Learn More About Bankruptcy

Bankruptcy Can Remove Liens on Household Goods

Bankruptcy Can Remove Liens on Household Goods 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 asset that can be used to satisfy a debt.  In other words, if you don’t pay the loan,

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Vehicles in Chapter 13 Bankruptcy

What Happens to Your Vehicle in Chapter 13 Bankruptcy 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.  Can You Keep Your Vehicle? In a Chapter 7 bankruptcy case, you can lose your vehicle if you have more equity than you can exempt.  However, in a

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Is Bankruptcy The Right Choice for You?

Is Bankruptcy The Right Choice For You? 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 help getting relief. They couldn’t get out of debt by skipping the morning coffee line.  They couldn’t get

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Is Debt Settlement a Better Alternative to Bankruptcy?

Is Debt Settlement a Better Alternative to Bankruptcy? The formula for debt settlement seems 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 details. You can be sued in debt settlement Debt settlement requires you to stop making your regular monthly payments to creditors. However, when

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Bankruptcy Can Prevent Foreclosure

Bankruptcy Can Prevent Foreclosure 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 temporarily stop a foreclosure for a few months. This may give you time for a loan modification or to receive other

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Don’t Try This Before Filing Bankruptcy

Are You Thinking About Filing Bankruptcy? Don’t Try These Three Things First. 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 you eliminate your debts and begin making a financial recovery. If you are

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Which Exemptions Do You Use In Bankruptcy?

Which Exemptions Do You Use In Bankruptcy? 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 federal exemption.  If you’ve lived in North Carolina for the past two years, the answer is simple –

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Do You Qualify for Bankruptcy?

Do you Qualify for Bankruptcy? 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 six months before filing your bankruptcy case and you do not meet any of exceptions that would excuse you from

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