If you took out a personal loan, did the lender ask you to write down a list of your personal belongings? If so, you may have given the lender a lien against your personal property, turning what would otherwise be an unsecured personal loan into a secured one. A lien is a claim against an […]
This big-picture guide will give you an in-depth look at how vehicles with loans are treated in a Chapter 13 bankruptcy. Addressing the issue involves two separate topics: whether you can keep your vehicle; and how car loans are treated in your case. Whether you can keep your vehicle In a Chapter 7 bankruptcy case, […]
Struggling with tax debt? Bankruptcy can help. It’s not uncommon to see bankruptcy self-help websites state that taxes aren’t discharged in bankruptcy, but this is simply not the case. The truth is that only some types of taxes aren’t discharged in bankruptcy, while the rest are: “Trust Fund” taxes – these are payroll taxes that […]
Are you struggling with the choice to file bankruptcy? However you got into debt, you may be struggling with the question, “Is bankruptcy right for me?” Most of the clients I meet in my Asheville bankruptcy law firm came to the realization that they were trapped with the amount of debt they had and needed […]
The basics of debt settlement The formula for debt settlement is simple: hire a debt settlement company, stop paying your creditors, save up funds to use for settlement, then make offers with your creditors for pennies on the dollar. It sounds like a great alternative because it keeps you out of bankruptcy, but beware of the […]
If you are behind on your mortgage and facing foreclosure, bankruptcy may offer you relief. For most filers, the instant your bankruptcy case is filed, the automatic stay goes in to effect. Once your creditors are notified about your case, foreclosures and other collection activities by your creditors are halted. Filing Chapter 7 bankruptcy can […]
When a client comes to me seeking help to file bankruptcy, many times they have tried something else first. Whatever they tried didn’t work. It was also time, money, and headache that could have been avoided. Sometimes there are strategic reasons to wait to file bankruptcy. But usually, the sooner you file bankruptcy, the sooner […]
When you file bankruptcy, your exemptions determine what property you get to keep. There are federal exemptions and state-law exemptions. The exemptions you use depends on where you have lived for the past two years prior to filing bankruptcy and whether that state requires you to use its exemptions or permits you to use the […]
Odds are that you qualify for at least one of the bankruptcy chapters. Very few things will actually disqualify you from filing bankruptcy: If you have been in a bankruptcy in the past six months and your case was dismissed under limited circumstances If you failed to take an approved pre-bankruptcy credit counseling course within […]
You made responsible choices and contributed to a retirement account, and now that nest egg has grown significantly. Don’t worry about losing your retirement savings in bankruptcy, because it’s exempt. Under North Carolina exemptions, all IRS qualified retirement accounts (employer pensions, 401(k)’s, Traditional IRA’s, Roth IRA, etc.) can’t be touched by the bankruptcy court. If […]