankruptcy and making your monthly payments on time, the more likely a lender will be willing to give you a better interest rate in a mortgage. Be prepared to shop around a bit. There may be some lenders who will not give a new loan to someone who has recently filed a Chapter 13 bankruptcy. Be patient, we find a lot of our clients will get pretty decent mortgage rates about a year and a half to two years after filing bankruptcy.

Also beware that many people have to have a decent amount of money up front for the purchase of a house. That may be for a down payment on the home or for closing costs. The bankruptcy courts are going to want to know where you came up with that money. If you have been able to save that amount over time then they may feel the need to increase your monthly Chapter 13 payments. Most of our clients get the money from the support of family.

If you are interested in getting a new house while in a Chapter 13 bankruptcy you need to contact your bankruptcy lawyer. They will help guide you through the process and will be able to let you know whether they think the bankruptcy judge will approve your Motion to Incur Debt so you can get the financing necessary to purchase the home.
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What is the Statute of Limitations for Debts in North Carolina?

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You might be wondering exactly what “statute of limitations” means.  The statute of limitations is the time period a creditor can still sue you for debts. Creditors only have a certain duration of time they can attempt to collect a debt by suing you. If the creditor fails to successfully collect the debt or file a lawsuit before the expiration of the statute of limitations, then the debt is no longer applicable for collection by a lawsuit against you.
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North Carolina Flag | Statute of Limitations on Debt in North CarolinaIn North Carolina, Section 1-52.1 of the North Carolina Rules of Civil Procedure explains the statute of limitations for debts is 3 years for auto and installment loans, promissory notes, and credit cards.  The statute of limitations in North Carolina for private student loans is also three years. This means if a creditor is going to sue you, they must do so within three years from the date of your last charge or activity on the card. Now the magic question is, what is activity on the card? This is a source of litigation throughout the state.  There is often no clear-cut answer to this question. The creditor may claim there was activity on the credit card or personal loan within the past three years before the lawsuit was initiated. It would then be your word against their word as to when the last activity on the card took place.

The law states after the three years have passed, if the creditor has not sued you for the debt, they are barred from filing a lawsuit against you for that debt.  However, they may still call and request a payment from you. They cannot successfully sue you if the statute of limitations has expired and you raised that defense in your legal response to the lawsuit.
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Now let’s clarify this last statement. Anyone can sue anyone! So the fact is they may sue you on the debt, but you have the defense on the lawsuit the statute limitations had expired and the lawsuit should be thrown out of court. However, to raise this defense of the statute of limitations against the lawsuit, you must file a legal answer with the court and appear in court to state your defense of the expiration of the statute of limitations. If you do not raise this defense, you will probably lose the lawsuit.

One way those who are facing debt alleviate the pressure of lawsuits and collection efforts is to file a Chapter 7 bankruptcy or Chapter 13 bankruptcy. They aren’t always for everyone but they could be very helpful for you if you have debt that seems to be overwhelming.
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The statute of limitations for debt timeframe is different for each State.  For example, most debts are three years in North Carolina, but six years in Hawaii.  Depending on which state you live in the timeframe will vary.

Beware though, although you may believe the statute of limitations has run on a creditor’s ability to collect a debt, if there was activity on the card or if the creditor has filed a lawsuit, the statute of limitations may not have expired. Be careful assuming the statute of limitations has run on a debt – be sure to fully research your debts and when they were last used. You need to raise the defense of the expiration of the statute of limitations in your legal response to the lawsuit.
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[av_toggle title=’What is the statute of limitations on debts in North Carolina?’ tags=”]
The statute of limitations on debts in North Carolina is the time limit within which creditors can sue you to collect debts you owe them. The time limit varies depending on the type of debt and is usually between three to ten years.
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Once the statute of limitations on your debt has expired, the creditor can no longer legally sue you for payment. However, the debt remains on your credit report and can negatively impact your credit score. It’s also important to note that the statute of limitations only applies to legal action and not to your obligation to pay the debt.
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[av_toggle title=’What happens if the statute of limitations on my debt expires?’ tags=”]
If the statute of limitations on your debt has expired, the creditor can no longer legally sue you for payment. However, the debt remains on your credit report and can negatively impact your credit score.
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[av_toggle title=’How long is the statute of limitations for written contracts in North Carolina?’ tags=”]
The statute of limitations for written contracts in North Carolina is three years.
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[av_toggle title=’What is the statute of limitations for oral contracts in North Carolina?’ tags=”]
The statute of limitations for oral contracts in North Carolina is three years.
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[av_toggle title=’How long is the statute of limitations for promissory notes in North Carolina?’ tags=”]
The statute of limitations for promissory notes in North Carolina is five years.
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[av_toggle title=’What is the statute of limitations for open-ended accounts, such as credit cards, in North Carolina?’ tags=”]
The statute of limitations for open-ended accounts, such as credit cards, in North Carolina is three years.
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[av_toggle title=’How long does a creditor have to file a lawsuit against me for a debt in North Carolina?’ tags=”]
A creditor generally has between three to ten years to file a lawsuit against you for a debt in North Carolina, depending on the type of debt.
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[av_toggle title=’Can the statute of limitations on debts be extended in North Carolina?’ tags=”]
Yes, the statute of limitations on debts can be extended under certain circumstances. For example, if you make a payment on the debt, the clock starts over, and the statute of limitations resets. Additionally, if you acknowledge the debt in writing, the statute of limitations could also restart.
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[av_toggle title=’How can bankruptcy help with debt-related issues in North Carolina?’ tags=”]
Bankruptcy can help with debt-related issues in North Carolina by discharging certain types of debt or reorganizing your debt payments. Bankruptcy can also provide an automatic stay, which can stop creditor harassment and lawsuits. However, it’s important to note that bankruptcy is not the right solution for everyone and should be carefully considered with the guidance of an experienced bankruptcy attorney.
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[av_toggle title=’Does the statute of limitations apply to all types of debts?’ tags=”]
No, the statute of limitations on debt varies depending on the type of debt. For example, credit card debt has a different statute of limitations than medical debt or personal loans.
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[av_toggle title=’How can I find out if the statute of limitations has expired on my debt?’ tags=”]
You can find out if the statute of limitations has expired on your debt by checking your credit report or consulting with an attorney. It’s important to note that the statute of limitations may vary depending on the circumstances and state laws.
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[av_toggle title=’What happens if a debt collector tries to collect a debt that is past the statute of limitations?’ tags=”]
If a debt collector tries to collect a debt that is past the statute of limitations, you can inform them that the debt is time-barred and they can no longer legally sue you for payment.
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[av_toggle title=’Can a debt collector still contact me if the statute of limitations has expired on my debt?’ tags=”]
A debt collector can still contact you if the statute of limitations has expired on your debt. However, they cannot legally threaten to sue you or take legal action against you.
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[av_toggle title=’What should I do if I am sued for a debt past the statute of limitations in North Carolina?’ tags=”]
If you are sued for a debt past the statute of limitations in North Carolina, you can use the statute of limitations as a defense. It’s important to consult with an attorney who is experienced in debt collection law to understand your legal rights and options.
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[av_toggle title=’Can I restart the statute of limitations by acknowledging a debt over the phone?’ tags=”]
No, you cannot restart the statute of limitations by acknowledging a debt over the phone. However, you could restart the statute of limitations by making a payment or acknowledging the debt in writing.
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[av_toggle title=’What is the impact of a judgment against me for a debt past the statute of limitations in North Carolina?’ tags=”]
If a judgment is entered against you for a debt past the statute of limitations in North Carolina, you may have legal grounds to challenge the judgment. However, consulting with an attorney is important to understand your legal rights and options.
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[av_toggle title=’How can I protect myself from being sued for a debt past the statute of limitations in North Carolina?’ tags=”]
To protect yourself from being sued for a debt past the statute of limitations in North Carolina, you can be cautious about making any payments or acknowledging the debt in writing. Additionally, it’s important to consult with an attorney to understand your legal rights and options.
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[av_toggle title=’What happens to a debt that is not collected before the statute of limitations expires?’ tags=”]
If a debt is not collected before the statute of limitations expires, the creditor can no longer legally sue you for payment. However, the debt may remain on your credit report and impact your credit score.
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[av_toggle title=’Are there any exceptions to the statute of limitations in North Carolina?’ tags=”]
Yes, there are exceptions to the statute of limitations in North Carolina. For example, if you leave the state before the statute of limitations expires, the time limit may be paused until you return to North Carolina. Additionally, the statute of limitations may not apply if the creditor is a government agency.
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