NC Bankruptcy Blog

Chapter 13 Bankruptcy and the North Carolina Foreclosure Process

One common use of chapter 13 bankruptcy is prevent foreclosure of a home. Chapter 13 allows the owner/borrower to bring the loan current over a period of years and keep his or her house. When does one invoke the power of chapter 13 to prevent foreclosure?

Is the Meeting of Creditors Something to Fear?

Every bankruptcy case includes a meeting with the case trustee known by various names including the "Meeting of Creditors", "341 Meeting", and "First Meeting". In many bankruptcy cases, this is the only court-type appearance for individual seeking bankruptcy protection, and is often a point of anxiety for a prospective bankruptcy filer. It doesn't have have to be, and in this post I'll discuss a few misconceptions, some basics, and when the meeting can be a legitimate source of problems.

The 2 Meanings of Feasibility in Chapter 13 Bankruptcy

The first meaning of feasibility is that of the "feasibility requirement" common to chapter 13 bankruptcy, chapter 11 bankruptcy, and chapter 12 bankruptcy. Simply put, the feasibility requirement is that debtor must demonstrate ability to do what is proposed in the plan, e.g. make the payments. The second meaning is disbursement feasibility: does the debtor propose to pay enough to the standing trustee that the standing trustee can then make all required disbursements to creditors.

Finding the Right Bankruptcy Lawyer

The bills are starting to pile up and the harassing phone calls are becoming too much to bear. Perhaps the situation has escalated. You are in danger of losing your home or car. Maybe you have a lien on your checking account, or worse, your wages are being garnished. Whatever the case, you have made the decision to consider bankruptcy and have decided to consult an attorney.

An internet search for a bankruptcy attorney will yield an unwieldy amount of information. So, what to do and who to hire?

New Job--Time to File Bankruptcy?

For many, bankruptcy first comes to mind as solution utilized by a person recently unemployed. Indeed, many people do file bankruptcy after experiencing a job loss, and there are certainly many cases where bankruptcy debt relief can be very helpful when household income has declined. So why would someone file bankruptcy after income has increased?

Installment Filing Fees in Chapter 13: Use Caution

The filing fee for a Chapter 13 bankruptcy is $281.00, which is due to the United States Courts the instant a case is filed. However, a bankruptcy court may authorize a debtor to pay the filing fee in installments paid after filing the case. Installments offer intuitive appeal--it's a way to shift some of the cost into the future, and is one way to get started in bankruptcy with little or even no money down. However, in a chapter 13 bankruptcy, a filing fee installment payment plan can be a risky proposition.

April 1, 2013 Bankruptcy Dollar Adjustments: What to Expect

The bankruptcy code at 11 USC 104 provides for the periodic adjustments of certain dollar figures in the bankruptcy code every 3 years to account for inflation. The next set of new figures will be effective April 1, 2013. Closer to that date, the courts will publish an official list of changes. However, the Consumer Price Index data needed for the adjustment is now available, so it is possible to predict what these adjustments will be.

The Facts on Car Loans: Eight Questions

When I meet with an individual considering bankruptcy who has one or more car loans, I ask a number of questions. These questions provide an essential outline of car loans in bankruptcy.

When New Means Testing Numbers Matter

The United States Trustee publishes official means testing numbers, which are used to complete the bankruptcy means test. The practice is for the United States Trustee to publish new means testing numbers twice annually, reflecting changes in the underlying data obtained from the census bureau and the internal revenue service. A few weeks lay between the publication of the new numbers and their effectiveness on new bankruptcy cases filed thereafter. For example, the UST published on October 12, 2012 a new set of numbers to be effective on November 1.

Heir Property: 3 Bankruptcy Pitfalls

Not so much a legal term as it is common vernacular, "heir property" is land, homes, or other real property where the record owner is deceased, but no formal process (such as probate) has been used. Ownership vests in the heirs by operation of law, some of whom might have possession and use of the property, but the state of record title is left unresolved. Sometimes, years or even decades go by with "heir property" becoming co-owned by an increasing number of heirs of the original owner.


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